Senator Richard Shelby of Alabama has put Barack Obama's bill on divestment from Iran on hold, and sources involved in the matter said they believe he is doing so following a request from the Bush Administration.
Shelby says the bill should pass through the Banking, Housing and Urban Affairs Committee, of which he is a ranking member, before it goes for a vote.
The sources said, however, that the real motivation behind the step is that the Bush administration is concerned such legislation won't sit well with the international coalition partners, especially in Europe, that are badly needed if it wants to effectively tighten the sanctions against Iran.
Senator Shelby's office refused to comment on this matter.
The Obama bill would require the federal government to publish a list of companies that have an investment of more than $20 million in the Iranian energy sector, which would be updated every six months.
This list is supposed to be a tool, providing investors with the knowledge they need to divest from the right companies.
It would also authorize local governments to actually divest their pension funds, or any other funds, from companies on the list. Fund managers would be protected from lawsuits directed at them by investors who are unhappy with the decision to divest.
"The states need clarity on this issue, and this bill will give them such clarity," Obama told Haaretz in an interview when the initiative was announced.
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