banks will also be prohibited from doing business with the irgc. if their foreign subsidiaries continue to do so, the u.s. parent companies will be subjected to severe penalties, civil fines amount to go twice the value of the transaction or or $250,000 and criminal fines if there is proven willful intent up to $1 million or 20 years in jail. to be sure, we have included waivers in the act. we believe that the president of the united states must have flexibility in executing foreign policy. we all agree with that. as i have mentioned before, foreign nations consider i.s.a. waivers to have extra territorial impact on companies in their jurisdiction. for the most part, however, waivers of the sanctions in this act may only be exercised if they are deemed necessary to the national interest or in the case of the energy investment and refined petroleum sanctions if the companies are from nations cooperating in multilateral efforts against iran. efforts -- reports, rather, to congress are to be detailed about the particular investments or transactions co

even as we work to isolate the irgc types who are working to get a nuclear weapon and willing to shootle down in the streets. i'll return to my recommendations at the end. let's first discuss what the administration has done so far. entering office, they made clear a willingness to engage diplomatically with iran. president obama wrote two letters stating as much. in the string and early summer of 2009, president obama made it clear that not only the u.s. was not militarily threatening iran, in contrast to the bush administration, but that it was open to a future of new engagement with the iranian people. trade, from isolation in cairo, just before they went to vote, president obama's message was that my people re willing to move forward. the question now is not what iran is against, but rather what future it wants to build. i believe this outreach is not unconnected. in fact, with the u.s. as a threat off the table as an issue in iran's elections, a big shift into economic issues. fiscal mismanagement, corruption , inflation. all togetter this had the effect of fracturing while bolste