Iran Threat Reduction Act of 2011

Floor Speech

Mr. VAN HOLLEN. Mr. Speaker, I rise in support of H.R. 1905, the Iran Threat Reduction Act.

I thank Chairwoman Ros-Lehtinen and Ranking Member Berman for crafting this important, bipartisan bill. H.R. 1905 was reported out of the Foreign Affairs Committee by voice vote and comes to the floor with over 350 cosponsors--of which I am one.

We must make it clear to Iran that any pursuit of a nuclear weapons program is unacceptable. This bill is designed to significantly strengthen the hand of the Obama Administration in applying economic pressure on the Iranian regime.

Specifically, the bill targets Iran's petroleum sector by expanding the activities that could trigger sanctions to include making certain petroleum resource agreements with Iran. It also requires the President, subject to a national security waiver, to impose sanctions on entities doing business with the Central Bank of Iran if he determines the Central Bank is linked to the Iranian nuclear program. The measure also requires entities filing with the Securities and Exchange Commission to disclose business ties with Iran.

By most accounts, the sanctions passed by Congress last year have ratcheted up pressure on the Iranian government. But Iran continues to increase its stockpile of enriched uranium. This measure is necessary to give the President the tools to penalize the Iranian regime for its continual refusal to heed the objections of the international community.

I encourage my colleagues who have not already expressed support for H.R. 1905 to join me in support of the bill.

Source