As Iranian Threat Grows, Ros-Lehtinen Introduces Bill to Deny Iranian Banks Access to Vital Financial Service Capabilities

Press Release

U.S. Rep. Ileana Ros-Lehtinen (R-FL), Chairman of the House Foreign Affairs Committee, today introduced new legislation (H.R. 3880) amending existing Iran sanctions laws to deny Iranian financial institutions, including the Central Bank of Iran, access to electronic funds transfers, secure communications and other critical financial services. Statement by Ros-Lehtinen:

"As the Iranian threat continues to grow, the U.S. needs to step up our efforts to apply the truly crippling sanctions that will stop Iran from becoming a nuclear weapons state.

"The Iranian regime is heavily reliant on using domestic and international financial institutions to bankroll its threatening activities. This bill is to designed to cut off Iran's ability to conduct electronic fund transfers and deny access to other critical financial service capabilities.

"Time is running out and the light is blinking red. Together with the other Iran sanctions measures that I have authored and that the House passed overwhelmingly in December, this new bill can help stop this threat before it's too late."

NOTE: H.R. 3880 was cosponsored by U.S. Rep. Steve Chabot (R-OH), Chairman of the Subcommittee on the Middle East and South Asia, and U.S. Rep. Ed Royce (R-CA), Chairman of the Subcommittee on Terrorism, Nonproliferation, and Trade. This legislation would prohibit the Society for Worldwide Interbank Financial Telecommunication (SWIFT)--a member-owned cooperative that provides some 10,000 financial institutions worldwide with the means to exchange secure electronic financial messages--from facilitating Iranian financial transactions that violate U.S. laws. It would effectively bar Tehran's use of SWIFT's technology to conduct business with its trading partners, to sell its oil, to raise capital for its energy sector, to procure energy-related equipment and technology, and to buy and sell other goods and services.

Ros-Lehtinen is also the author of H.R. 1905, the Iran Threat Reduction Act. The bill was approved by the House by a vote of 410-11. The bill strengthens, updates and replaces previous Iran sanctions laws to ensure that current law vigorously addresses the multiple threats posed by Iran. The bill closes loopholes in energy and financial sanctions, including by targeting the Central Bank of Iran. The bill also targets the Iranian Revolutionary Guard Corps and senior Iranian regime officials.

Additionally, Ros-Lehtinen is the author of H.R. 2105, the Iran, North Korea, and Syria Nonproliferation Reform and Modernization Act, which was approved by the House by a vote of 418-2. The bill expands sanctions on those assisting Iran, North Korea, and Syria in the development of their weapons programs, including their nuclear programs.

Both bills have been awaiting Senate action since December 14, 2011.

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