US law to block Boeing sales to Iran to be debated

A US House of Representatives panel Thursday will debate legislation intended to block Boeing's planned sale of dozens of commercial aircraft to Iran, which could also affect Airbus if they became law. A Financial Services subcommittee will debate three measures, including one that would prohibit the US Treasury from licensing the sale announced last month. Another would bar the Treasury secretary for approving transactions by US financial institutions connected to the export of aircraft. A third measure would bar the Export-Import Bank from financing involving any entity that does business with Iran or provides financing to another entity to facilitate transactions with Iran. "I am extremely concerned that by relaxing the rules, the Obama administration has allowed US companies to be complicit in weaponising the Iranian regime," said Representative Bill Huizenga, chairman of the Monetary Policy and Trade Subcommittee. If the bills became law, they would affect other firms' sales to Iran because virtually all modern aircraft have more than 10 percent US content, the threshold for requiring export licenses. Democrats, including President Barack Obama, are expected to oppose the legislation.<br/>