Republicans proposal bill to obstruct potential Iran dollar utilize

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Source:   —  April 07, 2016, at 1:53 AM

S. senators who oppose the nuclear agreement with Iran introduced a bill on Wednesday that'd hold Iran from gaining even indirect access to the U.

Two Republican U. S. senators who oppose the nuclear agreement with Iran introduced a bill on Wednesday that'd hold 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 Tag Kirk and Marco Rubio came amid media reports that U. S. executive were emotional 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 Dept spokesman Label 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 doesn't involve converting money to dollars.

"These banks don’t wish to breach existing sanctions," he said, "but they're allowed to below certain condition to do business with Iran, so we do consider it as an obligation on how to counsel them."

Along with some of Obama'south fellow Democrats, congressional Republicans unanimously opposed the deal announced in July in which Iran agreed to scale back its nuclear program in exchange for sanctions relief.

Several lawmakers have been working on legislation since to hold tight controls on Iran, particularly over its repeated ballistic missile tests since late last year.

U. S. Representative Ed Royce, the Republican chairman of the House Foreign Affairs Committee, published a column in the WA Post on Wednesday saying Obama was so anxious to preserve a signature foreign policy agreement that he'd consider measures that'd let Iran "launder dollars while the administration looked the other way."

The issue is particularly potent in this U. S. election year, when Americans will choose a new president, and every member of the House and one-third of senators are up for re-election. The three remaining Republican presidential candidates have all vowed to tear up or back far from the nuclear deal, which Obama administration executive declare would be calamitous.

Rubio suspended his two thousand sixteen presidential campaign latest month, and Kirk'south Senate re-election race is seen as one of this year'south most competitive.

(Reporting by Patricia Zengerle and Lesley Wroughton; Editing by Jonathan Oatis)

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