Ted Cruz proposes bill to blacklist Iranian banks tied to funding of terrorism

Washington Free Beacon:

Iran hawks in Congress are in the early stages of planning an all-out campaign to blacklist, sanction, and isolate Iranian banks tied to the funding of terrorism and money laundering, according to sources and legislation obtained by the Washington Free Beacon.

New legislation spearheaded by Sen. Ted Cruz (R., Texas) and allies in both the House and Senate would disconnect from the global financial system every Iranian bank identified as playing a part in the funding of Iran's global terror operations, sources told the Free Beacon.

The legislation, which was viewed by the Free Beacon, would also treat all Iranian banks as a terrorism and money laundering threat, a massive escalation in the American sanctions regime that goes even further than the Trump administration has, a sign that Iran hawks on Capitol Hill are growing weary with what they view as an effort by the administration to slow roll the sanctions in a bid to appease European allies still working with Tehran.

The new legislation also would address alternate financing methods used by Iran and European allies to skirt new U.S. sanctions, such as the use of cryptocurrency.

The legislation comes on the heels of reports indicating that Iran has been meddling in foreign exchange markets in a bid to save its collapsing currency, the rial.
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It will be interesting to see who will oppose such legislation and what they will argue. I think President Trump will support the bill.