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Republicans offer bill to block potential Iran dollar use
Source: Reuters
Politics | Wed Apr 6, 2016 4:52pm EDT
Republicans offer bill to block potential Iran dollar use
WASHINGTON | BY PATRICIA ZENGERLE AND LESLEY WROUGHTON
Two Republican U.S. senators who oppose the nuclear agreement with Iran introduced a bill on Wednesday that would keep Iran from gaining even indirect access to the U.S. financial system or using U.S. dollars in business transactions.
The measure introduced by Senators Mark Kirk and Marco Rubio came amid media reports that U.S. officials were moving toward allowing such transactions. President Barack Obama has denied having such plans.
The legislation would prohibit the president from issuing any license for conducting an offshore U.S. dollar clearing system for Iranian transactions or providing any such system with U.S. dollars.
It also would impose secondary sanctions on any financial institution found to be participating in any offshore dollar clearing system with Iran.
State Department spokesman Mark Toner acknowledged the United States was advising banks and other businesses about how to conduct business with Tehran without running afoul of U.S. authorities, but that does not involve converting money to dollars.
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Republicans offer bill to block potential Iran dollar use
WASHINGTON | BY PATRICIA ZENGERLE AND LESLEY WROUGHTON
Two Republican U.S. senators who oppose the nuclear agreement with Iran introduced a bill on Wednesday that would keep Iran from gaining even indirect access to the U.S. financial system or using U.S. dollars in business transactions.
The measure introduced by Senators Mark Kirk and Marco Rubio came amid media reports that U.S. officials were moving toward allowing such transactions. President Barack Obama has denied having such plans.
The legislation would prohibit the president from issuing any license for conducting an offshore U.S. dollar clearing system for Iranian transactions or providing any such system with U.S. dollars.
It also would impose secondary sanctions on any financial institution found to be participating in any offshore dollar clearing system with Iran.
State Department spokesman Mark Toner acknowledged the United States was advising banks and other businesses about how to conduct business with Tehran without running afoul of U.S. authorities, but that does not involve converting money to dollars.
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Read more: http://www.reuters.com/article/us-iran-nuclear-usa-congress-idUSKCN0X32LF
