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Senate Tightens Sanctions in Iran
By Hidari, Section Iraq-Iran-Syria
'A new Iran sanctions bill cleared its key hurdle in the Senate Thursday, as Congress tries to tighten the financial screws on Teheran....
The Senate banking committee passed legislation sponsored by Chairman Chris Dodd (D-Connecticut) and Ranking Member Richard Shelby (R-Alabama) which expands the scope of sanctions against those dealing with Iran to include financial institutions and insurers and those connected to facilitating the transport of Iranian energy products; penalizes foreign subsidiaries of US companies who conduct business with Iran; and makes it easier for pension and other funds to divest from companies benefiting the Iranian economy, among other measures.'
'This bipartisan legislation will strengthen America's leadership in the effort to bring peace and stability to the Middle East," Dodd said in welcoming his bill's preliminary passage. Targeted and strategic, the bill is designed to maximize the economic leverage on Iran's leaders to bring them to the negotiating table by tightening economic sanctions and authorizing divestment from companies that do business with Iran's key oil sector. Several pieces of Iran sanctions legislation have been proposed by the current Congress that have not yet passed. A bill with broader provisions than the Dodd-Shelby legislation passed the House last year, but the companion legislation hasn't made much progress through the Senate.'
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