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The White House
Office of the Press Secretary
For Immediate Release August 3, 2001
Statement By The President
Today, I have signed into law H.R. 1954, the "ILSA Extension Act
of 2001." This Act provides for a 5-year extension of the Iran and Libya
Sanctions Act (ILSA) with amendments that affect certain of the investment
provisions.
I believe that we should review sanctions frequently to assess their
effectiveness and continued suitability. A new provision in this bill mandates a
report on the impact of certain actions taken pursuant to the Act. I approve of
this statutorily mandated requirement to periodically assess the effectiveness
of sanctions and to recommend whether the Congress should terminate or modify
the Act. The Act also continues the President's power to waive sanctions in the
national interest.
My Administration shares the Congress' deep concerns about the objectionable
policies and behavior of Iran and Libya. We are addressing these concerns in a
number of ways. In particular, we are strengthening our efforts with other
countries, whose cooperation is essential to pursuing the most effective
approaches to solving the problems of proliferation and terrorism addressed by
ILSA.
Libya must address its obligations under UN Security Council Resolutions. These
relate to the 1988 Lockerbie bombing and require Libya to accept responsibility
for the actions of Libyan officials, disclose all it knows about the bombing,
renounce terrorism, and pay appropriate compensation. Cooperative action by
Libya on these four issues would make it possible for us to begin to move toward
a more constructive relationship.
With respect to Iran, we continue to have serious concerns over its support for
terrorism, opposition to the Middle East peace process, and pursuit of weapons
of mass destruction. I hope that the Iranian people's recently expressed desire
for a freer, more open, and more prosperous society will give our two countries
an opportunity to identify areas where our interests converge, and where we can
work together constructively for our mutual benefit.
George W. Bush
The White House, August 3, 2001.
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