On July 31, 2007, the House passed the Iran Sanctions Enabling Act, H.R. 2347, which empowers Americans to apply economic pressure on the Iranian regime by establishing a federal list of entities that invest in Iran and allowing for divestment. As Iran continues to threaten regional stability and international security by pursuing a nuclear program, rattling sabers at its neighbors - especially Israel - and supporting terrorist groups funded by its energy sector, this bill will enable investors and state and local governments to ensure they are not invested in companies that support Iran's oil and gas industry.
The Iran Sanctions Enabling Act of 2007 will:
- Require the U.S. government to publish a list every six months of those companies that have an investment of more than $20 million in Iran's energy sector. This comprehensive list will provide investors with the knowledge to make informed investment decisions as well as a powerful disincentive for foreign companies to engage with Iran.
- Authorize state and local governments to divest the assets of their pension funds and other funds under their control from any company on the list.
- Protect fund managers who divest from companies on this list from lawsuits directed at them by investors who are unhappy with the results.