Florida Republicans Push Obama on Iranian Currency Sanctions

by Kevin Derby
April 8, 2016

U.S. Sen. Marco Rubio, R-Fla., and one of the Republicans who wants to take his place in the Senate doubled down on their support of currency sanctions on Iran on Wednesday.

Currently, the federal government has a ban in place on foreign governments and banks to use American currency in transactions with Iran. But with the White House cutting back on sanctions on Iran as part of its nuclear deal with that country, the administration is considering ending the currency restriction with U.S. Treasury Sec. Jack Lew floating the idea in speech last week. That led Rubio and U.S. Sen. Mark Kirk, R-Ill., sent a letter to Lew against backing down sanctions on Iran.

Rubio and Kirk teamed up again on Wednesday to bring out a bill ensuring American currency can’t be used in Iran. The proposal would ensure sanctions are imposed on any bank that uses American currency in transactions with Iran.

“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,” Rubio said. “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.

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