[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.