According to this LA Times article, Beverly Hills’ Iranian-born Mayor Jimmy Delshad wants his city to eliminate pension fund investments from foreign firms operating in Iran.
Delshad’s proposal is similar to several other state divestment movements, including a recent law passed in Florida.
The Beverly Hills initiative is significant in that some 25% of the nearly 34,000 Beverly Hills residents are Iranian. This may also be the first municipal divestment initiative on record.
U.S. companies are already barred from investing in Iran, but pension funds are still allowed to put capital in foreign firms with operations there. This proposal would bar investment in these firms.