#IranDeal: The White House appears poised to give Iran access to the U.S. financial system. Watch out.

Dollarizing the Ayatollahs
by Mark Dubowitz and Jonathan Schanzer
March 27, 2016

…Even as Washington prepared to release an estimated $100 billion in restricted Iranian oil assets and paved the way for Tehran to regain access to the Swift network (Society for Worldwide Interbank Financial Telecommunication)—allowing it to transfer funds across the global electronic banking system—the Obama administration vowed that the Islamic Republic would never get the ultimate prize: access to the U.S. financial system or dollar transactions. Treasury Secretary Jacob Lew was adamant during a congressional grilling last July. “Iranian banks will not be able to clear U.S. dollars through New York,” he told the Senate Foreign Relations Committee…Yet as Rep. Ed Royce (R., Calif.) noted in a March 22 letter to the White House, Mr. Lew, during a Financial Services Committee hearing earlier that day, “appeared to leave the door open” to Iran getting access to the U.S. financial system. READ MORE SUBSCRIPTION CONTENT

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