WASHINGTON, D.C. (Press Release)– Congressman Brad Sherman, who chairs the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade, announced on Thursday, Sept. 30, the introduction of the Stop Iran’s Nuclear Weapons Program Act, H.R. 6296, to increase economic and diplomatic pressure on Iran and its remaining business partners.
On July 1, President Obama signed into law significant economic sanctions against Iran. In the wake of the new American statute and a new round of U.N. sanctions, the European Union, Japan and other U.S. allies enacted tough trade sanctions against Iran, effectively barring their firms from developing Iran’s energy sector and reducing Iran’s access to the international financial system.
“Existing Iran Sanctions have had a significant impact on Iran’s economy, but have not achieved the ultimate goal of ending Iran’s nuclear weapons program. We must continue to enact tougher sanctions to isolate Iran economically and diplomatically, and we must act now,” said Congressman Brad Sherman.
“With the enactment of the Comprehensive Iran Sanctions Accountability and Divestment Act in July, Congress provided firm authorization for U.S. states to enact their own measures to divest from firms that do business in Iran. My legislation would provide similar authorization for states to refuse to contract for goods and services from such firms.”
Among other provisions, the Stop Iran’s Nuclear Weapons Program Act would definitively end the practice of American corporations conducting business with Iran through their foreign subsidiaries, sanction entities that provide loans to the government of Iran, sanction firms that prepay for future Iranian oil and gas deliveries, and reduce U.S. contributions to international institutions that provide loans or other assistance to Iran.
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Preceding provided by Congressman Brad Sherman