Bill Bars Investment in Companies Supporting Iran Oil Sector

(KCPW News) Two dozen companies may soon be prohibited from doing business with the Utah State Retirement Office. Republican Senator Curt Bramble is sponsoring SB 112, which would prevent Utah’s pension system from investing in companies that support the Iranian petroleum industry.

“We have been asked by members of our congressional delegation to put forward a very clear statement that we don’t support companies basically who are doing business with the Iranian government,” said Bramble. “It’s a rogue government. It’s a government that has put our troops in harms way.”

Branble’s bill would prohibit Utah Retirement Systems from making future investments in several companies that have done at least $20 million in business with the Iranian petroleum industry in any year since 1996.

“We won’t be making future investments in this list of 24 or 25 companies. These are all foreign companies,” said Bramble. “It is already illegal for a U.S domestic cooperation to conduct activities in Iran. This simply says we won’t be investing retirement dollars in companies that are doing business with Iran.”

It comes at a price, though. It’s estimated the state’s pension system would take a $1.8 million hit per year if the bill becomes law. It passed out of committee unanimously yesterday and will now be heard on the Senate floor.