August 7, 1996
TO: INTERNATIONAL COMMITTEE No. 27-96
RE: PRESIDENT SIGNS IRAN-LIBYA SANCTION ACT OF 1996
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On August 5, 1996 President Clinton signed into law the Iran-Libya Sanction Act of 1996. This
law imposes sanctions on persons making an investment of more than $40 million which contributes to
the development of petroleum resources in Iran or Libya. As we previously informed you, the
Committee report filed with the legislation makes clear that the law s sanctions do not extend to portfolio
investments made by any other person in a sanctioned entity. (See Memorandum to Board of Governors
No. 32-96, Memorandum to International Committee No. 19-96 dated June 20, 1996.)
Mary S. Podesta
Associate Counsel-International