[Congressional Record Volume 153, Number 124 (Tuesday, July 31, 2007)]
[Extensions of Remarks]
[Page E1660]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       IRAN SANCTIONS ACT OF 1996

                                 ______
                                 

                               speech of

                            HON. GENE GREEN

                                of texas

                    in the house of representatives

                         Monday, July 30, 2007

  Mr. GENE GREEN of Texas. Mr. Speaker, I rise today in strong support 
of this legislation.
  Iran presents a major problem for the United States on a number of 
levels. Its overt nuclear ambitions, its interference in the Israeli-
Arab peace process, and its support for Hezbollah--which is second only 
to al Qaeda in the number of American lives it has claimed--as well as 
Hamas and other terrorist organizations all present challenges to 
stability in the region.
  We must use our economic leverage, among other tools, to address this 
problem, and this legislation allows us to do that. First, it extends 
the threat of sanctions to foreign subsidiaries of American companies 
if the subsidiaries were acquired or created in order to evade existing 
prohibitions on trade with Iran. Second, the definition of Iran's 
petroleum sector is expanded to include petroleum by-products and 
liquefied natural gas. Third, it expands who may be sanctioned to 
include the underwriters of these investments in Iran's energy sector.
  Iran's economy is heavily dependent on oil and gas windfall profits, 
and this money is also used to fund terrorism and its nuclear program. 
This bill is a crucial part of continuing sanctions efforts, both by 
the U.S. and the international community.
  I urge my colleagues to join me in supporting this legislation.

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