Bill > A03078

This bill updates the New York State Iran Divestment Act to strengthen restrictions on investments related to Iran, focusing on preventing financial support for Iran's nuclear and terrorist activities. The bill expands the definition of "financial institution" to include banking organizations, securities firms, insurance companies, and other financial service providers. It broadens the state's legal rationale for divestment by emphasizing Iran's perceived threats to New York's security, including nuclear weapon development, support for terrorism, and human rights violations. The bill requires the state commissioner to report annually on the implementation of these divestment provisions and will only be repealed if a treaty is approved by two-thirds of the United States Senate. Key changes include more comprehensive language about the risks posed by Iran, a more detailed definition of financial institutions subject to divestment, and a clear statement that the state's actions are directed at the Iranian government, not its people. The bill aims to prevent New York state, local governments, and private institutions from investing in or contracting with companies operating in Iran's energy and financial sectors that could directly or indirectly support Iran's nuclear or terrorist activities.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A3078