Organizing for America

DEBATE REALITY CHECK: SANCTIONS

TONIGHT:

McCain: “We could impose significant meaningful painful sanctions on the Iranians that I think could have a beneficial effect.”

THE FACTS: MCCAIN VOTED AGAINST MEASURES TO STOP CORPORATIONS FROM DOING BUSINESS WITH COUNTRIES THAT SUPPORT TERROR AND HE HASN’T SIGNED ONTO OBAMA’S BILL TO INCREASE SANCTIONS ON IRAN

McCain Repeatedly Voted Against Closing A Legal Loophole That Allows Foreign Subsidiaries Of U.S. Companies To Do Business With Iran, Syria, Other Nations Subject To U.S. Sanctions. In 2005, John McCain voted against a proposal to stop corporations from financing terrorism by closing "a legal loophole that has allowed foreign subsidiaries of U.S. companies to do business with countries such as Iran and Syria that are subject to U.S. sanctions.” McCain voted against a similar proposal in 2004. [Senate Vote #203, 7/26/05; Senate Vote #101, 5/19/04; CQ Weekly, 7/29/05]

McCain Has Not Signed Onto Obama’s Bill Calling For Divestment >From Iran And When Asked Why, Said He Was “Not Familiar With It At All.” McCain, “when asked why he called for divestment from Iran but never signed onto the divestment bill Obama introduced last year, he pled ignorance: ‘I am not familiar with it at all. I do not know if it passed the Senate or had any hearing or anything else.’” [Slate, 6/5/08 ]

Ø Obama Sponsored The Iran Sanctions Enabling Act Of 2007, Which Would Require Publication Of Names Of Companies That Invest More Than $20 Million In Iran’s Energy Section And Authorize State/Local Governments To Divest Assets >From Those Companies. In 2007, Obama sponsored the Iran Sanctions Enabling Act of 2007. The bill would: The (1) require the U.S. government to publish a list every six months of those companies that have an investment of more than $20 million in Iran’s energy sector. This comprehensive list will provide investors with the knowledge to make informed investment decisions as well as a powerful disincentive for foreign companies to engage with Iran. (2) authorize state and local governments to divest the assets of their pension funds and other funds under their control from any company on the list; (3) protect fund managers who divest from companies on this list from lawsuits directed at them by investors who are unhappy with the results. [Obama Press Release, 5/15/07]

MCCAIN’S SENATE REPUBLICAN COLLEAGUES ARE HOLDING UP OBAMA’S IRAN DIVESTMENT BILL

Last Week: Senate Republicans Blocked Obama Divestment Bill “Without Offering an Explanation.” “Republicans in the U.S. Senate blocked an amendment that would have enhanced Iran sanctions. Democrats have for months been trying to pass two sanctions-related bills that had passed overwhelmingly in the U.S. House of Representatives: One would have further isolated Iran's energy sector in a bid to get the Islamic Republic to stand down from its suspected nuclear weapons program; the other, authored by Sen. Barack Obama (D-Ill.), the Democratic presidential nominee, would have made it easier for companies and pensions to disinvest from Iran. The Bush administration opposed the bills because it resists infringement on executive foreign policy powers, and also because it is conducting its own sensitive negotiations with Europe, Russia and China to isolate Iran. Pro-Israel insiders have said that Republicans also did not want to hand Obama a legislative victory in an election year. Under pressure from the pro-Israel lobby, the sides combined the bills into a compromise amendment that was to have been attached to the must-pass Defense Authorization Bill; at the last minute on Wednesday night Republicans blocked the amendment, without offering an explanation.” [Jewish Telegraphic Agency, 9/19/08 ]