Jack Lew, Biden’s nominee as ambassador to Israel, must level with the Senate about his history with Iran.
On Oct. 18, the Senate Foreign Relations Committee will hear testimony from the former Obama administration treasury secretary, who is nominated to be U.S. ambassador to Israel at an obviously critical moment. Lew must explain why, in 2015, he promised the same committee that he would not allow Iran access to the U.S. financial system under the recently announced nuclear deal with Iran yet secretly tried to do just that — by working to turn $5.
Yet seven months later, on Feb. 24, 2016, Lew’s Treasury Department “granted a specific license that authorized a conversion of Iranian assets worth billions of U.S. dollars using the U.S. financial system,” the subcommittee’s report noted. Without this license, which was not disclosed to Congress, the transaction would be an illegal evasion of international sanctions. The license would have allowed Iran to convert $5.
This clear effort to circumvent U.S. sanctions only fell through, investigators found, because U.S. banks declined to participate. Treasury officials contacted two banks to encourage them to convert the Omani rials but “both banks declined to complete the transaction due to compliance, reputational, and legal risks associated with doing business with Iran.” Treasury also sought assistance to convert the funds from the Federal Reserve Bank of New York.
After failing in this effort to help Iran free up these funds, Lew testified on March 22, 2016, before the House Financial Services Committee — and did not disclose that he issued the license.Portman’s subcommittee found that Lew’s talking points for that hearing warned against candor, advising Lew to reveal the existence of the license only “if pressed.” But, the report states, “in his testimony, Secretary Lew did not disclose the specific license authorizing Iran to access the U.S.
Investigators further found that Lew sent officials to participate in more than 200 “roadshows” in major cities — including London, Geneva, Tokyo, Berlin, Rome and Paris — seeking to assure banks that his department would not aggressively enforce U.S. sanctions against banks doing business with Iran.The investigators offered no opinion as to whether Lew lied to Congress. That was not their job. Their role was to uncover and present the facts.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Senate Foreign Relations to begin confirmation process for Jack Lew as war in Israel ragesRachel Schilke is a breaking news reporter at the Washington Examiner. Originally from Frankfort, Illinois, she graduated from the University of Iowa in May 2022 and served as a managing editor at the Daily Iowan with a focus on crime and courts and local government. Follow her on X: rachel_schilke.
Read more »
Senate GOP Conference Chair John Barrasso Endorses Arizona’s Kari Lake for SenateSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Biden nominee for Israel ambassador faces Senate GOP resistance over Iran, despite Hamas warSenate Democrats are looking to quickly confirm President Biden's nominee for U.S. ambassador to Israel, Jacob J. Lew, as war rages between the U.S. ally and Hamas.
Read more »
Watch Live: Marsha Blackburn Leads Senate Republicans on Freezing Biden’s $6 Billion Payment to IranSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Biden, DNC Raise $71M for Biden '24 in Third QuarterPresident Joe Biden and the Democratic National Committee raised more than $71 million for his reelection in the three months ending Sept. 30, an indication that party donors remain united behind him going into a 2024 race that may feature a rematch with Donald Trump.
Read more »
More voters think Hunter Biden, Joe Biden and Trump broke the law: pollFormer Deputy Assistant Attorney General John Yoo reacts to the bombshell report showing that the Justice Department is investigating Hunter Biden as a possible ‘foreign agent’ on ‘The Evening Edit.’
Read more »