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m2125 BC-MN-XGR-IranDivestmen 03-28 0175

Senate finance panel hears bill on Iran divestment

Eds: APNewsNow.

ST. PAUL, Minn. (AP) — An effort at the state Legislature that aims to rid Minnesota of investments in Iran goes before a Senate finance committee on Monday.

The bill is sponsored by Democratic Sen. Terri Bonoff of Minnetonka. It would require the State Board of Investment to divest state resources from foreign firms that have done more than $20 million of business in the Iranian energy sector since 1996.

The proposal is similar to legislation in more than a dozen other states.

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Bonoff says companies that support Iran’s oil and gas industry help fund Iran’s nuclear program.

The measure has already passed through a few committees in the House.

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