I mean, come on folks, this is a good move, if the U.S. government actually does go through with it, but it’s something that should have been considered, and then implemented years ago. Take note however, that it’s Congress acting, not the Obama administration, whose seriousness in reigning in Iran has been all too transparent, his admin. has been coddling the Iranian regime ever since coming into office, and the only way to end it is to remove it from office come November.
NOTE: The Democratic led senate is also trying to pull some leverage with the voter, knowing full well they’ve held the reigns to power for over the past 8 years and have failed to pass anything meaningful against Iran (with real biting teeth), and they’re fishing for votes. Also, if they do retain the senate, Obamacare will not be repealed.
US Congress considering expansion of Iran sanctions
As rial continues plunge, Senator Robert Menendez calls for imposing new non-oil-related sanctions on Iran’s central bank; congressional aide describes prospective move as a “total embargo scenario.”
WASHINGTON – US lawmakers are considering expanding American economic sanctions on Iran – measures that already have helped push that country’s currency into free fall but have not yet convinced Tehran to abandon its nuclear program.
Democratic Senator Robert Menendez, a member of the Senate Banking and Foreign Relations Committees, said he plans to push for new penalties on foreign banks that handle any significant transactions with the central bank of Iran. Only oil-related transactions are now covered by sanctions.
A senior House of Representatives Democrat, Howard Berman, is working on additional possible sanctions on Iran.
Menendez said he is also looking at ways to freeze an estimated 30 percent of Iran’s foreign currency reserves held in banks outside the country.
“It seems to me we have to completely exhaust all the tools in our sanctions arsenal, and do so quickly, before Iran finds a way to navigate out of its current crisis,” Menendez said in an interview.
Iran’s economy has been badly hit by US and European sanctions imposed to try to pressure the Iranian leadership to stop pursuing nuclear weapons. The Iranian rial currency has lost a third of its value against the dollar in the past 10 days and as much as 80 percent since the beginning of the year.
The US Congress is out of session until after the Nov. 6 presidential election, meaning any action on fresh sanctions will have to wait until then.