New Iran sanctions passed, Obama given right to waive

Congress has approved new U.S. sanctions against Iran with legislation that reserves for President Obama the right to waive the sanctions on a case-by-case basis.

The sanctions, passed by the House and Senate on June 24, were meant to target Iran’s banking and energy sectors. Under the legislation, passed about two weeks after sanctions by the United Nations Security Council, foreign companies with links to Iranian energy projects and banks would also be banned from doing business in the United States.

At one point, the White House pressed the Democratic leadership in Congress to grant Obama the power to grant blanket exemptions from sanctions. Instead, the bill would allow the president to waive sanctions on companies on a case-by-case basis for no more than a year.

http://www.worldtribune.com/worldtribune/WTARC/2010/ss_iran0572_06_25.asp

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