May 25, 2016

Shelby Opening Statement at Hearing on Understanding the Role of Sanctions Under the Iran Deal

WASHINGTON, DC – Wednesday, May 25, 2016 – U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, today delivered the following opening statement during a full committee hearing entitled “Understanding the Role of Sanctions Under the Iran Deal: Administration Perspectives.”
The text of Chairman Shelby’s remarks, as prepared, is below.  
“Yesterday, the Committee received testimony from a panel of experts on the challenges and consequences of suspending economic sanctions on Iran as agreed to in the Iran deal.   
“They discussed several issues in implementing the deal, and the risks posed by granting Iran additional concessions in light of its demand for more economic relief.
“While the Administration has been campaigning for Iran’s rapid reintegration into the world economy, there is nothing preventing Iran from using funds made available under the deal to further destabilize the region.
“This includes further contributions to known terrorist organizations such as Hezbollah.
“It also includes additional investment in Iran’s ballistic missile program, which could be a conduit for restricted nuclear activities should Iran back away from the deal.

“Given these and other serious threats, which Iran has made clear will persist, the Administration must have the ability and the will to re-impose swift punitive measures should Iran not uphold its end of the agreement. 
“And Congress must ensure that the statutory authority is in place to reapply strong economic sanctions against Iran if need be.
“I look forward to hearing our witnesses’ testimony today on how the Iran deal is being implemented, and, in particular, the actions the Administration is taking to further facilitate Iran’s access to the global financial system.”