Enacts the New York State Iran divestment act; repealer

9 Co-sponsors

• Robert Ortt
• Simcha Felder
• Hugh T. Farley
• Todd Kaminsky
• Kathleen A. Marchione
• Jack M. Martins
• Terrence P. Murphy
• Michael F. Nozzolio
• James L. Seward

BILL NUMBER:S6048

Title of bill

An act to amend the Iran divestment act of 2012, the state finance law, and chapter 481 of the laws of 2013 amending the insurance law relating to investments in foreign states sponsoring terrorism, in relation to the divestment of Iran; and to repeal certain provisions of the insurance law relating thereto

Purpose or general idea of bill

This bill would keep in place the previously enacted sanctions enacted by New York State against the financial and energy sectors of the Islamic Republic of Iran, a unless a duly executed treaty approved by two-thirds of the United States Senate abrogates the same in accordance with federal law.

Summary of specific provisions

This bill would: * Amend section 2 of chapter one of the laws of 2012 and section one of chapter 481 of the laws of 2013, to update the legislative findings and determinations of such sections to specify the state interest in preserving the previously enacted state sanctions involving the energy and investment sectors of the Islamic Republic of Iran;

* Amend subdivision 1 of section 165-a of the state finance law, to conform definitions of "financial institution" and "multilateral development institution" with definitions appropriate for inclusion in state law.

* Amend subdivision 6 of section 165-a of the state finance law, to make conforming state law changes to the reporting requirements of the state sanctions program.

* Repeal the automatic removal of sanctions provisions of section 1415 of the insurance law, so as to require a review and act of the state legislature; and

* Provide for an immediate effective date, and additionally provide that the previously enacted sanctions shall not be deemed repealed as the result of any executive action taken by the president of the United States, or the department of state, unless such action is a duly executed treaty approved by two-thirds of the United States Senate, and then further provide that the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act is authorized to be made on and after such effective date.

Justification: The serious and urgent nature of the continued threat from the present government of the Islamic Republic of Iran, demands that our state, local governments and private institutions all work together to continue to ensure that this radical, state sponsor of terrorism does not have the resources to acquire nuclear weapons capability. Based upon their past actions alone, allowing the Iranian government to develop nuclear weapons, would pose a serious threat to New York State, its citizens and their property, as well as to the entire United States and its allies in the Middle East.

Iranian leaders at the highest levels have repeatedly declared an intention to obtain and use nuclear weapons. Moreover, with New York remaining the principal target for terrorism in the United States, a nuclear Iran, which has long been an advocate and state sponsor for

terrorism, would place New York and its citizens at particular risk. The health and safety of all New Yorkers, thereby simply demands, that the prudent action of this bill be taken to assure the continuation of previously enacted New York State sanctions against Iran in order to protect our state's citizens and their property.

Prior legislative history

This is a new bill

Fiscal implications

None noted.

Effective date

This act would take effect immediately.