Gov. Jerry Brown signed AB 1151, the Divest From Iran Act, over the weekend in hopes that California taxpayer dollars do not reach the pockets of Iranian energy interests. The law will bring more transparency and accountability to the state’s public pension funds.

Co-authored by Assemblymembers Mike Feuer (D-Los Angeles) and Bob Blumenfield (D-San Fernando Valley), the bill will take effect in 2012.

“This new law underscores that complying with California’s divestment laws is mandatory,” Feuer said in a statement. “As one of the world’s largest economies, California can take a meaningful stand against companies that choose to fund Iran’s nuclear ambitions by investing in its energy sector. By signing AB 1151, the governor has sent the message that this responsibility will not be abrogated.”

In mid-May, Feuer, Blumenfield and Assemblymember Warrren Furutani (D-Carson) held a hearing to investigate why CalPERS and the California State Teachers Retirement System (CalSTRS) had failed to comply with a California law requiring public pensions to divest from companies with business interests in Iran.

Just days before the hearing, CalPERS announced that it will divest most investments in businesses with interests in Iran’s energy sector. The hearing found that although this law became effective on Jan. 1, 2008, CalPERS had still yet to effectuate meaningful divestment.

Feuer and Blumenfield have been waging a multi-pronged campaign to ensure that California’s financial resources are not invested in companies doing business in Iran’s energy sector, and are not used to bolster Iran’s nuclear weapons development or extremist activities. Last year, they authored the Iran Contracting Act of 2010, which prohibits contracts of $1 million or more between the state of California (including its cities and counties) and companies with significant business in Iran’s energy sector. AB 1650 also passed with bipartisan support. Recently, Feuer and Blumenfield contacted legislative leaders around the country urging them to become part of a national network asserting financial pressure to stop Iran’s nuclear ambitions by advancing similar contractual divestment legislation.

Other bills to get Brown’s signature include:

• AB 187 by Assemblymember Ricardo Lara (D-South Gate) — establishes a high-risk local government agency audit program.

• AB 732 by Assemblymember Joan Buchanan (D-San Ramon) — requires the summary of the legislative analyst’s estimate of net state and local fiscal impacts for state bond measures.

• AB 1369 by Assemblymember Mike Gatto (D-Burbank) — disallows a deduction for expenses attributable to income from any criminal profiteering activity.

• AB 507 by Assemblymember Mary Hayashi (D-Hayward) — revises the Pain Patients Bill of Rights.

• AB 768 by Assemblymember Mike Gatto (D-Burbank) — Prohibits the restriction of male circumcision practices.

• AB 1407 by Committee on Judiciary — Permits a claim against an adult for furnishing alcoholic beverages to a person under 21, which results in injuries or death.

The governor also vetoed several bills, including:

• AB 101 by Assemblymember John A. Pérez (D-Los Angeles) — Child care. While maintaining quality and affordable childcare is important, Brown said the cost is too large in the face of the state’s budget challenges.

• AB 1182 by Assemblymember Roger Hernandez (D-Baldwin Park) — CalWORKs eligibility. The bill would allow welfare applicants to have one car, or possibly more, of any value, rather than the current law, which allows one vehicle of a maximum $4,650 value. Brown again cited budget concerns.

• AB 1429 by Assemblymember Wesley Chesbro (D-Eureka) — Disaster relief. Would require the state to pay 100 percent of eligible costs for damages to Del Norte County caused by the March tsunami. Brown said the bill would set a precedent the state can’t afford.

• AB 129 by Assemblymember Jim Beall (D-San Jose) — Local government fines and penalties. Brown said the bill would weaken the due process requirements for local building departments to obtain property liens at a time when property owners are struggling to pay their mortgages.

• AB 952 by Assemblymember Brian Jones (R-La Mesa) — High-speed rail. Brown said the bill would create a special gift and revolving door rules for the High-Speed Rail Authority. He said the existing rules work well.