Forbes Cosponsors Legislation to Stop U.S. Funding to Iran's Energy Sector from U.S. Pension Plans
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Forbes Cosponsors Legislation to Stop U.S. Funding to Iran's Energy Sector from U.S. Pension Plans
Congressman J. Randy Forbes (VA-04) announced today that he has cosponsored H.R. 1357, legislation that would require United States government pension plans to divest funds from companies that are invested in Iran's energy sector.
"While our troops are under attack from IEDs manufactured in Iran, I think that it is a responsible and necessary step for the government to take to prohibit all U.S. government pension plans from having investments in companies that have financial holdings in Iran's energy sector. Iran is a supporter of acts of international terrorism, and the United States should not be tacitly supporting Iran through our own government's financial investments," said Forbes.
H.R. 1357 would mandate that, following disclosure to pension fund investors, U.S. government pension funds divest of any companies that are invested in Iran's energy sector. The bill also prohibits any future investment by U.S. government pension funds in companies invested in Iran and expresses the sense of Congress that private pension funds should divest from the companies as well. Additionally, the bill directs the Federal Register to publish a list of all U.S. and foreign entities that have invested more than $20 million in Iran's energy sector between August 5, 1996 and the date of publication. If Iran ceases support for international terrorism, pension funds can be reinvested in the country.
Both General David Petraeus, commander of the Multi-National Force Iraq, and Ambassador Ryan Crocker, United States Ambassador to Iraq, stated in testimony before the House of Representatives that Iran is undermining the United States forces in Iraq by providing lethal capabilities to the enemies of the Iraqi state.
The bill is sponsored by Rep. Ileana Ros-Lehtinen(FL-18) and currently has 77 cosponsors. Congressman Randy Forbes is Ranking Member of the Crime, Terrorism and Homeland Security Committee and a Member of the House Armed Services Committee. To learn more about Congressman Forbes' work on defense and homeland security issues, visit: http://forbes.house.gov/issues/defense.htm.
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