SALT LAKE CITY -- Investments in Iranian businesses by Utah's retirement system would be prohibited through a bill going to the Senate floor for debate.
Republican Sen. Curt Bramble of Provo says the proposal would prevent public money from going toward funding terrorist activities.
Senate Bill 112 passed the Senate Retirement and Independent Entities Committee unanimously Monday.
The bill would require the Utah State Retirement Office to scrutinize companies whose stocks they own, particularly those in gas and oil industries, to determine if they have business connections to Iran. Any company with connections could not be invested in by the state.
Republican Sen. Dan Liljenquist of Bountiful says he supports the bill, but would oppose any broader restrictions on the investment of the retirement funds.