Governor Abbott Issues Directive On Iran Divestiture Policy

Governor Greg Abbott today sent a letter to Texas retirement agencies informing them that it will continue to be the policy of the State of Texas to prohibit the investment of taxpayer dollars in Iran despite President Obama’s announcement last week that he is lifting sanctions against Iran.

“These sanctions have and will continue to ensure that Texas does its part to prevent taxpayer dollars from aiding and abetting a country that is openly hostile to the United States and its allies abroad,” writes Governor Abbott. “Consequently, I am directing your agency to continue the divestment policy required by the Prohibition on Investment in Iran Act.”

Governor Abbott went on to point out that, “Although current Texas law states that Texas’ sanctions expire if the U.S. revokes its sanctions against Iran, the President’s recent actions to lift some sanctions against Iran do not trigger this provision. While the agreement negotiated—and now implemented—by the President lifts nuclear-related sanctions against Iran, other non-nuclear related sanctions imposed by the United States remain in place.”

The Letter Reads:

Dear Directors Wilson, Guthrie, Gavia, Bishop and Jordan:

I write to provide direction about your agency’s application of the Texas Prohibition on Investment in Iran Act in light of President Obama’s announcement late last week that he is lifting sanctions against Iran.

 

Put simply, it will continue to be the policy of the State of Texas to prohibit investment of taxpayer dollars in Iran. These sanctions have and will continue to ensure that Texas does its part to prevent taxpayer dollars from aiding and abetting a country that is openly hostile to the United States and its allies abroad.

 

As you know, the Prohibition on Iran Investment Act prohibits your agency from investing in companies that conduct business with or supply military equipment to Iran. These measures have played an important role in ensuring that Iran, a state sponsor of terrorism, does not directly or indirectly benefit from Texas taxpayer dollars.

 

Although current Texas law states that Texas’ sanctions expire if the U.S. revokes its sanctions against Iran, the president’s recent actions to lift some sanctions against Iran do not trigger this provision. While the agreement negotiated — and now implemented — by the president lifts nuclear-related sanctions against Iran, other non-nuclear-related sanctions imposed by the U.S. remain in place. Consequently, I am directing your agency to continue the divestment policy required by the Prohibition on Investment in Iran Act.

 

Thank you for your continued resolve on this important issue. Your implementation of these sanctions help eliminate taxpayer investment in Iran and protect America and its allies abroad.