The Senate Permanent Subcommittee on Investigations released a new report this week that’s very damaging to the Obama administration. The committee confirms that Obama issued a special permit to the Iranian government. One that allowed them to convert billions of dollars using the U.S. banking system.
During the negotiation of his infamous Iran Nuclear Deal, then-president Barack Obama assured Congress that Iran would have no access to the U.S banking system and world markets. However, the new Senate report shows he gave them access and worse.
However, the new Senate report shows he gave them access and worse.
According to the Associated Press, in 2015 Obama Treasury Secretary Jack Lew testified that Iran would be “denied access” to U.S. banks. Then, just thirty days later, one of Lew’s top deputies Adam Szubin offered strikingly similar testimony.
“Iran will be denied access to the world’s most important market and unable to deal in the world’s most important currency,” Szubin testified under oath. Less than one year later, the Obama administration gave Tehran access. Per the report, “On Feb. 24, 2016, the Treasury Department issued a specific license to Bank Muscat to authorize the conversion of Iran’s rials to euros through ‘any United States depository institution’.”
The banking license was granted thanks to little-known provision in the Iran Nuclear Deal. The provision granted Iran access to frozen overseas reserves once off-limits because of sanctions. The Iranian government wanted to convert the $5.7 billion first into U.S. dollars, then into euros.
Perhaps worse than the permit is the fact that Obama officials pushed reluctant U.S. banking institutions to make the conversion. One of those officials was then-Secretary of State John Kerry, who helped Obama to craft the nuclear deal.