Wisconsin lawmakers propose Iran business prohibition

State Republicans are proposing a bill to prohibit the state from making investments in companies that do business in or with Iran.

Rep. Dale Kooyenga and Sen. Leah Vukmir authored the plan, which says the state investment board “could not put money into any company that owes money to Iran’s government, maintains property, personnel or operations in Iran, contracts with the Iranian government or contracts with any company owned or controlled by Iranian officials,” according to the Associated Press.

The bill would also prohibit the state investment board from investing in companies providing goods or services in Iran. To comply with the bill, the state investment board would have one year to sell any current holdings that violate the prohibition.

Republicans say the bill is a response to President Obama’s recent deal with Iran, which calls for Iran to curb its nuclear program in exchange for relief from international economic sanctions.

A spokesperson from the state investment board says it doesn’t have a comprehensive list of companies the board invests in that operate in or with Iran, and warns eliminating companies as potential investment partners would shrink the board’s options.