Chafee marks state's divestment from Iran

Rhode Island is no longer going to invest in or contract with companies that do business in Iran.

A new state law requires the state to pull any pension investments in companies doing business in Iran. The state will also end any relationships with state contractors with a presence in the country. Companies would be given the option of ceasing their operations in Iran before the state takes action.

Gov. Lincoln Chafee and other state leaders held a ceremonial signing for the law on Tuesday.

State lawmakers passed the divestment law earlier this year. Supporters say it will help put financial pressure on Iran to drop its nuclear weapon development efforts and end its support for terrorist groups.

More than two dozen states have enacted similar laws.