U.S. Sanctions State-owned Central Bank of Iran

By:  Alex Newman
01/06/2012
       
U.S. Sanctions State-owned Central Bank of Iran

U.S. President Barack Obama signed legislation this week imposing tough sanctions on Iran’s relatively unique state-owned central bank, prompting a steep drop in the value of the Iranian rial. He also added a controversial “signing statement” indicating that he would violate the law if it interfered with his agenda and purported authority.

Passed as part of the hugely unpopular (for several other, unrelated provisions) National Defense Authorization Act (NDAA), the sanctions will eventually freeze any institution that does business with Iran’s monetary authority out of the American economy. And about half of all Iranian oil sales are currently processed through the Islamic Republic’s central bank — one of the few remaining in the world that is entirely government owned after Libya's was recently replaced. 

But in a signing statement released on the White House website, Obama said that while he approved of the bill overall, he signed it despite serious reservations about some sections — especially those related to terror-war and detainment regulations. But the anti-Iran segment was also criticized in the statement.
 

U.S. President Barack Obama signed legislation this week imposing tough sanctions on Iran’s relatively unique state-owned central bank, prompting a steep drop in the value of the Iranian rial. He also added a controversial “signing statement” indicating that he would violate the law if it interfered with his agenda and purported authority.

Passed as part of the hugely unpopular (for several other, unrelated provisions) National Defense Authorization Act (NDAA), the sanctions will eventually freeze any institution that does business with Iran’s monetary authority out of the American economy. And about half of all Iranian oil sales are currently processed through the Islamic Republic’s central bank — one of the few remaining in the world that is entirely government owned after Libya's was recently replaced. 

But in a signing statement released on the White House website, Obama said that while he approved of the bill overall, he signed it despite serious reservations about some sections — especially those related to terror-war and detainment regulations. But the anti-Iran segment was also criticized in the statement.

Obama claimed that the central-bank sanctions provision “would interfere with my constitutional authority to conduct foreign relations by directing the Executive to take certain positions in negotiations or discussions with foreign governments.” And like another section he disagreed with, the President noted in his statement that “should any application of these provisions conflict with my constitutional authorities, I will treat the provisions as non-binding.”

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