FOR IMMEDIATE RELEASE
December 15, 2011
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296
UANI Applauds U.S. House of Representatives for Passing Increased Iran Sanctions
New York, NY - United Against Nuclear Iran (UANI) President, Ambassador Mark D. Wallace, issued the following statement Thursday regarding the U.S. House of Representatives' 410-11 passage of the Iran Threat Reduction Act yesterday, which includes the Iran Transparency and Accountability Act, requiring companies to disclosure their sanctionable Iran business to the Securities and Exchange Commission (SEC):
We applaud the U.S. House of Representatives for overwhelmingly voting to increase sanctions against Iran. This act would close existing loopholes in the law which corporations have been exploiting to continue their irresponsible business in Iran, and lead to potentially consequential sanctions against Iran's Central Bank.
We applaud Representative Ileana Ros-Lehtinen, Chairman of the Foreign Affairs Committee, for her persistence on this critical matter, and we also thank Representative Ted Deutch for his leadership on the issue of corporate disclosure of Iran business. Such action is long overdue. The moment companies are forced to disclose their Iran business is the moment that business will end. By signing this legislation into law, President Obama can significantly ramp up the pressure on the Iranian regime, and on companies that do business there.
The bill passed by the House includes two pieces of legislation by Congressman Ted Deutch--the Iran Transparency and Accountability Act, which requires companies to disclosure their sanctionable Iran business to the Securities and Exchange Commission (SEC) and establishes a public listing of those companies; and the Iran Human Rights and Democracy Promotion Act of 2011, which sanctions companies that contribute to the Iranian regime's oppression of its people.UANI has previously proposed regulations and legislation for adoption by the SEC and U.S. Congress, respectively, which would require companies to fully disclose their Iran business.
Click here to learn more about UANI's Model Legislation.