International Trade Law News

The U.S. House of Representatives today passed the following two divestment-related bills by wide margins:

• H.R. 180 - The Darfur Accountability and Divestment Act of 2007 directs the SEC to require all companies trading in registered securities that conduct business in Sudan to disclose the nature of such operations and the GAO to investigate the existence and extent of such companies' Federal Retirement Thrift Investment Board investments. The bill also prohibits U.S. Government contracts with such companies. The bill passed by a vote of 418-1 (Representative Ron Paul (R-TX) cast the only no vote).
  

• H.R. 2347 - The Iran Sanctions Enabling Act of 2007 directs the Secretary of the Treasury to publish a list of any entity that has an investment of more than $20 million in the Iran's energy sector. The bill also states that is U.S. policy to support state and local governments and educational institutions from divesting their assets from entities included on the Treasury Department's list of companies with investments in Iran's energy sector. The bill passed by a vote of 408-6.

The press release issued by the House Financial Services Committee upon passage of these bills can be found here.

Labels: Congress, Divestment