Bill
A 3078
Bill A 3078 prohibits New York State from investing in companies linked to Iran's nuclear program or terrorism, impacting state funds and affected businesses.
Bill Number: A 3078
Title: Enacts the New York State Iran Divestment Act; Repealer
Status: Referred to Governmental Operations
Introduced: January 23, 2025
Classification: Bill
Bill A 3078 aims to establish the New York State Iran Divestment Act, which seeks to prohibit state investments in companies that engage in certain activities related to Iran. The intent of this legislation is to align New York State's investment policies with broader national and international efforts to apply economic pressure on the Iranian government, particularly concerning its nuclear program and human rights violations.
Divestment Requirements: The bill mandates that the state of New York divest from any companies that are found to be involved in specific activities with the Iranian government. This includes, but is not limited to, companies that provide support for terrorism or contribute to the development of Iran's nuclear capabilities.
Investment Restrictions: State investment funds, including pension funds, would be prohibited from investing in identified companies that meet the criteria for divestment.
Reporting and Compliance: The bill outlines a framework for identifying companies that fall under the divestment criteria and requires regular reporting to ensure compliance with the law.
Repealer Clause: The bill includes a provision to repeal any prior legislation that conflicts with the new divestment act, ensuring a streamlined approach to state investment policies regarding Iran.
State Investment Funds: The legislation will directly impact state-managed investment funds, including pension funds, which will need to review and potentially alter their investment portfolios.
Companies Operating in Iran: Businesses that have dealings with the Iranian government or are involved in activities deemed harmful by the state will be affected, as they may lose access to state investment.
Taxpayers and State Employees: The bill could indirectly affect taxpayers and state employees whose pension funds may be impacted by the divestment strategy, potentially altering the financial performance of these funds.
Current Status: As of January 23, 2025, the bill has been referred to the Governmental Operations Committee for further consideration.
Related Legislation: The bill is part of a series of related bills from prior sessions (A 9262, A 1648, A 5340, A 403, A 1365), indicating ongoing legislative interest in the topic of divestment from Iran.
Bill A 3078 represents a significant step in New York State's approach to foreign policy through economic measures. By enacting the Iran Divestment Act, the state aims to take a firm stance against activities that threaten international peace and security. The bill's progression through the legislative process will be closely monitored by stakeholders, including state investment managers and companies with ties to Iran.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
