US business group says sanctions against rogue states hurts America
Friday April 16, 6:37 pm ET
WASHINGTON, April 16 (Summary of Reuters Article) - Dan O'Flaherty, vice president of the National Foreign Trade Council, whose board includes Halliburton and GE, complained about pending legislation in Congress that would extend anti-terror sanctions to foreign subsidiaries of U.S. companies. Mr. O'Flaherty predicted a strain in trade relations with the European Union if the legislation becomes law. The legislation, proposed by Sen. Frank Lautenberg, would make it illegal for U.S. companies like Halliburton, General Electric and Conoco-Phillips to do business through foreign subsidiaries in countries subject to U.S. sanctions such as Iran. "If we are serious about our sanctions laws, then we need to shut down this loophole," Sen. Lautenberg said in a statement quoted by Reuters. "When U.S. companies devise schemes to thwart sanctions laws and do business with terrorists, they are funding terrorist activities," he said.