Obama Sponsored The Iran Sanctions Enabling Act; Iran Divestment Legislation Passed The House of Representatives 408-6. In 2007, Obama sponsored the Iran Sanctions Enabling Act, which would: make it the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in, persons included on the most recent list; shield any registered investment company from civil, criminal, or administrative action based upon its divesting from, or avoiding investing in, securities issued by companies included on such most recent list; and would authorize state and local governments to direct divestiture from, and prevent investment in, companies with investments of $20,000,000 or more in Iran's energy sector, and for other purposes. The bill would also require the Treasury Dept. to publish biannually in the Federal Register a list of each person, whether within or outside of the United States, that has an investment of more than $20 million in the energy sector in Iran; and maintain on the website of the Department of the Treasury the names of the persons on such list. A House version of Obama's bill passed that chamber on 7/31/07. [S.1430, Introduced 5/17/07, Referred to the Committee on Banking, House and Urban Affairs; H.R. 2347, Passed/agreed to in the House, 7/31/07; On the Motion to suspend the rules, by the Yeas and Nays (2/3 required): Role No. 765, 408-6]


Obama: "Passage Of The Iran Sanctions Enabling Act By The House Of Representatives Is An Important Step Forward In Our Efforts To Stop Iran From Acquiring The Nuclear Weapons It Seeks." Obama said in a statement, "Today's passage of the Iran Sanctions Enabling Act by the House of Representatives is an important step forward in our efforts to stop Iran from acquiring the nuclear weapons it seeks. Allowing a radical theocracy that sponsors terrorism and threatens its neighbors to possess such dangerous weapons is a risk we cannot afford to take. Together with our allies, we need to do much more to ratchet up the economic pressure on Iran, in order to convince it not to go down this road. In addition to a sustained diplomatic effort and stronger international sanctions, we have the ability to take more action unilaterally. Citizens in many states have taken matters into their own hands, moving to divest their pension funds of companies that support Iran's oil and gas industry, which provides the revenue Iran uses to pursue nuclear weapons and sponsor terrorist groups like Hezbollah and Hamas...The Iran Sanctions Enabling Act, once enacted, will provided needed information about which companies are supporting Iran's energy industry, clarify that state and local governments have the authority to divest of such companies, and provide legal protection for those governments that wish to do so." [Obama Senate release, 7/31/07]

Obama: Divestment Bill Would Increase Iran's Isolation and Hit the Iranian Regime "Where it Hurts." Obama wrote in an op-ed, "For diplomacy to work, we need to dial up our political and economic pressure - not just our tough talk. Iran's troubling behavior depends in large part on access to billions of dollars in oil and gas revenue. That is why I introduced the Iran Sanctions Enabling Act last May, to build on a movement across the country to divest from companies that do significant business with Iran. This would send a clear message about where America stands, increasing Iran's isolation and hitting the Iranian regime where it hurts. The bill works in three ways. First, it would educate investors and pressure foreign companies to reconsider doing business with Iran by requiring the U.S. government to publish - every six months - a list of companies that invest more than $20 million in Iran's energy sector. Second, it would give explicit congressional authorization to state and local governments to divest the assets of their pension funds and other funds under their control from any company on the list. Third, it would give private fund managers who divest protection from lawsuits, while urging the government's own 401(k) fund to create "terror-free" and "genocide-free" investment options for government employees." [Obama Daily News Op-Ed, 8/30/07]


Obama: Iranian Government Uses Billions From Oil and Gas to Build Its Nuclear Program and Fund Terrorist Groups. Obama said in a release when he introduced the Iran Sanctions Enabling Act, "The Iranian government uses the billions of dollars it earns from its oil and gas industry to build its nuclear program and to fund terrorist groups that export its militaristic and radical ideology to Iraq and throughout the Middle East." Obama added, "Pressuring companies to cut their financial ties with Iran is critical to ensuring that sanctions have their intended result. All Americans can play a role in pressuring companies to cut their ties with the Iranian regime, a state sponsor of terror that is a threat to our allies in the region and international security, as a means of convincing Iran to fundamentally change its policies." [Obama Release, 5/31/07]

Obama: "Until We Have Gathered The International Community To Put The Squeeze On Iran Economically, Then We Shouldn't Be Having Conversations About Attacks On Iran." Obama said, "Now, we are a stalwart ally of Israel and I think it is important to understand that we will back them up in terms of their security. But it is critical to understand that -- until we have taken the diplomatic routes that are required to tighten economic sanctions – I have a plan right now to make sure that private pension funds in this country can divest from their holdings in Iran. Until we have gathered the international community to put the squeeze on Iran economically, then we shouldn't be having conversations about attacks on Iran...I make an absolute commitment that we will do everything we need to do to prevent Iran from developing nuclear weapons. One of the things we have to try, though, is to talk directly to Iran; something that we have not been doing." [NH DNC Debate, 9/26/07]

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Barack Obama For President 2008 !!!