SB 722 Bars entities that invest in the energy sector in Iran from contracting with the state and political subdivisions
LR Number: 5353S.03I Fiscal Note not available
Last Action: 1/31/2012 – S First Read–SB 722-Lamping Journal Page:
Title: Calendar Position: 97
Effective Date: August 28, 2012
Current Bill Summary
SB 722 – This act creates the “Iran Energy Divestment Act” which bars entities that invest in the energy sector in Iran from contracting with the state and political subdivisions. Entities wishing to make public contracts shall certify that they are not investors in the energy sector in Iran. Entities that falsely certify shall be subject to a penalty equal to the greater of $250,000 or twice the amount of the contract. In addition, contracts may be terminated by the awarding body and the entity shall be ineligible to bid on and enter into such contracts for three years.
It’s all in how you define things. From the bill [pdf]:
…(2) “Energy sector”, activities to develop petroleum or natural gas resources or nuclear power….
It appears that a few things were left out. Batteries maybe?
It would be interesting to see the effect of channeling public investment in the United States into wind power technology rather than petroleum and nuclear.