oWorld
Iran Sanctions
Bill allows states and local governments to divest
from international investments that fund Iran.
S
even governors, including
Michigan's Jennifer Granholm,
signed a joint letter to U.S. Senate
leadership to express support and urge the
passage of the Iran Sanctions Enabling Act
of 2009, the federal legislation authorizing
state and local governments to divest from
companies investing in Iran's petroleum,
natural gas and nuclear energy sectors.
The American Israel Public Affairs
Committee applauded the signing. This is
the first time a bipartisan group of gover-
nors — all of whom had completed Iranian
divestment efforts in their own states —
have come together and urged Congress to
move forward on an issue related to Iran's
buildup of nuclear weapons.
"Having worked the past two years with
state legislators and governors around
the country to pass divestment laws, I am
thrilled we are now getting state and federal
political leaders together;' said Republican
political activist Bryce Sandler of Michigan.
The letter, initiated by governors Tim
Pawlenty, R-Minn., and
Jennifer Granholm, D-
Mich., also was signed
by governors Arnold
Schwarzenegger, R-Calif.,
Martin O'Malley, D-Md.,
Bill Ritter, Jr., D-Colo.,
David Paterson, D-NY,
Gov. Granholm and Bobby Jindal, R-La.,
all governors that have
authorized Iran divest-
ment legislation or poli-
cies in their states.
"As governors': the
letter declares, "we have
individually taken steps
to address this growing
threat by authorizing the
divestment of state funds
from companies that have economic inter-
ests in the Iranian oil and natural gas sec-
tors. Yet with the Iran Sanctions Enabling
Act ... we expect more of our fellow gov-
ernors may engage in similar efforts, thus
dramatically increasing leverage to influ-
ence this urgent matter '
Nineteen states and the District of
Columbia have approved divestment
through legislation or executive policies,
as well as several major cities such as New
York, Atlanta and Los Angeles, and counties
such as Los Angeles County in California
and Fulton and DeKalb counties in Georgia.
"In order for diplomacy to succeed, the
Iranian government must know that it faces
a very bleak economic future if it does not
change course: Gov. Pawlenty said.
Gov. Granholm agreed, noting that state
divestment "can complement the efforts
of our federal partners': adding that such
efforts "will increase the economic pressure
on Iran to curtail its nuclear ambitions to
:
ensure the safety and security of all people'
The original legislation introduced in
the Senate by Sens. Robert Casey, D-Penn.,
and Sam Brownback, R-Kan., was to be
incorporated into a comprehensive Iran
sanctions legislation introduced last week
by the chairman of the Senate Banking
Committee, Chris Dodd, D-Conn. The U.S.
House passed the ISEA on Oct. 14 by 414-6.
The bill authorizes divestment from any
company providing tankers or any product
used to construct or maintain pipelines
that transport Iranian oil or liquefied natu-
ral gas. It targets any financial institution
that extends $20 million or more in credit
to any entity investing in Iran's energy sec-
tor. Since these companies are already liable
for sanctions under U.S. law, states have
a fiduciary responsibility to consider the
financial consequences of holding stock in
them. The law also shields fund managers
who divest from potential lawsuits. Fl
Hechtman Jewish Apartments
Features include:
Open floor plan
Modem kitchen appliances
Walk-in shower
Spacious walk-in closets
24 hour lighted monitored parking and
24 hour monitored Personal Emergency Devices
On staff social workers, Personal care available
Kosher meals, Transportation
Café and convenience store on premises.
Exercise and recreational activities
Call for an appointment or application
Be part of this wonderful and exciting community!
Hechtman Jewish Apartments
a residence of Jewish Senior Life of Metropolitan Detroit
6690 West Maple Road, West Bloomfield, Michigan 48322
Eugene and Marcia Applebaum Jewish Community Campus
For appointment or application call
248-661-5220
www.jsImi.org
1545560
20
November 12 2009