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Sens. Cruz, Perdue, and Rep. Williams Introduce Bill to Strengthen Congressional Oversight of Iran’s Access to Global Financial System

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Bill protects integrity of U.S. financial institutions, strengthens U.S. national security 

WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), David Perdue (R-Ga.), and U.S. Rep. Roger Williams (R-Texas) introduced the Strengthening Oversight of Iran’s Access to Finance Act, which requires the Treasury Secretary to submit a report to Congress regarding financial transactions authorized in connection with commercial passenger aircrafts sales to Iran.

“I’m glad to introduce this legislation with Senator Perdue. Without due diligence, we run the risk of Iran continuing to engage in regional destabilization through the deceptive practices of the Islamic Revolutionary Guard Corps (IRGC),” Sen. Cruz said. “The Islamic Republic has previously used commercial aircraft to facilitate the transport of sanctioned persons and weapons to prop up brutal dictators and terrorist proxies. As a result of the flawed Iran nuclear deal, IRGC-owned and affiliated companies now have greater access to the global financial system, and relief from sanctions on entities that have previously supported harmful activities. We must ensure Iran cannot exploit its access to the global financial system in order to provide material support to terrorism. This bill provides crucial Congressional oversight to the financing of commercial aircraft sales to Iran, while protecting the integrity of U.S. financial institutions.”

“One of the biggest flaws of President Obama’s dangerous nuclear deal was a carve out allowing Iranian airlines with known ties to terrorism the ability to purchase American commercial aircraft,” said Sen. Perdue. “Iran Air, which only received sanctions relief thanks to Obama’s deal, continues to fly weapons, materiel, and fighters directly into Syria. We need greater scrutiny into how these transactions for aircraft will be financed, and we cannot allow Iran to use them to further support terrorism, human rights abuses, or help prop up the murderous Assad regime in Syria. Senator Cruz and I are taking steps to strengthen oversight of the rogue nation and stop any attempt at terrorist activity.”

“Reinforcing our nation’s security has always been a top priority of mine, which is why I introduced H.R. 4324, the Strengthening Oversight of Iran’s Access to Finance Act, that passed out of the House Financial Services Committee two weeks ago. I commend Senator Cruz and Senator Perdue for putting the welfare of our nation on the frontlines by  introducing my bill to the Senate this week,” said Rep. Roger Williams. “This sensible legislation will promote the increased safety between the United States and Iran, and I encourage both Chambers of Congress to vote on this bill in a timely manner so we can get it to the President’s desk.”

The full text of the bill may be viewed here.

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