No more US dollars for Iran, please
By Washington watch with Randy Weber
US congressman Randy Weber writes exclusively in The Post about issues involving his work as part of our nation’s government
Once again, president Barack Obama’s administration has failed us. The Iran nuclear deal was a tragic mistake, lifting sanctions against the world’s leading exporter of terrorism and funneling $100 billion in sanctions relief to the not-so-secretive enemy of the United States. Now, the president wants to allow Iran access to the US dollar.
In 1995, United States banks were prohibited from dealing directly with Iran. However, a “U-turn” exemption was created allowing Iran to receive dollar payments for oil sales when the payments were processed offshore by a non-Iranian bank and passed through a US financial system to another non-Iranian foreign bank.
Many of the president’s cronies claim that denying Iran access to the dollar will drive international businesses away from the US financial system.
In reality, lifting this critical sanction will cause a domino effect by undermining other sanctions, not only against Iran but other rogue nations too. The administration’s foreign policy and actions are not only destabilizing the Middle East but causing a ripple effect across the globe. Even European and Asian banks are expressing reluctance to conduct any financial transactions with Iran. Rightfully so – why would any bank want to work with a government that finances global terrorism?
Not only does this give Iran more leeway to launder money to terrorist organizations; it sends the message to other regimes, such as North Korea, that sanctions are temporary and that, with time, the United States and other leading countries will bend.
Congress is taking action to preempt the president’s plan. In the house of representatives, there is the Iran Ballistic Missile Sanctions act, HR 4815, which would extend the Iran Sanctions Relief act of 1996 to December 31, 2031, and require sanctions on Iran and related entities and individuals for actions to acquire or develop ballistic missiles and their launch technology.
In the senate, Marco Rubio of Florida and Mark Kirk of Illinois have introduced legislation that would “bar the treasury from permitting foreign banks to conduct foreign-currency trades in US dollars for transactions involving Iran”.
The president and his administration have taken every step to erode our prominence on the global stage. Instead of negotiating from a point of strength, they have only been negotiating on how they wish to be remembered in the history books. We should not be giving one more dime to Iran. I am imploring congress to take every measure to prevent this cataclysmic effort by the administration.
Randy Weber is the US representative for the 14th district of Texas, which covers Brazoria, Galveston and Jefferson counties.
