US legislators mull renewal of Iran, Libya sanctions

US lawmakers may seek to renew a controversial law that seeks to punish foreign countries or companies that invest in Iran or Libya, the chairman of the House Subcommittee on Middle East and South Asia said last week."If, as President [George W.] Bush certified in March, Iran continues to threaten the vital interests of the national security, foreign policy, and economy of the US," then we must continue to do everything to contain that threat. And today that means we must renew the Iran-Libya Sanctions Act," said Rep. Benjamin Gilman (R-NY), a sponsor of the 1996 legislation.BackgroundILSA will expire this August, unless Congress reauthorizes it. The law allows the president to impose eco...

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