June 24, 2010
Contact: Aaron Hunter 202-225-2040
Congresswoman Susan Davis Votes to Strengthen Sanctions Against Iran
Bill would pressure Iran to end its nuclear program and support of terrorism
Washington – Congresswoman Susan Davis (D-San Diego) voted to strengthen sanctions against Iran in an effort to persuade them to abandon their nuclear ambitions and support of terrorism. H.R. 2194, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, would strengthen the underlying Iran Sanctions Act (ISA) by imposing an array of tough new economic penalties aimed at persuading Iran to change its conduct.
“It is in the national security interests of the United States and our allies to compel Iran’s leaders to halt their nuclear program.” said Davis. “Sanctions, combined with unified international diplomatic pressure, are our best hope for peacefully achieving this goal.”
Targets of the bill range from business entities involved in refined petroleum sales to Iran or support for Iran’s domestic refining efforts to international banking institutions involved with Iran’s Islamic Revolutionary Guard Corps (IRGC), Iran’s illicit nuclear program or its support for terrorism.
The bill would impose severe restrictions on foreign financial institutions doing business with key Iranian banks or the IRGC. In effect, it would present foreign banks doing business with blacklisted Iranian entities a stark choice - cease your activities or be denied critical access to America’s financial system. The bill would also hold U.S. banks accountable for actions by their foreign subsidiaries.
The House approved the final legislative agreement between the House and the Senate clearing the bill for President Obama’s signature.