October 02, 2007


Banking Chairman Calls for Swift Action Against Iran, Sudan

Washington, D.C. – In his continued efforts to put additional pressure on the governments of Iran and Sudan, Senate Banking Committee Chairman Chris Dodd (D-CT) today commended the approval of a bill he authored, the International Emergency Economic Powers Enhancement Act (IEEPA), by the House of Representatives. The bill, which was passed by the Senate in June, will now go to the President’s desk for his signature. “Let Congress’ support of this bill serve notice to the patrons of terrorism and supporters of genocide: we will bring you to justice, and choke off your financing, from Khartoum to Tehran,” said Dodd. “I thank my colleagues in the House for taking such quick action on this critically important measure, and I hope that President Bush will follow suit. It is imperative that this bill be enacted quickly, to hold violators of U.S. sanctions law fully accountable. ” As Chairman of the Senate panel with jurisdiction over foreign economic sanctions, Dodd earlier this year drafted and presided over Committee approval of sanctions penalties legislation. The International Emergency Economic Powers Enhancement Act, which is strongly supported by the U.S. Department of the Treasury, would increase penalties on violators of U.S. sanctions law. Under the bill, individuals that have invested in a country or terrorist organization designated by the President as a major threat to the United States could be fined severely. The legislation passed out of Committee on May 16th and was approved unanimously by the Senate on June 29th.