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Act on Oil Imports

[Politico] Sen. Evan Bayh - While robust multilateral sanctions are highly preferable, the U.S. must be prepared to act unilaterally should other global powers decide to place their own economic interests above the cause of global security. Congress is preparing to push through strong unilateral measures to defend our national security and preserve regional stability in the Mideast. The Iran Refined Petroleum Sanctions Act strikes at Iran's Achilles' heel: the country's reliance on refined petroleum imports for its domestic economy. The Bayh-Lieberman-Kyl bill, co-sponsored by a broad coalition of 76 senators, would give the president expanded authority to ban foreign firms from doing any business in the U.S. if they are involved in exporting gasoline or other refined petroleum products or equipment to Iran. Today, all companies doing business in Iran, as well as their investors, would be wise to consider the likelihood of imminent congressional action on this and other sanctions legislation. Sen. Evan Bayh (D-Ind.) serves on the Senate Select Committee on Intelligence and chairs the Senate Banking Subcommittee on Security and International Trade and Finance.
2009-10-01 08:00:00
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