State and Treasury Department officials urged lawmakers today to vote down the Menendez-Kirk Amendment which bars foreign financial institutions that work with the Central Bank of Iran from conducting business in the U.S. financial system.
Undersecretary of State for Political Affairs Wendy Sherman and Treasury Undersecretary for Terrorism David Cohen testified on Capitol Hill before the Senate Foreign Relations Committee on Iran, existing sanctions and the next step in U.S. policy.
The Administration opposes the Menendez-Kirk Amendment arguing the legislation could have “unintended consequences” jeopardizing U.S. relations with allies, possibly raise oil prices and further the funding Iran’s nuclear program.