Arnie agrees Iran ban
California’s governor Arnold Schwarzenegger has agreed to implement new laws to ban state investment in companies doing business with Iran.
The laws would stop the America’s two largest public pension funds from investing in companies that work on defense or nuclear projects or are involved in developing Iranian petroleum or natural gas resources.
“I look forward to signing legislation to divest from Iran to take an equally powerful stand against terrorism,” Schwarzenegger said.
The laws could be brought in as early as this week.
California, which passed a similar law last year regarding investments in Sudan, is among several states to take financial action against Iran. Similar legislation is pending in Congress.
The board governing Florida’s public employee retirement fund has authorised it to take out nearly $1.4bn invested with 21 companies doing business in Iran or Sudan.
