WASHINGTON, D.C. (Worthy News)– The U.S. House Foreign Affairs Committee passed its Hezbollah International Financing Prevention Act of 2014 to limit international institutions from conducting business with the terrorist organization.
Hezbollah is a designated terrorist organization by the United States, and American institutions already are not permitted legally to conduct business with the terrorist organization. However, the new legislation would extend sanctions to third parties who deal with the terrorist organization, including those in Lebanon. Any international institution conducting business with Hezbollah would be blacklisted and face United States sanctions.
The bill would be similar to the law passed four years ago against Iran, which severely damaged Iran's economy and led to a sharp devaluation of its currency.