    [Weekly Compilation of Presidential Documents Volume 37, Number 31 (Monday, August 6, 2001)]
    [Page 1132]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Statement on Signing the ILSA Extension Act of 2001

    August 3, 2001

        Today, I have signed into law H.R. 1954, the ``ILSA Extension Act of
    2001.'' This Act provides for a 5-year extension of the Iran and Libya
    Sanctions Act (ILSA) with amendments that affect certain of the
    investment provisions.
        I believe that we should review sanctions frequently to assess their
    effectiveness and continued suitability. A new provision in this bill
    mandates a report on the impact of certain actions taken pursuant to the
    Act. I approve of this statutorily mandated requirement to periodically
    assess the effectiveness of sanctions and to recommend whether the
    Congress should terminate or modify the Act. The Act also continues the
    President's power to waive sanctions in the national interest.
        My Administration shares the Congress' deep concerns about the
    objectionable policies and behavior of Iran and Libya. We are addressing
    these concerns in a number of ways. In particular, we are strengthening
    our efforts with other countries, whose cooperation is essential to
    pursuing the most effective approaches to solving the problems of
    proliferation and terrorism addressed by ILSA.
        Libya must address its obligations under U.N. Security Council
    Resolutions. These relate to the 1988 Lockerbie bombing and require
    Libya to accept responsibility for the actions of Libyan officials,
    disclose all it knows about the bombing, renounce terrorism, and pay
    appropriate compensation. Cooperative action by Libya on these four
    issues would make it possible for us to begin to move toward a more
    constructive relationship.
        With respect to Iran, we continue to have serious concerns over its
    support for terrorism, opposition to the Middle East peace process, and
    pursuit of weapons of mass destruction. I hope that the Iranian people's
    recently expressed desire for a freer, more open, and more prosperous
    society will give our two countries an opportunity to identify areas
    where our interests converge, and where we can work together
    constructively for our mutual benefit.
                                                    George W. Bush
     The White House,
     August 3, 2001.

    Note: H.R. 1954, approved August 3, was assigned Public Law No. 107-24.