Wednesday was a difficult day for The American Independent News Network, which is the larger entity that operates The Iowa Independent. Our chief executive and founder announced two of our sister sites would close and their content would be moved to The American Independent.
A recently introduced bill could have far-reaching impact on the U.S. sugar industry, including American Crystal Sugar, a farmer-owned cooperative that locked out 1,300 Midwest workers on Aug. 1.
The chairman for Herman Cain’s Iowa effort says the campaign “relied more on the word of farmers than Washington regulators” in deciding to run an ad containing claims the Environmental Protection Agency says are false.
The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.
Gov. Terry Branstad will sign legislation Wednesday aimed at encouraging the blocking of state funds from going to companies in Iran.
House File 484 reads “the General Assembly intends that state funds and funds administered by the state, including public employee retirement funds, should not be invested in companies that provide power production-related services, mineral extraction activities, oil-related activities, or military equipment to the government of Iran.”
The bill opens by saying the legislature is concerned Iran has provided support for international terrorism.
HF 484 provides explanations of what kind of companies would be included and what funds, including retirement funds, are included in the new law. Notably, the bill prohibits business with any company that has business operations which has more than ten percent of the company’s revenues or assets linked to Iranian power production activities.
For years now, Iran has faced scrutiny over whether its nuclear power pursuit was for peacetime energy or for developing weapons. This bill would prohibit Iowa funds from going to companies or third parties which may support those efforts by the Iranian government.
According to the Jewish Council for Public Affairs, 16 states and the District of Columbia have enacted legislation regarding Iran divestment policies.
The bill would have no effect on the state’s general fund, the Legislative Services Agency claims. The costs, if any, the LSA says will be $25,000 to $35,000 from the Board of Regents and Municipal Fire and Police Retirement System in both FY 2012 and FY 2013. The LSA said in an analysis the fiscal impact to IPERS is an estimated additional cost ranging between $109,000 and $592,000 in FY 2012 and up to $25,000 in FY 2013.
This is all estimated and vague because it is unsure just exactly how much disinvestment would occur. The costs would be endured by the current budgets of the government institutions.
Branstad will sign the bill into law Wednesday at 1:15 p.m. in his formal office.
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