Investors in Iran Won’t Be Allowed To Bid on State Contracts
The Los Angeles City Council approved a law that bars people investing in Iran’s energy sector from bidding on or holding contracts with the state of California or its local governments.
Friday’s 13-0 vote makes Los Angeles the first city in California to be in full compliance with the Iran Contracting Act of 2010, according to a statement issued by the council.
The state act was passed by California in the wake of the federal sanctions law, the Comprehensive Iran Sanctions, Accountability, and Divestment Act, which authorizes state and local governments to divest their funds from parties involved in Iran’s petroleum, natural gas, or nuclear industries and to bar such parties from state and local government contracts.
City Attorney Mike Feuer told the Los Angeles City News that his office surveyed all city agencies and did not find any that were not complying with the city’s 2010 ban on doing business with firms contracting with Iran.
“Today the City of Los Angeles is sending a strong message to an Iranian regime that has continually flaunted international law in pursuit of a nuclear weapon, while providing peace of mind to every Angeleno that our tax dollars will not support such efforts,” said City Council member Bob Blumenfield, an author of the state law.