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Rockland Reporter

Wednesday, October 16, 2024

Representative Lawler supports U.S. Treasury's new sanctions on shadow banking network

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U.S. Rep. Michael Lawler from New York's 17th District | Official U.S. House Headshot

U.S. Rep. Michael Lawler from New York's 17th District | Official U.S. House Headshot

Representative Lawler issued a statement following the U.S. Department of Treasury's announcement of sanctions on nearly 50 entities and individuals involved in a "shadow banking" network supporting Iran.

"The U.S. Treasury Department's announcement this morning of secondary sanctions on Iran's network of nefarious enablers is welcome news and long overdue," said Congressman Lawler. "Since January 2021, this trade has allowed Iran to raise over $100 billion despite U.S. and international sanctions. This is exactly why I introduced the SHIP Act and the Iran-China Energy Sanctions Act, both of which have been law since April, and why I sent a letter to the Treasury Secretary last week urging the Department to take this very course of action."

"Iran is the greatest state sponsor of terror in the world and there is no greater threat to our nation or our democratic allies than a nuclear Iran," Congressman Lawler concluded. "Today's actions are a necessary step to preventing that apocalyptic future and curtailing Iranian aggression once and for all. There is still much more work to be done, however, and I look forward to seeing the Biden Administration take further steps to implement these sanctions and hold both Iran and its enablers accountable. As for me, I will continue working with my colleagues in Congress to do exactly that."

Last week, Representatives Mike Lawler (R-NY-17), Josh Gottheimer (D-NJ-05), and Jared Moskowitz (D-FL-23) led a bipartisan letter to Secretaries Blinken and Yellen, signed by more than three dozen colleagues from both parties, urging the Biden Administration to implement new sanctions on Iranian petroleum.

Representatives Lawler and Moskowitz introduced the SHIP Act requiring sanctions on foreign ports and refineries processing Iranian oil. Additionally, Representatives Lawler and Gottheimer introduced the Iran-China Energy Sanctions Act, mandating sanctions on Chinese financial institutions involved in transactions with Iranian oil. Both bills passed the House with overwhelming bipartisan support, were incorporated into the most recent supplemental national security package, and became law when President Biden signed that legislation on April 24th.

Congressman Lawler represents New York's 17th Congressional District, encompassing parts of Rockland, Putnam, Dutchess, and Westchester Counties.

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