New York Assembly Bill A03078

New York 2025-2026 Regular Session

• Introduced: 1/23/25
• Refer: 1/23/25
• Refer: 1/7/26

Caption

Enacts the New York State Iran divestment act; provides for sanctions against the financial and energy sectors of Iran unless a duly executed treaty is approved by two-thirds of the United States Senate.

Summary

A03078 would enact the “New York State Iran divestment act” and update New York’s existing Iran divestment framework. The bill revises legislative findings to emphasize that Iran’s nuclear program, ballistic missile development, and support for terrorism pose a threat to New York, its residents, and their property. It also states that New York has authority to restrict state and local investment and contracting with companies operating in Iran’s energy and financial sectors when those investments directly or indirectly support Iran’s nuclear or terrorist activities. The bill amends the State Finance Law definitions and reporting provisions tied to the Iran divestment law, including updating the definition of “financial institution,” clarifying references to multilateral development banks, and revising the annual reporting requirement for the commissioner. It also amends the insurance law by repealing a provision related to investments in foreign states sponsoring terrorism, while restating the policy basis for restricting such investments. The bill takes effect immediately and includes language stating it should not be deemed repealed by executive action unless that action is a duly executed treaty approved by two-thirds of the U.S. Senate.

Impact

This bill would strengthen and reframe New York’s statutory Iran divestment regime by broadening and updating the state’s findings, investment restrictions, and reporting requirements. It would affect state and local contracting and investment decisions, as well as financial institutions, securities firms, insurance companies, and other providers of financial products or services that may be subject to divestment screening. It also repeals a subsection of the insurance law, signaling a cleanup or consolidation of overlapping provisions related to investments tied to terrorism-sponsoring foreign states.

Sentiment

Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the measure appears to be presented as a strong national-security and anti-terrorism policy bill with clear support from its sponsors. The language is emphatic and directive, reflecting a generally hawkish posture toward Iran and a desire to preserve or expand state-level divestment authority. No contrary views, amendments, or recorded opposition are included in the provided context.

Contention

The main point of contention is likely the scope and durability of state divestment authority, especially the bill’s broad treatment of Iran’s energy and financial sectors and its statement that the act should not be deemed repealed by executive action unless a Senate-approved treaty exists. Another likely issue is the bill’s reliance on strong findings about Iran’s conduct and the extent to which state investment restrictions should be used as a foreign-policy tool. The bill also distinguishes between the Iranian government and the Iranian people, which may be intended to address concerns about overbreadth or discrimination, but no direct opposing arguments are provided in the record.