Washington, DC--Congressman Eliot Engel (D-NY-17) issued the following statement in support H.R. 2194, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, which would strengthen the underlying Iran Sanctions Act (ISA) by imposing an array of tough new economic penalties aimed at pressuring Iran to halt its nuclear program.  Rep. Engel, a senior member of the House Foreign Affairs Committee, is a co-sponsor of the legislation.  The United Nations Security Council voted 12-2 earlier this month to impose its own sanctions. 

“We are tightening the screws on Iran’s nuclear weapons program. Last year, we put pressure on the Iranians’ energy program, and now we are targeting their financial institutions.  The message needs to be loud and clear to Iran and countries, corporations and banks who are still doing business with Iran, that there will be consequences unless the Iranians begin working with the international community and halt their nuclear program.  Once they stop acting as a state-sponsor of terrorism, and end their quest to obtain weapons of mass destruction, then the sanctions will be lifted and the hardships suffered by the Iranian people due to their leaders’ actions will be eliminated,” said Rep. Engel, Chairman of the House Foreign Affairs Committee’s Subcommittee on the Western Hemisphere.  “In addition, I urge Venezuelan President Hugo Chavez and others not to bolster the Iranian regime. President Chavez has agreed to provide 20,000 barrels per day of refined gasoline to Iran and to invest in the Iranian natural gas sector. Iran has minimal gasoline refining capability and needs to import it.

“I commend President Obama and Secretary Clinton for their excellent leadership in achieving a strong fourth round of U.N. sanctions against Iran.  Only last year it seemed inconceivable that Russia and China would vote for these sanctions, but the Administration's skillful diplomacy brought these countries on board."

Targets of the Act 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.

Major highlights of the Act include provisions to:

• Expand the scope of sanctions authorized under ISA by imposing sanctions on foreign companies  -- including insurance, financing and shipping companies -- that sell Iran goods, services, or know-how that assist it in developing its energy sector.
• Ban U.S. banks from engaging in financial transactions with foreign banks doing business with the IRGC or facilitating Iran’s illicit nuclear program or its support for terrorism. 
• Impose significant financial penalties and travel restrictions on Iran’s human rights abusers. 
• Establish three new sanctions, in addition to the menu of six sanctions that already exists under ISA, including: (1) a prohibition on access to foreign exchange in the U.S.; (2) a prohibition on access to the U.S. banking system; and (3) a prohibition on property transactions in the U.S. The Act would require the President to impose at least three of the possible now-nine sanctions on an entity in violation of ISA. 

The measure passed the House by a vote of 408-8 (plus one present vote).

To view Rep. Engel’s remarks - http://www.youtube.com/watch?v=rOAngnVwxmc

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