| Assemblyman Michael Inganamort introduced legislation in June to tighten sanctions against Iran that prohibit public contracts with any company or person investing above a certain level in Iran’s energy and finance sectors. With rocket attacks against Israel by Iran’s Hezbollah forces continued through the weekend, he stresses the need for immediate action.
“We must leave no room for ambiguity when it comes to our state’s position on Iran,” declared Inganmort (R-Morris). “Iran exploits its energy sector to fund regional terrorism and advance its nuclear ambitions. New Jersey taxpayers shouldn’t indirectly contribute to this.”
Inganamort’s bill (A4632) builds on a 2012 law enacted by then-Gov. Chris Christie by lowering the prohibited investment threshold to $10 million from $20 million. His ultimate goal is to reduce it to zero.
The federal Comprehensive Iran Sanctions, Accountability, and Investment Act, signed by President Barack Obama in July 2010, empowered state and local governments to prevent or discontinue contracts with companies doing business in Iran.
“By lowering the financial threshold, we ensure more companies are scrutinized, putting New Jersey at the forefront of national efforts to isolate Iran,” continued Inganamort.
At least thirteen other states have similar bans to New Jersey’s 2012 law, including, California, Connecticut, Florida, Indiana, Maryland, Michigan, Mississippi, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina and Tennessee.
As of July, New Jersey has 31 companies on its prohibited list.
“We have a responsibility to protect our state and our allies by taking a strong stance against Iran’s aggressive actions,” concluded Inganamort. “This legislation is a crucial first step in ensuring that New Jersey does not support entities that contribute to Iran’s destabilizing activities. Our commitment to security and justice remains unwavering.” |
