NEWS

House Foreign Affairs Committee

U.S. House of Representatives

Ileana Ros-Lehtinen, Ranking Republican

 CONTACT: Sam Stratman, (202) 226-7875, March 6, 2007

                     Lee Cohen, (202) 226-1139

For IMMEDIATE Release

Ros-Lehtinen Introduces Iran Divestiture Legislation

Measure Requires U.S. Government Pension Funds to End Investments in Companies Doing Business with Iranian Energy Sector

(WASHINGTON) - U.S. Government pension funds, including the Thrift Savings Plan with more than $210 billion in assets – would be required to divest in companies doing business with Iran under legislation introduced today.

U.S. Rep. Ileana Ros-Lehtinen, Ranking Republican on the House Foreign Affairs Committee, introduced the measure with the support of U.S. Reps. Tom Lantos (D-CA), Roy Blunt (R-MO) and Eric Cantor (R-VA). The legislation is designed to further pressure the Iranian regime to halt its funding of Islamist militants and end its ambition to acquire nuclear technology.

The legislation also prohibits future investments in Iran by pension plans and mutual funds doing business in the United States.

In addition to the investment prohibition, the legislation also includes a number of provisions requiring public disclosure of private fund and pension investments in companies doing business in Iran.

“Iran’s determination to acquire a capacity to build nuclear weapons poses a vital threat to U.S. national security interests and to global peace and security.  We must deny Iran the financial resources to continue along this path,” said Ros-Lehtinen. “This measure will serve as one more critical instrument to deny the Iranian regime the economic resources required to pursue its dangerous activities.”

“By reducing our investments in Iran we hamper the deadly ambitions of a regime heavily dependent on income earned from oil and natural gas,” she added.

The Ros-Lehtinen bill:

• Mandates divestment by U.S. Government pension funds from companies that have invested more than $20 million in Iran's energy sector.
• Expresses the Sense of Congress that private funds should also divest from such entities.
• Prohibits future investments by either government or private pension funds.
• Requires publication in the Federal Register of a list of companies that have invested $20 million or more in Iran's energy sector, in violation of the Iran Sanctions Act.
• Requires a report by the Office of Global Security Risks of the Securities and Exchange Commission that lists companies subject to sanctions for their investments in Iran’s energy sector and the risks involved with investing in such an entity.

A similar version of this language was adopted by the full House last year as part of the Iran Freedom Support Act.

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