July 1, 2010 – New York – AJC hailed President Obama’s signing of the new sanctions bill which targets Iran’s financial and energy sectors. AJC, which was a strong supporter of the legislation, was honored to be invited to the White House signing ceremony.
“The Iranian regime should make no mistake – these tough, rigorous sanctions are the consequence of its refusal to open its nuclear program to international scrutiny,” said AJC Executive Director David Harris. “The United States lies at the heart of an international consensus that deems Iran’s nuclear ambitions to be a fundamental challenge to the security of our world.”
The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 is based on legislation introduced in the Senate by Sens. Christopher Dodd (D-CT) and Richard Shelby (R-AL), and in the House by Reps. Howard Berman (D-CA) and Ileana Ros-Lehtinen (R-FL). Additional divestment provisions are based on legislation introduced in the Senate by Sens. Robert Casey (D-PA) and Sam Brownback (R-KS), and in the House by Reps. Barney Frank (D-MA) and Mark Kirk (R-IL). The bill expands the scope of the 1996 Iran Sanctions Act by penalizing foreign companies that assist Iran's energy industry, widely regarded as the regime’s most vulnerable sector. U.S. banks are barred from dealing with foreign banks who do business with the Revolutionary Guard or aid Iran's nuclear program. Foreign companies that provide Iran with technology which can be used to restrict the free flow of information are barred from U.S. government procurement contracts.