[Congressional Record (Bound Edition), Volume 150 (2004), Part 16]
[House]
[Page 21472]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            SANCTIONING IRAN

  (Mr. SHERMAN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. SHERMAN. Mr. Speaker, during the presidential debate, both 
candidates agreed that nuclear weapons in the wrong hands were the 
greatest threat to America. President Bush described his policy by 
saying we have sanctioned Iran; we cannot sanction them anymore. What 
an incredible falsehood.
  This Congress last decade passed the Iran-Libya Sanctions Act, which 
prevents any oil company investing in Iranian oil infrastructure from 
doing business in the United States. Yet the President has refused to 
apply this law. He gave a wink, a nod and a consent to a consortium of 
Japanese oil companies, revealed in the financial press, which allowed 
them to go forward with $2 billion of investments in Iranian oil 
fields.
  The State Department wrote to me and said that we will continue to 
import nonenergy items from Iran. We will continue to do business with 
Iran because we want them to do business with us.
  Who is Iran doing business with? Halliburton, doing business with 
Iran through its foreign subsidiaries.
  So when the President says we have already sanctioned Iran, we cannot 
sanction them anymore, what he really means is, we are going to 
continue to do business with Iran and we want them to do business with 
Halliburton.

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