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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2654)7/24/2001 11:18:20 PM
From: Tomas  Read Replies (2) of 2742
 
Bush Administration and Greenspan Oppose Tighter Sudan Sanctions
Dow Jones News, July 24
By Campion Walsh

WASHINGTON (Dow Jones) -- President George W. Bush's administration and Federal Reserve Chairman Alan Greenspan have both voiced opposition to a proposed tightening of sanctions on Sudan that would restrict access to U.S. capital.

Congress is considering preventing oil and gas companies operating in Sudan from listing equity shares or offering debt in U.S. markets. Last month, the House voted 422-to-2 in favor of a bill that would do just that.

Such capital markets sanctions "would significantly damage our relations with European and African countries that are essential to the peace process in Sudan, " a Bush administration official familiar with U.S. sanctions policy told Dow Jones Newswires.
The remark suggests Bush would veto any bill that restricts capital markets.

While the Bush administration official cited diplomatic concerns, Greenspan weighed in with concern about the economy.
The Fed Chairman told the Senate Banking Committee Tuesday that the proposed capital market sanctions would "effectively move a considerable amount of financing out of the United States to London, Frankfurt, Tokyo."

The humanitarian goals of the Sudan bill are laudable, but Greenspan said he is "most concerned that if we move in directions which undermine our financial capacity, we are undermining the potential long-term growth of the American economy."

The Senate and House have both passed versions of the Sudan Peace Act, legislation aimed at alleviating suffering in the war-torn African country. But the Senate's version has no capital markets sanctions. The two versions must be reconciled in conference between House and Senate negotiators.
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