[Congressional Record Volume 162, Number 133 (Tuesday, September 6, 2016)]
[Extensions of Remarks]
[Page E1171]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         UNITED STATES FINANCIAL SYSTEM PROTECTION ACT OF 2016

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                               speech of

                           HON. KEITH ELLISON

                              of minnesota

                    in the house of representatives

                        Thursday, July 14, 2016

  Mr. ELLISON. Mr. Speaker, I strongly oppose the Financial Services 
Protection Act of 2016 (H.R. 4992). Unfortunately, I could not be in DC 
to vote against the bill as I was home in Minneapolis for the funeral 
of Philando Castile.
  This bill undercuts the Joint Comprehensive Plan of Action (JCPOA), 
also known as the Iran nuclear deal, by disrupting permissible 
financial transactions between Iran and the rest of the international 
community that occur completely outside the U.S. financial system. The 
Financial Services Protection Act of 2016 accomplishes this by 
reapplying secondary sanctions barring Iranian access to U.S. dollars 
in all situations, even in exchanges that do not involve a U.S. bank or 
pass through the U.S. financial system. This provision effectively 
subjects non-U.S. banks to the restrictions imposed on U.S. banks 
regarding dollar-denominated transactions with Iran.
  This particular sanction barring all Iranian access to the U.S. 
dollar was lifted on the JCPOA's Implementation Day in return for Iran 
taking significant steps to meet its nuclear-related commitments, as 
verified by the International Atomic Energy Agency (IAEA). If this 
sanction were to be re-imposed, it would make Iran's reintegration into 
the global financial system incredibly difficult and likely negate much 
of the relief promised by the JCPOA.
  In the Financial Services Protection Act of 2016 becomes law, our 
partners and Iran would both have reason to question our commitment to 
the nuclear deal, and Iran would likely seriously question the 
continued benefits of compliance with the nuclear deal. Therefore, the 
provisions contained within this bill could open a path for Iran to 
restart its nuclear program. This would put the nuclear deal at risk, 
undermine our national security interests, and significantly damage 
U.S. credibility and leadership abroad.
  The JCPOA is a historic diplomatic achievement. It has not only 
constrained Iran's nuclear program and led to the dismantlement of key 
components of the program, but also subjected the program to 
unprecedented verification and monitoring requirements.
  Simply put, the JCPOA ensures that Iran's nuclear program is and 
continues to be peaceful. As long as Iran continues to meet its 
commitments, we too must keep our commitments. Thus I oppose this bill.

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