United States Financial System Protection Act of 2016

Floor Speech

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Mr. HUIZENGA of Michigan. Mr. Speaker, I rise today in support of H.R. 4992. I appreciate my good friend, Chairman Royce, of the Foreign Affairs Committee. We also serve on this Financial Services Committee.

It was my subcommittee that granted the partial waiver to allow this legislation to come directly to the floor; and because I think that this is so important, that is why it is here on the floor today.

Under the Obama administration's flawed nuclear deal, the JCPOA, or Joint Comprehensive Plan of Action, Iran has received significant sanctions relief so far. Because of this dangerous deal, the Obama administration left the door wide open for Iran's Supreme Leader to demand access to the dollar.

This is the same country that the State Department dubbed ``the world's foremost state sponsor of terrorism.''

This is the same country that the Treasury Department has labeled ``a jurisdiction of primary money laundering concern'' thanks to its support for terrorism and the use of its banks to facilitate nuclear and ballistic missile initiatives.

Last summer, Treasury Secretary 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 arrangements with U.S. banks.'' I agree. They should not. I am thrilled to hear Secretary Lew make that statement.

He also then made it perfectly clear with another quote. ``Iran, in other words, will continue to be denied access to the world's largest financial and commercial market.'' Yet we just hear that this is a breach of the JCPOA as has just been asserted. If so, then Secretary Lew's own words would indicate a breach before it was even enacted and before it began.

So which is it? They either really don't want to codify this because they plan on trying to offer this or allow Iran to do it, or, for some other strange reason, they think that these words alone cover it. Well, they don't because it is not legally binding.

In fact, the President, the POTUS, the President of the United States, himself, has said that Iran has violated the spirit of the agreement already.

Just last week, we had testimony in my subcommittee, where we were doing a hearing, that Germany, in Germany, the German intelligence services--Angela Merkel talked about this in the Bundestag--that they have indications that Iran has continued to pursue nuclear capabilities in Germany itself.

So it is a very simple, yet a very important, piece of legislation that would codify the existing Treasury regulations that prohibit U.S. depository institutions and registered security brokers or dealers from processing funds to or from Iran as well as to prohibit any foreign financial institutions from transferring any funds that are in U.S. dollars.

It has been also stated--I would say ludicrously--that somehow this bill and others like it are unpatriotic. I think it is the exact opposite, Mr. Speaker. This bill is necessary to make sure that the financial standing of the U.S. institutions are protected. I think it is important that we assert ourselves to make sure that this administration doesn't go beyond the bounds that it already has, and it is time to put partisan persuasions aside, work together, and stop doing business with our enemies.

Mr. Speaker, I urge my colleagues on both sides of the aisle to support this important bill.

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