Iran Threat Reduction and Syria Human Rights Act of 2012
Floor Speech
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Ms. SCHAKOWSKY. Mr. Speaker, I rise today in support of H.R. 1905, the Iran Threat Reduction and Syria Human Rights Act of 2012. This bill is a critical effort to tighten sanctions against the Tehran regime, and to increase pressure to force the government to abandon its pursuit of nuclear weapons.
Iran's nuclear ambitions pose a grave threat to the United States, to regional stability in the Middle East, and to the entire international community. Both President Obama and the United States Congress have unequivocally stated that Iran must not be permitted to develop nuclear weapons.
On his visit to the Middle East this week, U.S. Defense Secretary Leon Panetta stated that ``sanctions are having a serious impact in terms of the economy in Iran.'' Iran is now struggling to conduct international trade, losing markets and trading partners. Its currency has lost over half of its value.
Meanwhile, the administration continues to expand sanctions against Tehran. Earlier this week, President Obama signed an executive order to extend sanctions to anyone, using any method of payment, who purchases Iranian crude oil--preventing Iran from circumventing sanctions by using bartering and other unconventional payment options. It also expanded sanctions on buyers of Iranian petrochemical products, and authorized penalties for entities seeking to evade U.S. sanctions. Also this week, the U.S. Treasury sanctioned the Bank of Kunlun in China and Elaf Islamic Bank in Iraq for providing financial services to Iranian banks.
Today, Congress is acting to further tighten the economic noose on the Iranian regime. The bill under consideration today, H.R. 1905, strengthens and expands existing sanctions, banning any commercial activities with Iran's oil and natural gas sector, including helping Iran ship its oil under the flag of another nation. This bill increases sanctions targeting entities involved with the Iranian Revolutionary Guard Corps and sanctions human rights offenders.
When coupled with existing sanctions, today's bill represents the strongest-ever effort to financially isolate Iran. This is critical, because we must persuade the Tehran government to abandon its pursuit of nuclear weapons. I strongly support utilizing our entire diplomatic and economic arsenal to ensure that Iran does not develop nuclear weapons.
Today's bill is a critical step towards increasing pressure on the Iranian government. I urge my colleagues to join me in strongly supporting this legislation.
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