Regulation: In 2008, the Washington State Investment Board implemented the Resolution on Iran Investment, which prohibited investment in the government of Iran and entities deemed to be directly supporting terrorism by the U.S. Department of the Treasury conducting business activities in Iran. The resolution also sought to limit investment in companies linked to Iran’s defense sector and entities which have loose ties with terrorist groups (1). The resolution expired in 2010 and was renewed once, but allowed to lapse after January 1, 2014 (2).
Key actors: The WSIB minutes from the February 2008 meeting on which the resolution was adopted note that “advocacy groups and legislators have approached the WSIB with concerns about the development of nuclear weapons in Iran.” Former State Senator Joseph Zarelli (R – Ridgefield) urged the board to adopt a non-legislative divestment solution (3).
Effect: The WSIB divested from two companies and corresponded with five others asking them to curtail their Iran-linked business activities (4).