Governor Cuomo Signs Legislation to Extend Iran Divestment Act

Press Release

Governor Andrew M. Cuomo today signed legislation to extend the Iran Divestment Act, ensuring that companies that invest in Iran's energy sector are excluded from entering into contracts with any state or local public authority, as well as the State University of New York (SUNY) and the City University of New York (CUNY).

"This new law continues our state's work to ensure companies that choose to support Iran's energy sector are not given the opportunity to do business with taxpayer money here in New York," Governor Cuomo said. "I commend the leadership and hard work of Majority Leader Skelos and Speaker Silver in their efforts to dissuade the government of Iran from developing nuclear weapons."

In January 2012, Governor Cuomo signed the Iran Divestment Act which prohibited companies that invest in the Iranian energy sector from receiving state or local government contracts. The law requires the Office of General Services to develop a list of entities involved in such investments and inform these companies that they will be unable to bid on government contracts as long as they support Iran's energy sector. The law also requires companies to certify that they do not hold such investments when applying for government contracts, and allows affected businesses to appeal.

The Iran Divestment Act as passed only applied to state and local agencies. The law signed today by the Governor extends the Act's provisions to all state and local public authorities, SUNY, and CUNY. The law takes effect immediately.

Senate Majority Leader Dean G. Skelos said, "I commend Governor Cuomo for signing legislation, which strengthens and expands the Iran Divestment Act we passed earlier this year to include state and local public authorities. This comprehensive law sends a clear message that New York will not tolerate state-sponsored terrorism or actions that jeopardize the security of Israel, one of our nation's strongest allies."

Assembly Speaker Sheldon Silver said, "For the sake of our nation's security and that of our allies around the world, such as Israel, we stand in solidarity with the federal government's efforts to do everything possible to stymie Iran's development of nuclear weapons. I applaud the governor for signing this measure, which expands the Iran Divestment Act of 2012 to ensure that any business done by New York State never benefits Iran, a tyrannical state that is a patron of terrorism in the Middle East and a threat to international peace."