Tuesday, July 31, 2012

Christie Signs Bill Prohibiting Investments In Iran

Today, New Jersey Governor Chris Christie signed into law S-1304, legislation denying state and local public contracts to any person or entity engaged in investment activity in the energy or finance sectors of Iran. In July 2010, President Obama signed into law the Comprehensive Iran Sanctions, Accountability, and Investment Act, giving authority to state and local governments to prevent or discontinue contracting with companies that do business in Iran. S-1304 implements this authority at the state and local levels in New Jersey.

The federal government’s action to authorize sanctions against Iran came in response to Iran’s continued pursuit of an illicit nuclear program, unconventional weapons development, a deteriorating human rights situation, and support for international terrorism. With this law, the State of New Jersey is bolstering the United States government’s stand in support of the rights of the people of Iran and against the dictatorial regime and the economy on which it relies.


S-1304/A-2164 (T. Kean, Sweeney/McKeon, Bramnick, Jasey, Singleton, Vainieri Huttle, Quijano, Ramos) – Prohibits State and local public contracts with persons or entities engaging in certain investment activities in energy or finance sectors of Iran.

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