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Iran Divestment Act

Lieutenant Governor Dan Forest and Senator Rick Gunn Announce Iran Divestment Act 

Today, Lieutenant Governor Dan Forest and Senator Rick Gunn announced legislation to sanction investment in Iran’s energy sector by North Carolina companies. On March 25, 2015, Senator Rick Gunn filed the “Iran Divestment Act of 2015” as the bill’s primary sponsor. The Act prohibits the State of North Carolina from doing business with companies tied to Iran’s energy sector.

In 2010, President Obama signed the “Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010” (H.R. 2194) into law. This federal law authorizes state and local governments to prevent investment in companies operating in Iran’s energy sector.

Under the proposed bill, the State of North Carolina will be responsible for developing, using credible information available to the public, a list of companies that engage in investment activities in Iran.

According to the proposed Iran Divestment Act, a person engaging in investment activities in Iran is ineligible to contract with the State of North Carolina or any political subdivision of the State. Neither the North Carolina Retirement Systems, nor the State Treasurer, may invest funds with a person that is identified on the list created under the bill.

“Just this Saturday, Iranian Supreme leader Ali Khamenei, in the middle of Iran negotiating a nuclear deal with America, publicly stated ‘Death to America,’” said Lt. Governor Dan Forest. “As long as Iran continues to promote an anti-American and anti-Israel hatred, we cannot consider it a credible negotiating partner. Let’s stand with Israel and make sure North Carolina is not sending the Iranian government a nickel of our money.”

“The Iran Divestment Act reaffirms North Carolina’s support for our nation’s ally, Israel,” said Senator Rick Gunn. “This bill will prevent any direct or indirect contribution from the State of North Carolina toward the Iranian government’s efforts to achieve nuclear weapons capability.”

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