[Congressional Record Volume 158, Number 118 (Friday, August 3, 2012)]
[Extensions of Remarks]
[Pages E1412-E1413]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT OF 2012

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                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                       Wednesday, August 1, 2012

  Mr. HOLT. Mr. Speaker, I rise in support of the amended version of 
H.R. 1905, the Iran Threat Reduction & Syria Human Rights Act.

[[Page E1413]]

  I am a co-sponsor of and voted for the original version of this bill 
when it was on the House floor in December 2011. Since that time, the 
bill has been refined in the Senate with language designed to 
essentially paralyze Iran's oil sector, which has already seen its oil 
exports fall by 60 percent as a result of sanctions imposed to date. 
The improved bill before us even more broadly targets Iran's oil sector 
and anyone who tries to do business with Iran in this area. It will 
prevent the Central Bank of Iran from repatriating funds from the sale 
of oil as part of bilateral trade agreements Iran may have with other 
nations. Indeed, prior sanctions passed by this Congress have caused 
India and Turkey to deny Iranian banks licenses to set up branches in 
those nations. Finally, this bill includes sanctions targeting Syrian 
officials responsible for the massacres in that nation since the Syrian 
people began their uprising more than 18 months ago.
  These are important steps we must take as part of a strategy to use 
every means available to compel Iran to meet its international 
obligations. Iran must renounce any effort to acquire nuclear weapons, 
and that claim must be verified through thorough, intrusive on-site 
inspections and monitoring.
  I should also note that yesterday, President Obama announced a fresh 
set of sanctions against Iran's energy and petrochemical sectors based 
on existing sanctions law and his own authority as president. As 
President Obama noted this week, ``The United States remains committed 
to a diplomatic solution, but the onus is on Iran to abide by its 
international obligations. If the Iranian government continues its 
defiance, there should be no doubt that the United States and our 
partners will continue to impose increasing consequences.'' The 
government of Iran should understand that Congress, on a bipartisan 
basis, is sending the same message by passing H.R. 1905. I urge my 
colleagues to join me in supporting this bill.

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