Watching Government: Sanctions season

09/10/2001
It appears that the US Congress this year will continue advocating the use of economic sanctions as a foreign policy tool. Major oil companies, often accused by their detractors of having special sway in the Republican-led House of Representatives, have had few victories on this issue.Last month, Congress passed by overwhelming margins a 5 year renewal of the Iran Libya Sanctions Act. President George W. Bush signed the bill into law, although his administration unsuccessfully sought a 2 year extension.Congress tightened the 1996 law so sanctions could be leveled against any company investing more than $20 million/year in either nation's energy sector.Escape clauseThe legislation also...
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