My amendment would have applied the same penalties that can be imposed on U.S. companies that violate the U.S. trade ban with Iran to foreign subsidiaries of U.S. companies. Does the chairman agree that this loophole remains an issue that must be addressed?
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Although we have had a complete trade ban on Iran since 1995, a significant loophole existed that allowed the foreign subsidiaries of American companies to do business with Iran.
I believe it is time for this subcommittee and others to give serious thought to the way the IRS is funded.
Both agencies were crucial in helping New Jersey respond to and recover from Superstorm Sandy, and Congress must support them so that we are better prepared for future storms.
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