Senate Banking Committee Passes Obama Provisions on Divestment in Iran Sanctions Bill
Thursday, July 17, 2008
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CONTACT: Michael Ortiz, 202 228 5566
WASHINGTON, D.C. - U.S. Senator Barack Obama today applauded the Senate Banking, Housing and Urban Affairs Committee's passage of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2008, which includes provisions Obama offered last year in the Iran Sanctions Enabling Act of 2007 (S. 1430). The Obama provisions clarify that state and local governments can divest from companies that invest $20 million or more in Iran's energy sector and provide safe harbor for private fund managers who divest from such companies. The Committee approved the measure by a vote of 19 to 2.
"Preventing Iran from developing nuclear weapons is a vital national security priority. In addition to an aggressive, direct, and principled diplomatic effort, we must continue to increase economic pressure on Iran to convince its government to halt its nuclear program, support for terrorist activity, and threats toward Israel.
"This important bipartisan legislation will allow state and local governments and private fund managers to divest from companies that support Iran's energy sector, reducing the revenue Iran uses to expand its nuclear program and sponsor terrorist groups like Hezbollah and Hamas.
"I commend Chairman Dodd for his leadership on this important issue, and I call on the Senate to quickly pass this legislation."