New York State prohibits itself from doing business with businesses that do business with Iran

Nice headline, right?

The state Senate and Assembly passed a bill prohibiting local governments from entering into new contracts or renewing existing contracts with any company that has more than $20 million in dealings with the Iranian oil industry

Bronx Assemblyman Jeffrey Dinowitz released a statement on the Iran Divestment Act: 

“The Iran Divestment Act of 2012, which I co-sponsored and helped pass in the Assembly yesterday, would prohibit New York State from doing business with companies that invest in Iran’s energy sector.

“This legislation renews New York’s commitment in the fight against terrorism, taking a bold stand and sending a message loud and clear that our great state will not help fund Iran’s pursuit of nuclear weapons. Under our bill, people, businesses and organizations that invest substantial sums of money in the Iranian energy sector would be identified by the state Office of General Services and prohibited from doing business with state and local governments, helping keep taxpayer money out of the hands of known international terrorists.”

There are 47 companies affected by this, though it looks like only one, Siemens, has divisions that do business with New York. The list was compiled last month by the California Department of Insurance. All are based overseas.

Here is the video of Assembly Majority Speaker Sheldon Silver and Senate Majority Leader Dean Skelos discussing the ban as well as other issues, such as redistricting the state Senate to 63 seats, from the Albany Times Union.