PROVIDENCE, R.I. (AP) – Legislation to divest Rhode Island state money from companies within operations in Iran is heading to Gov. Lincoln Chafee.
The state’s General Assembly gave the legislation final approval last week.
If signed by Chafee, the state’s retirement board would be required to identify any investments in companies that operate in Iran. Unless the companies agree to cease operations in Iran, the state would pull its investment. The state would similarly end relationships with any state contractors doing business in Iran.
Supporters say the bill would help put financial pressure on Iran to drop its nuclear weapon development efforts.
The bill was introduced on behalf of Attorney General Peter Kilmartin. More than two dozen states have enacted similar laws.