Financial Services and General Government Appropriations Act, 2017

Floor Speech

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Mr. LANCE. Mr. Chairman, I yield myself such time as I may consume.

Mr. Chairman, I rise today to offer an amendment to eliminate the potential of Iran's gaining access to the U.S. dollar.

As Iran continues to violate international law with illicit ballistic missile tests, as it undermines U.S. foreign policy, and as it destabilizes the Middle East, the Obama administration may be willing to ease restrictions on Iran's access to the dollar and potentially reward Iran's international provocations with coveted access to world financial markets.

We cannot allow this to happen.

Since agreeing to the Iranian deal last year, the Obama administration has seemingly gone out of its way to appease Iran. Sanctions were lifted with little to show in the way of nuclear disarmament. The rogue regime is now selling oil on the international market, and Iran has received access to tens of billions of dollars held abroad and has signed deals worth over $100 billion in foreign investment.

Allowing Iran to have access to the dollar would mark an unprecedented additional concession to the world's leading state sponsor of terrorism. Access to the dollar would be an undeserved reward to a country that tortures its own people, denies human rights to women, and has the blood of Americans and our allies on its hands.

But in an effort to advance the nuclear agreement, I worry that the President may act unilaterally--as he has done so often in the past-- and permit the Treasury Department and other Federal entities to proceed with granting Iran the access to the dollar it so desperately wants. A vote for this amendment will eliminate that possibility.

Mr. Chairman, let me say that this does not change what is currently the situation in this country. Last summer, Treasury Secretary Jack Lew testified that Iranian banks will not be able to clear U.S. dollars through New York, hold correspondent account relationships with U.S. financial institutions, or enter into financing agreements with U.S. banks.

As the Secretary made clear, Iran, in other words, will continue to be denied access to the world's largest financial and commercial market.

This amendment simply puts that promise into statutory law, and that is why I have proposed it. The Lance amendment will eliminate any possibility that we might move in the other direction.

Mr. Chairman, I urge its adoption.

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Mr. LANCE. Mr. Chairman, let me say that this is not designed against any one President. This would be put into statutory law, and it would proceed after this President leaves office.

I believe that it is important that this fundamental principle--that Iran not have access to the U.S. dollar--should be in statutory law and not merely a matter of executive action. That is why I have proposed the amendment.

I hope that all Members will consider the amendment.

Mr. Chairman,

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Mr. LANCE. Mr. Chairman, let me conclude by saying that the Iranian agreement is, of course, extremely controversial. It was voted down by the House of Representatives. Unfortunately, there was never any vote in the other House because cloture was not achieved.

The President submitted the Iranian agreement as an agreement, not as a treaty, based upon the fact that legislation has been passed to make it an agreement. I think it is important that as a matter of statutory law we make sure that Iran not have access to the U.S. dollar, and that is why I propose the amendment.

Mr. Chairman, I yield back the balance of my time.

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