Sudan and Iran Divestment Bills

SUDAN AND IRAN DIVESTMENT BILLS -- (Extensions of Remarks - July 31, 2007)

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SPEECH OF
HON. DEBBIE WASSERMAN SCHULTZ
OF FLORIDA
IN THE HOUSE OF REPRESENTATIVES
MONDAY, JULY 30, 2007

* Ms. WASSERMAN SCHULTZ. Madam Speaker, I rise in support of three bills under consideration today in the House of Representatives: the Darfur Accountability and Divestment Act (H.R. 180), the Iran Sanctions Enabling Act (H.R. 2347), and a bill to amend the Iran Sanctions Act of 1996 (H.R. 957).

* With a combination of sanctions and divestment, these important pieces of legislation demonstrate our nation's commitment to human rights and the rule of law with our actions and not just our words. The governments of Sudan and Iran must understand the consequences of their deplorable and inhumane policies.

* As the genocide continues in the Darfur region of Sudan, many state and local governments have chosen not to invest in companies that do business in Sudan. Until the government of Sudan takes transparent steps to end the violence and increase humanitarian access to the refugees in Darfur, divestment remains an essential tool for pressuring the Sudanese government. The Darfur Accountability and Divestment Act supports efforts by local government and universities to divest from companies that conduct business in Sudan. Additionally, it prohibits the federal government from entering into contracts with these companies as well. Coupled with diplomatic pressure, the Darfur Accountability and Divestment Act is a significant step in the fight against the horrific genocide taking place in this region of the world.

* Two additional bills, the Iran Sanctions Enabling Act and a bill to amend the Iran Sanctions Act of 1996, seek to increase pressure on the government of Iran to halt its uranium enrichment program. The Iran Sanctions Enabling Act authorizes state and local governments to divest from companies with $20 million or more invested in Iran's energy industry. A second bill amends the Iran Sanctions Act of 1996 to expand and clarify the entities against which sanctions may be imposed. As Iran relies heavily on foreign investment in its energy sector, these bills will effectively suffocate Iran's resources.

* The Federal legislation paves the way for states to make smart, conscious decisions regarding the investment of employee pension funds and other public investments. As the first state to enact divestment legislation, the State of Florida has taken the lead in protecting state interests from reprehensible regimes. I applaud the Florida legislature and all of the community organizations that pressed for this important initiative.

* Madam Speaker, the powerful economic tool of divestment makes it clear to Sudan's complicit government and Iran's egomaniacal leadership that the United States and the American people stand strong in the battle against genocide, extremism, and corrupt governance. I congratulate the Members of the House of Representatives for their work on these issues and urge my colleagues to support these three important bills.

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