Rubio seeks to stymie Obama proposal on Iran
Sens. Marco Rubio and Mark Kirk on Wednesday introduced legislation to block Iranian access to the U.S. financial system, a move intended to thwart the Obama administration.
"Iran is already prohibited from direct financial transactions with the U.S. financial system, and the Preventing Iran’s Access to United States Dollars Act of 2016 blocks indirect access by disallowing the President from issuing any license for conducting an offshore U.S. dollar clearing system for Iranian transactions or for providing any such system with U.S. dollars," reads a news release. "Any financial institution found participating in these transactions would be subject to the imposition of sanctions. The bill also clarifies that existing law prohibits the issuance of a license to allow Iran indirect access to the U.S. financial system."
Said Rubio: “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. Iranian access to U.S. dollars or the U.S. financial system, whether direct or indirect, will only further support these threatening and destabilizing activities.”