Lawmakers approve tougher scrutiny of banks over Iran transactions
SACRAMENTO -- Gov. Jerry Brown’s desk is getting more cluttered as lawmakers this week resumed sending him legislation, including a measure aimed at making sure state-chartered banks are not funneling money to the government of Iran.
The Iran bill was introduced by Robert Blumenfield, a Democrat from Woodland Hills, before he left the state Assembly in July to take a seat on the Los Angeles City Council.
The measure directs the California Commissioner of Financial Institutions to look for transactions with Iran when doing audits of state-chartered financial institutions every two years.
“I am pleased that California will continue to take steps against an Iranian regime that continues to seek nuclear weapons capability,” Blumenfield said. “Iran’s ongoing resistance to international cooperation jeopardizes regional stability and ongoing efforts to achieve Middle-East peace.”
Blumenfield said AB 978 was inspired by New York officials’ discovery in 2012 that Standard Chartered Bank had tens of thousands of transactions with Iran for nearly a decade.
The legislation is supported by the Jewish Public Affairs Committee of California.
ALSO:
California Assembly returns from summer recess
Ruling puts release of inmates in California a step closer
Lawmaker, others say state oversight of oil field fracking is lacking
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
