U.S. House passes Iran divestment bill

August 1, 2007 - 0:0

WASHINGTON (Reuters) - Calling for change in Iranian nuclear policy, the U.S. House of Representatives passed a bill on Tuesday to give legal protections to investment managers who pull money out of the Iranian energy sector.

Under the legislation approved by a 408-6 vote, the Treasury Department would be required to list twice yearly on the Internet the names of companies that have more than $20 million invested in the Iranian energy sector.
Money managers who decide to divest from companies on that list would be protected from lawsuits under the bill, which shields both private-sector money managers and fund managers for state and local governments and educational institutions.
""Federal foreign policy for a long time has been very clear -- don't invest in Iran ... This bill will eliminate an excuse for those who have not yet divested,"" said California Democratic Rep. Brad Sherman in floor debate.
Illinois Democratic Sen. Barack Obama has introduced a Senate bill similar to the House measure