Senators Dodd and Shelby Introduce New Sanctions Legislation

Today, Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, announced a new piece of legislation entitled the “Comprehensive Iran Sanctions, Accountability and Divestment Act of 2008” that will expand U.S. sanctions on Iran. The Banking Committee will consider the legislation on Thursday, July 17 at 10 am in 538 Dirksen Senate Office Building.

According to a joint announcement, Senator Dodd said, “Iran’s missile tests last week underscore its serious threat to our allies and interests in the region. This bipartisan bill strengthens economic sanctions against Iran, and authorizes divestment from companies that do business with Iran’s key oil sector to increase pressure on its government to meet the demands of the international community. It also helps to prevent the illegal diversion of sensitive U.S. technologies to Iran. This legislation is a critical component to efforts to advance peace and stability to this vital region.”

“I am pleased to join Chairman Dodd in supporting this important legislation,” said Senator Shelby. “Iran is a growing and serious threat, and it is imperative that the United States avail itself of every possible measure to ensure that Iran changes its behavior in a manner that promotes peace and stability. This legislation is a step in that direction, and I look forward to helping Chairman Dodd advance it.”

I will post additional analysis on the legislation very soon.