Cite as: 530 U. S. 363 (2000)
Opinion of the Court
(authorizing regulations for timely and effective implementation), and perpetual, there being no termination provision, see, e. g., § 7:22J (restricted companies list to be updated at least every three months). This unyielding application undermines the President's intended statutory authority by making it impossible for him to restrain fully the coercive power of the national economy when he may choose to take the discretionary action open to him, whether he believes that the national interest requires sanctions to be lifted, or believes that the promise of lifting sanctions would move the Burmese regime in the democratic direction. Quite simply, if the Massachusetts law is enforceable the President has less to offer and less economic and diplomatic leverage as a consequence. In Dames & Moore v. Regan, 453 U. S. 654 (1981), we used the metaphor of the bargaining chip to describe the President's control of funds valuable to a hostile country, id., at 673; here, the state Act reduces the value of the chips created by the federal statute.12 It thus "stands as an obstacle to the accomplishment and execution of the full purposes and objectives of Congress." Hines, 312 U. S., at 67.
B
Congress manifestly intended to limit economic pressure against the Burmese Government to a specific range. The federal Act confines its reach to United States persons, § 570(b), imposes limited immediate sanctions, § 570(a), places only a conditional ban on a carefully defined area of "new investment," § 570(f)(2), and pointedly exempts contracts to sell or purchase goods, services, or technology, § 570(f)(2). These detailed provisions show that Congress's calibrated
12 The sponsors of the federal Act obviously anticipated this analysis. See, e. g., 142 Cong. Rec., at 19220 (statement of Sen. Feinstein) ("We may be able to have the effect of nudging the SLORC toward an increased dialog with the democratic opposition. That is why we also allow the President to lift sanctions").
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