Pennsylvania Curbs Investment in Iran

Businesses will be punished for investing in Iran's energy industry.

The Pennsylvania Legislature is making foreign policy now, apparently.

Gov. Tom Corbett this week signed a bill that makes companies choose: Do they want Iran’s business? Or the Keystone State’s? Because you can’t have both.

The Jewish Exponent reports:

Proposed by Democrats Sen. Mike Stack of Northeast Philadelphia and State Rep. Dan Fran­kel of Pittsburgh, the legislation bars any company that invests more than $20 million in Iran’s energy sector from entering into a state procurement contract worth more than $1 million through the Pennsylvania Department of General Services.

“Pennsylvania should not be supporting businesses that have no problem pouring money into a country that sponsors terrorism and destabilizes the Middle East,” Stack said in a news release. “If dollar signs are the only thing they see, we can make sure they don’t get them from Pennsylvania taxpayers.”

This is just the latest move by state politicians against Iran. In 2010, the Legislature passed a bill forcing the state’s pension funds to divest from companies doing business in Iran and Sudan.