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Business Community Voices Strong Opposition to Iran Sanctions Bills
Date: 1/26/2010
Written By: Jennifer Cummings, The Fratelli Group for NFTC, 202-822-9491

Urges Administration to Weigh in with Congress

 
Washington, DC – The National Foreign Trade Council (NFTC) and USA*Engage today joined other leading associations in urging the Administration to weigh in with Congress to eliminate H.R. 2194 and S. 2799 – problematic legislative proposals that would expand U.S. sanctions on Iran and significantly undermine the U.S. national interest.

In a letter sent to National Security Advisor James Jones and National Economic Council Director Lawrence Summers, nine business organizations, including the NFTC and USA*Engage, wrote:

 
"While we agree that preventing Iran from developing the capability to produce nuclear weapons is an urgent U.S. national security objective, the unilateral, extraterritorial, and overly broad approach of these bills would undercut rather than advance this critical objective.

"The proposed sanctions would incite economic, diplomatic, and legal conflicts with U.S. allies and could frustrate joint action against Iran. They could prohibit any U.S. company from transacting routine business with critical partners from around the globe even if these transactions have no bearing on business with Iran. These provisions could encompass a very large portion of the global trade community with consequences that in our view have not been adequately assessed.

"…The United States and our allies must present a united front in the face of Iran's nuclear ambitions. Unfortunately, these proposals would undermine these goals with sanctions of inappropriately sweeping reach, undue constraints on the U.S. Export-Import Bank, and the elimination of executive discretion in the conduct of U.S. foreign policy. We urge you to weigh in vigorously with Congress to eliminate these highly problematic proposals."


In addition to the NFTC and USA*Engage, the letter was signed by Business Roundtable, the Coalition for Employment through Exports, the Emergency Committee for American Trade, the National Association of Manufacturers, the Organization for International Investment, the U.S. Chamber of Commerce and the U.S. Council for International Business.

For the full text of the letter, please click here. http://www.nftc.org/default/Sanctions & Export Controls/Iran Sanctions _Jan 2010_.pdf 


About the NFTC

Advancing Global Commerce for Over 95 Years - The National Foreign Trade Council is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.