On the recordNovember 18, 2010
I rise to speak in relation to the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 and to congratulate my colleagues on its unanimous passage. This legislation is vital not only to sanction Iran for bad behavior but to signal to the Government of Iran our determination to keep them from developing or acquiring nuclear weapons and from supporting terrorism throughout the Middle East region and around the world. It did not have to be this way. Iran has been given every opportunity to change its ways and has chosen not to do so. Iran represents one of the biggest threats to our security, and these sanctions should help restrict Iran's ability to operate. Specifically, this legislation will expand sanctions on foreign companies that do business in Iran. It will ban U.S. banks from conducting financial transactions with foreign banks that are connected to the Iranian nuclear program or Iran's terrorist enterprises. It imposes a variety of new financial sanctions on Iran, limiting the mullahs' access to the international banking system. And, among other provisions, provides a framework for U.S., state, and local governments to divest their portfolios of foreign companies that work in the Iranian energy sector. In the past, the United States has not fully utilized its sanctions authority when it comes to Iran. Obviously, enforcement is crucial. Sanctions are only effective when they are actually applied.
