Like Senate, US House extends Iran, Libya sanctions law 5 years
The US House of Representatives voted 409-5 Thursday to extend for 5 years economic sanctions against companies and countries that do business with Iran and Libya. The Senate had approved a similar bill the day before by a 96-2 vote.
By the OGJ Online Staff
WASHINGTON, DC, July 27 -- The US House of Representatives voted 409-5 Thursday to extend for 5 years economic sanctions against companies and countries that do business with Iran and Libya.
The Senate had approved a similar bill the day before by a 96-2 vote. After the House and Senate bills are reconciled, the measure will go to the desk of President George W. Bush, who had wanted only a 2-year extension.
The administration had argued "sanctions should be reviewed frequently to assess their effectiveness and continued suitability."
Congress passed the Iran-Libya Sanctions Act in 1996 to punish those nations for their support of terrorist activities. It expires Aug. 5 (OGJ Online, July 18, 2001).
The revised law allows the US to apply sanctions against any company investing more than $20 million/year in the energy production of either nation. Many other countries, especially those with international energy companies, oppose the US sanctions.
The US has not applied the sanctions yet to any company, but says they have been an effective deterrent to investment.