Press Release

Apr 09, 2012 • Press Releases

DTCC Strongly Supports Iran Sanctions Bill

Washington, D.C., April 9, 2012 – The Depository Trust & Clearing Corporation (DTCC) today released the following media statement on H.R. 4070 and S. 2101:

"DTCC continues to support the efforts of the victims of Iranian-sponsored terrorism to collect court-ordered judgments, as well as maintaining support for legislative efforts in Congress by the victims of the 1983 Beirut barracks bombing to hold Iran accountable for its terrorist actions.

"DTCC continues to support the efforts of the victims of Iranian-sponsored terrorism to collect court-ordered judgments, as well as maintaining support for legislative efforts in Congress by the victims of the 1983 Beirut barracks bombing to hold Iran accountable for its terrorist actions. DTCC has been working collaboratively with Members of Congress, the Departments of State and Treasury, The Office of Foreign Assets Control and the Federal Reserve – all of whom share the concern over drafting errors in the legislation that could negatively impact the ability of victims to recover on these judgments. The current draft of the bill violates Article 8 of the Uniform Commerce Code and, as a result, creates a potential unintended consequence of holding Iran harmless for its state-sponsored acts of terror while inadvertently allowing victims to recover assets belonging to Americans. DTCC will continue its good faith efforts to achieve a quick resolution to this matter to strengthen the legislation, support the victims and ensure the parties responsible for terrorism are the ones who pay."

Contacts

Craig Donner DTCC

Email

cdonner@dtcc.com

Phone

(212) 855-2531

dtccdotcom