New Jersey is the most recent state to prohibit it state pension from investing in companies that work with Iran, the New York Times reports.
U.S. companies are already barred by law from working with Iran, but the NJ law now restricts the state from buying stock in any international firms that do business there. The move protests Iran’s ties to terror and its nuclear ambitions.
The SEC posted a list of international companies that admitted to working with Iran, then took the list down amidst heated protests. You may still view the list on the JPC blog. Also, please note the addition of another Italian oil company that is still working with Tehran.
Florida and California have passed laws similar to NJ, and other states are considering their own measures. But, as I wrote with Howard Slugh,the constitutionality of state divestment could be challenged in court. Congress will need to pass legislation to pave the way.