National Defense Authorization Act for Fiscal Year 2012

Floor Speech

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Mr. SCHUMER. Mr. President, first, I rise in full support of this amendment, and I thank Senator Menendez for his leadership on this issue, which dates from a long time back, and Senator Kirk, who has really lit a flame of concern under this body about this issue, and justifiably so. They have done a great job, and I thank both of them for their strong efforts.

I believe when it comes to Iran we should never take the military option off the table, but I have long argued that economic sanctions should be tried first and could be actually very effective in choking Iran's nuclear ambitions before any military option need be considered. But they have to be done strongly, they have to be done well, and they have to be done toughly.

Earlier this month, the report on Iran's nuclear program by the IAEA was alarming and proved beyond a shadow of a doubt that, despite the lies--and there is no other word to use--by the Iranian Government, they are developing a nuclear weapon. According to recent reports, Iran could have at least one workable nuclear weapon within a year and another maybe 6 months after that.

The new information shows that Iran has been working relentlessly to acquire the capability to produce a nuclear weapon. Additionally, the IAEA report details a highly organized program dedicated to acquiring the skills necessary to produce and test a bomb.

So I say to America and the world: Enough is enough. The extreme and dangerous leader of the Government of Iran, Mahmoud Ahmadinejad, must be held accountable. One of our greatest problems that we will live with for decades is a nuclear Iran. We do not want to look back and say: If we were only a little quicker, a little stronger, a little tougher, we might have prevented it. The Iranians, when they see they might face real economic punishment if they proceed in developing nuclear weapons, have turned back in the past, and they will do that again.

We have begun to impose economic sanctions, and I salute the President, who has worked very hard on this issue. I have talked with him on this issue. I know he believes in it strongly. I know the President knows the danger of a nuclear Iran and is working very hard in that regard. But every time we find ways to impose economic sanctions that have real teeth against Iran, they try to find a way around it. Our job is to move quickly and to plug those loopholes.

We have sanctioned Iranian banks and pretty much prevented them from doing what we don't want them to do. According to all reports, it has had a real effect on the Iranian National Guard and on the economy of Iran itself. But the Iranian Government has now tried to move through the Central Bank of Iran. It has been heavily involved in terrorism and the financing of nuclear and conventional weapons technology. The Central Bank has played a critical role in helping other Iranian banks circumvent our effective financial sanctions.

To close 10 holes but leave 1 open will not achieve our goal, and the last remaining open hole through which financial commerce can flow into Iran for prohibited activities is the Central Bank of Iran. The threat of sanctions against the Central Bank will frighten Iran. It might make them think twice before they proceed in developing this nuclear weapon because they will pay real economic consequences that will hurt the Iranian regime and its henchmen, above all, and will, unfortunately, hurt the Iranian people as well. But there is no choice in this matter.

So we must strengthen the President's hand as he continues to work to build an international coalition determined to prevent the rise of a nuclear Iran. By giving the administration the capability to impose crippling sanctions on Iran should they continue with their nuclear weapons program, Congress is putting forth a tough and smart plan to address the real threat Iran poses to the United States and our allies and, of course, Israel.

This amendment will do three important things to strangle Iran's ability to continue with its nuclear weapons program. First, it will freeze the assets of Iranian financial institutions that come under U.S. jurisdiction. Second, it would prevent the maintenance in America of correspondence accounts by foreign financial institutions conducting significant petroleum-related transactions with Iran's Central Bank. And lastly, it would urge the President to undertake a diplomatic initiative to wean other nations off Iranian crude.

The amendment supports the administration's actions last week designating the entire Iranian banking system as a threat to government and financial institutions because of Iran's illicit activities, including its pursuit of nuclear weapons and its support of terrorism.

Senators KIRK and MENENDEZ have done an excellent job in crafting a comprehensive plan, a smart plan, a tough plan, to arm the administration with the tools it needs to put a stop to Iran's nuclear rogue program. I have optimism that this will have a real effect and could indeed deter Iran if we move, and move quickly.

I urge my colleagues to support this amendment.

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