[Congressional Record Volume 156, Number 98 (Monday, June 28, 2010)]
[Extensions of Remarks]
[Pages E1216-E1217]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     CONFERENCE REPORT ON H.R. 2194, COMPREHENSIVE IRAN SANCTIONS, 
               ACCOUNTABILITY, AND DIVESTMENT ACT OF 2010

                                 ______
                                 

                               speech of

                          HON. HENRY A. WAXMAN

                             of california

                    in the house of representatives

                        Thursday, June 24, 2010

  Mr. WAXMAN. Mr. Speaker. The world cannot tolerate a nuclear Iran.
  With the punishing sanctions package before us today we take a major 
step to avoid that scenario by changing the calculus of Iran's leaders 
and those whose dealings with Iran contribute to its reckless policies. 
Most importantly, we do not stand alone in our efforts. Because of the 
initiative and leadership of President Obama, these sanctions will be 
applied within a much broader framework of multilateral sanctions 
approved by the United Nations Security Council and complementary 
sanctions efforts in Europe and Russia.
  Although the goal may be straightforward, the Iran strategy at hand 
is a complex array of diplomatic, financial and political pressures. 
The fact that we have arrived at a point where nations of the world are 
uniting to exact a price for Iran's illegal nuclear activities and its 
defiance of the international community should not be taken for 
granted. It was not inevitable. Rather, it is the direct result of 
dogged and unflagging diplomacy by this Administration to convince our 
allies and partners why and how Iran must be stopped.
  The results so far are promising. Already the European Union has 
initiated plans to implement and augment the U.N. sanctions and the 
UAE--one of Iran's biggest trading partners--has announced its intent 
to strictly enforce the U.N. sanctions. In addition, Russia has said 
that it will not deliver advanced S-300 surface-air-missile systems to 
Tehran, a development that would have significantly elevated the risks 
for any military action against Iran.
  Today, we have before us the most comprehensive set of sanctions of 
all.
  Among its key features, H.R. 2194 will impose severe restrictions on 
financial institutions doing business with Iranian banks controlled by 
Iran's Islamic Revolutionary Guard Corps (IRGC). Although U.S. banks 
have long been walled off from the Iranian banking system, banks in 
Europe and elsewhere in the world that continue business as usual with 
Iran will now be swiftly and entirely cut off from access to capital in 
the United States. It presents a stark choice that stands to have a 
significantly chilling effect even before the sanctions are fully 
implemented.
  The bill will also dramatically expand the depth and scope of 
sanctions targeting Iran's petroleum sector by placing sanctions on any 
insurance, financing and shipping companies involved in exporting 
refined petroleum to Iran or developing its domestic refining capacity.
  In addition, the bill will facilitate divestment from companies that 
do business in Iran by

[[Page E1217]]

expressing support for state and local governments that choose to 
divest public assets and by ensuring that divestment efforts by private 
asset managers are not considered a breach of fiduciary duty.
  Finally, this bill prioritizes human rights in Iran by hindering the 
sale of Internet filtration and censorship technology to Iran and 
blocking companies engaging in such traffic from access to U.S. 
government procurement contracts. While I regret that the Iranian 
people, already victims of tyranny, could face economic repercussions 
as the result of these sanctions, I firmly believe that weakening the 
IRGC is essential to overcome the regime's oppression.
  I recognize that the window of opportunity could be limited. Iran now 
has partially enriched enough uranium to develop two nuclear warheads 
and its pursuit of nuclear weapons technology continues in earnest. But 
I urge my colleagues to vote yes and take serious action to pressure 
Iran to change course. And, once this bill is enacted, let us continue 
working with the President to make sure that these efforts proceed.
  It is possible for a strong and coordinated sanctions regime to 
convince Iran to take the clear path that has been offered to end its 
status as a pariah state. At the very least, it is our best hope to 
bring about a successful diplomatic resolution of this crisis and avert 
the need for military action.

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