A pair of Senate Republicans have introduced legislation to thwart President Obama’s reported interest in granting the Iranian regime access, however indirectly, to the U.S. dollar or dollar-denominated transactions.
“The Iranian regime has failed to prevent rampant money laundering and has continued to finance terrorist organizations and expand its ballistic missile program, showing a blatant disregard for U.S. sanctions and the integrity of the international financial system,” said Florida Sen. Marco Rubio, who offered the bill alongside Mark Kirk of Illinois.
Western companies that try to work with Iran are not allowed to convert Iranian currency into U.S. dollars, but Obama’s team is reportedly trying to mitigate the effects of that policy following Treasury Secretary Jack Lew’s warning against applying economic sanctions too heavily.
“Rather than helping Iran circumvent existing U.S. law, the Obama administration should be increasing pressure on Iran’s leaders to halt their provocative behavior and threats against Israel,” Rubio said.
The GOP legislation might have hope for bipartisan support, given the frustration voiced by Democratic lawmakers following the initial report of Obama’s policy deliberations.
“I want to make clear my concerns that the administration had indicated that there would be no further concessions beyond those specifically negotiated and briefed to Congress,” House Minority Whip Steny Hoyer, D-MD., said last week. “I do not support granting Iran any new relief without a corresponding concession.”
State Department officials have hinted they plan to “clarify” that European banks can use American dollars in the course of their dealings with Iran. “It is possible for them to work through European financial institutions, and we’re going to work to continue to clarify that,” spokesman Mark Toner told reporters.
That frustrates Republican lawmakers who reject the Obama administration’s position that the use of American currency does not amount to access to the U.S. financial system. “There is still a strong fear that the Obama administration is being deceptive about its intentions to lift financial restrictions on Iran,” Rep. Mike Pompeo, R-Kan., said Wednesday.
