H.R. 1327 would authorize State and local governments to direct divestiture from, and prevent investment in, companies with investments of $20,000,000 or more in Iran's energy sector.
Detailed Summary
Iran Sanctions Enabling Act of 2009 - States that it is the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in, persons that have investments of more than $20 million in Iran's energy sector.
Authorizes a state or local government to adopt and enforce measures to divest its assets from, or prohibit the investment of assets they control in, such persons, including financial institutions which extend them credit to so invest.
Amends the Investment Company Act of 1940 to shield any registered investment company from civil, criminal, or administrative action based upon its divesting from, or avoiding investing in, securities issued by such persons.
Expresses the sense of Congress that a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) may divest plan assets from, or avoid investing plan assets in, a person that has investments of more than $20 million in Iran's energy sector without breaching his or her fiduciary duties under ERISA, if such determination is based on credible information and in accordance with federal law.
Status of the Legislation
Latest Major Action: 10/15/2009: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Points in Favor
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Points Against
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