Bill
A 3505
Overview: Bill Number: A 3505, Title: Relates to the investment of public funds in companies doing business in Iran, Status: HELD FOR CONSIDERATION IN GOVERNMENTAL EMPLOYEES, Intro
Overview: Bill Number: A 3505, Title: Relates to the investment of public funds in companies doing business in Iran, Status: HELD FOR CONSIDERATION IN GOVERNMENTAL EMPLOYEES, Introduced: January 28, 2025
Purpose and Intent: This bill aims to prohibit the investment of public funds, including pension funds, in companies that conduct business operations in Iran. The goal is to align the state's investment practices with its foreign policy objectives and to discourage economic activities that may support Iran's nuclear program or human rights abuses.
Key Provisions:
- Prohibits the state and its public pension funds from investing in companies that have active business operations in Iran.
- Requires the state comptroller to create and maintain a list of companies that are ineligible for investment due to their Iran-related activities.
- Provides a process for companies to be removed from the prohibited list if they cease their Iran-related operations.
- Allows for limited exceptions to the investment ban, such as for humanitarian aid or certain energy-related projects.
Affected Parties and Impacts:
- Public pension funds and other state investment portfolios would be required to divest from and avoid investing in companies on the prohibited list.
- Companies with business ties to Iran may face pressure to cease those operations to remain eligible for state investment.
- Investors and fund managers would need to closely monitor the state's prohibited list and adjust their portfolios accordingly.
Procedural and Timeline Considerations:
The bill is currently held for consideration in the Governmental Employees committee. If passed, the state comptroller would have 90 days to establish the initial prohibited companies list, and public funds would have one year to divest from any ineligible investments.
Compiled from official sources — confirm details with the bill’s official record.
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