House Proceeding on Oct 13th, 2009 :: 1:36:05 to 1:41:35
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1:35:53 to 1:36:13( Edit History Discussion )

Barney Frank: you, gentleman. mr. frank: 1237 is a nice bill. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 1327, a bill to authorize state and local governments to direct a investment in companies from investments of $20 million or more in iran's energy for other purposes. the speaker pro tempore:

1:36:05 to 1:41:35( Edit History Discussion )
Speech By: Barney Frank

1:36:14 to 1:36:34( Edit History Discussion )

Barney Frank: pursuant to the rule, the gentleman from massachusetts, mr. frank, and the from each will control 20 minutes. the chair recognizes the gentleman from massachusetts. the speaker pro tempore: thank you, mr. speaker. i yield myself such time as i may consume. i am somewhat encouraged by what appears to be some progress in

1:36:35 to 1:36:56( Edit History Discussion )

Barney Frank: negotiations between the united states and many other nations and iran. i believe, as do i think almost everybody in the house, perhaps not everybody, but almost everybody, that nuclear weapons in the hands of the iranian regime would be a terrible thing for the world to have to deal with. and i am very supportive of efforts to mobilize the

1:36:57 to 1:37:18( Edit History Discussion )

Barney Frank: necessary multinational coalition to impose the kind of sanctions that will stop this. and in that context and i work closely with the chair of the foreign affairs committee, mr. berman, on sanction and i believe that he is correctly coordinating closely with the administration on the

1:37:19 to 1:37:44( Edit History Discussion )

Barney Frank: timing of broader sanctions legislation. the bill we are discussing right now is one that's previously been passed by this house, it was blocked in the senate in previous administration because the state department argued ainst it. and i think the time has come for us to do it. it does not in itself impose any saxes -- sanctions.

1:37:45 to 1:38:05( Edit History Discussion )

Barney Frank: clear that americans who are deeply concerned about the prospect of iranian nuclear power and other aspects of iranian governance, that they are able to act on those. in particular, this bill says that no one ought to involuntarily have his

1:38:06 to 1:38:26( Edit History Discussion )

Barney Frank: or her money put to the support of the iranian economy. it has two provision first, it would protect states which haveecided to divest from companies that are in in iranian energy operations from bei preeveryoned by the

1:38:27 to 1:38:48( Edit History Discussion )

Barney Frank: federal government. the -- preempted by the federal government. my own state several years ago passed a bill saying not that no one in massachusetts could do business with myanmar as a ctatorial ruler that ha country which was once burma, they said that they did not want state money, money from the state of massachusetts, to be

1:38:49 to 1:39:09( Edit History Discussion )

Barney Frank: involved in ways that would be the state department challenged that on the grounds of federal supremacy in foign licy and the supreme court upheld it. what we do today is to say not that states can make foreign policy but that states have the right to control their own funds

1:39:10 to 1:39:31( Edit History Discussion )

Barney Frank: and there are -- the staff has given me the list of about 20 states that have enacted legislation to divest from iran and several other states that have adopted policies of divesting from iran. part of this bill today protects those states which have made the decisions by their own democratic processes from having

1:39:32 to 1:39:53( Edit History Discussion )

Barney Frank: the understand -- come in and say no. we're the federal government, we're in charge of foreign policy and you must continue to invest in iran. secondly, we have had a movement of citizens that say to various investment vehicles, we do not want our money invested in iran. what this says is that if people

1:39:54 to 1:40:14( Edit History Discussion )

Barney Frank: who are contributors to an investment fund go to that investment fund, whatever it is, and say, we don't want our money helping to bolster the economy of that regime in iran, withdraw our funds from those companies, that the company can't be sued.

1:40:15 to 1:40:35( Edit History Discussion )

Barney Frank: what we've had is the investment vehicles have often said, i think sometimes, frankly, not entirely meaning that this is the real reason, oh, well, we can't do that because we are mandated to get you the best possible dollar of return and if we withdraw here we'll be accus criteria. now in fact, it's been fairly

1:40:36 to 1:40:57( Edit History Discussion )

Barney Frank: clear that when you have a very large entity investing broadly, we draw from no one cause is going to cause a problem. but that is still the fear that was cited. so what this bill does is to give a very narrowly drafted managers against being sued because they respond to a claim

1:40:58 to 1:41:19( Edit History Discussion )

Barney Frank: from their own contributors to t supporting iran. as they said, it does not mandate any divesture. it does protect state government from having their money put where it doesn't want to be and it protects entities that do investments from being sued if they were to give in to the moral argument that their fund

1:41:20 to 1:41:36( Edit History Discussion )

Barney Frank: should not go for this or that country. the changes -- there are a couple of technical changes when the bill was introduced which provide that the exceptions are very narrowly drafted. it is in fact by the iranian