White House urges Congress to keep ILSA flexible

The White House told the US Congress that an existing law designed to discourage non-US companies from investing in either Iran or Libya should continue to give President George W. Bush wide discretion as to when or if sanctions are appropriate.When Congress reauthorized ILSA (Iran Libya Sanctions Act) in 2001, it mandated that the White House issue a report before March 2004 that recommends whether the controversial law should be terminated or modified.The legislation currently sunsets in August 2006; some in Congress want to repeal the law, while others want to strengthen it (OGJ Online, Oct. 22, 2003). ILSA calls on the White House to impose harsh economic sanctions if a country or com...

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