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April 18, 2007 

House Holds Hearing on Use of Financial Sanctions

Today the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade and the House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Trade, and Technology held a joint hearing on the "The Use of Sanctions and the International Financial System to Change Regime Behavior."

The joint testimony of Daniel Glaser, Deputy Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes, and Adam Szubin, Director of the Office of Foreign Assets Control, at today's hearing
can be found here. The testimony of the other panelists can be found at the following link. The joint testimony of Glaser and Szubin noted that:

Sanctions can have a powerful impact but they are not a silver bullet and cannot be pursued in isolation. These measures work best when applied in concert with the diplomatic, intelligence, law enforcement, export, and military measures . . . .
The opening statement of Representative Brad Sherman (D-CA), chairman of the Foreign Affairs Committee's Subcommittee on Terrorism, Nonproliferation and Trade contained some strong statements on Iran. For example, Representative Sherman criticized the State Department for not implementing the Iran Sanctions Act provisions even though there has been more than $100 billion in international energy investments either underway or planned for the Iranian energy sector. Representative Sherman also noted that $170 million in caviar and carpets are shipped from Iran to the U.S. each year and the World Bank approved $1.35 billion in loans for nine different projects in Iran during the first half of this decade.

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