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:
“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.”
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.