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Congress Moving on Tough Iran Sanctions Bill

June 23, 2010 - by Donny Shaw

With everything going on right now, you probably haven’t heard that Congress is getting very close to passing tough new economic sanctions on Iran. The sanctions bill, known as the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010", passed both chambers earlier this year with wide bipartisan margins (unanimously in the Senate) and the conference report is on the House schedule for possible consideration later this week.

Laura Grossman at Frum Forum says the conference report came back from committee even tougher than the either of the versions that went in:

This new bipartisan legislation builds upon the 1996 Iran Sanctions Act.  It has even more bite than the versions passed by the House (December 2009) and Senate (January 2010). Indeed, the president is empowered to impose sanctions on businesses that either supply Iran with refined petroleum or help the Islamic Republic produce it. The sanctions also include companies that supply Iran with technology, goods, services and information to its energy sector.  The impact of this could be enormous. Iran currently imports as much as 30 percent of its gasoline, despite its massive oil wealth, simply because the regime lacks the technology to refine its own gasoline.

The new bill explicitly forbids the federal government from granting contracts to companies that export sensitive technology to Iran. It also targets foreign financial institutions that do business with key Iranian banks, as well as the notorious Islamic Revolutionary Guard Corps (IRGC), a designated terrorist group.  Specifically, the legislation gives the Secretary of the Treasury the power to severely restrict these institutions from accessing the American financial market. These institutions will not have to make a choice. They can either keep working with Iran, or work with America.  They can’t have it both ways.

Responding to the Iranian regime’s gross human rights abuses in the aftermath of the rigged June 12, 2009 elections, the legislation empowers the president to impose sanctions against the individuals responsible for those atrocities.

The conference report needs to be approved once again by both the Senate and the House before it can be sent to Obama to get signed into law. It could all happen very quickly at this point.

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Comments

  • Chris51 07/01/2010 9:36am

    Worried about Iran? They are the least of our problems.

    It will be our corrupt, greedy CORPORATIONS/WALL STREET like Oil Companies, Health Insurance, BIG Corporations, BANKS, etc. that will be the end of us.

    Today, our Congress wants to focused on Iran, so they do not have to help solve the real issues facing Americans in the U.S.

  • Chris51 07/01/2010 9:38am

    Corporations have increased their cash reserves to $1.84 TRILLION, THE HIGHEST FIGURE IN HISTORY! Big business and the banks, after an unprecedented bailout by the public treasury, are hoarding the funds (Americans pay this back on their IRS tax bill). BIG CORPORATIONS EXECUTIVES ARE MAKING BIG BONUSES AND GETTING SALARY INCREASES FOR SHOWING HUGE PROFITS. The cash reserves of major corporations have jumped 26 percent in one year, the largest percentage increase in nearly 60 years. The cash reserves of working people, and particularly the unemployed, have not been so fortunate.

    REPUBLICANS bloc, the SENATE vote and defeat sevaral proposed extension of unemployment benefits for unemployed workers. Many of these same Senators rushed through a $700 BILLION bailout of Wall Street in 2008 in a matter of days, cannot bring itself to support even the most meager subsistence for the unemployed workers who are the victims, not the perpetrators, of the economic crisis.
    WWW.CHANGE.ORG

  • Chris51 07/03/2010 10:07pm

    REPUBLICAN FILIBUSTER ON UI EXT BILLS!
    Why don’t our Senators get that there is a great need?

    The job market is broken.
    The corporate executives are not going to give up their year-end profit bonus by adding jobs/payroll to their companies.

    Here are a few stories on our jobless nation:

    Job recovery hits a wall
    http://money.cnn.com/2010/07/02/news/economy/jobs_june/index.htm

    Job gloom at all time high
    http://money.cnn.com/2010/07/03/news/economy/discouraged_workers/index.htm

    7.9 million jobs lost- many forever
    http://money.cnn.com/2010/07/02/news/economy/jobs_gone_forever/index.htm

    Jobless claims spike
    http://money.cnn.com/2010/07/01/news/economy/jobless_claims/index.htm

    Thousands at risk for losing unemployment benefits
    http://www.myfoxphoenix.com/dpp/money/job_news/unemployment-benefits-jeopardy-6-28-2010

  • Chris51 07/10/2010 7:11am

    Republicans filibustered UI Ext bill! They’re asking for UI Ext be paid, while at the same time they’re fighting to give their Special Interest groups special tax stimulus. Rep are trying to look like they care about the deficit, but for 10 yrs (Bush Admin) they never spoke of concerns for the huge deficit they were digging us into as they approved large spending for Special Interest. The Rep debate on these UI Ext bills are like “broken record”. They want USA to use the stimulus money that is already committed to the agreed upon projects, programs, etc. Republicans want USA to “rob Peter to pay Paul”, so they can try to prolong the problem past November election. This is how they have operated for YEARS, and we’re in worse shape now because of their IRRESPONSIBLENESS. People should not be in Leadership positions if they cant make decision for the problems at hand.
    Dont take my word for it. Please read links Donny Shaw and others have provided with accurate research and reporting.

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