Obama to Suspend Iran Sanctions without Congressional Approval

(Bloomberg) Josh Rogin - Top Obama administration officials have released new details about how they would lift most sanctions against Iran. The officials also claimed that most of the sanctions, including multilateral sanctions, could be snapped back into place if Iran cheated, and they argued that giving Iran tens of billions of dollars in cash won't dramatically increase Iran's spending on terrorism and other nefarious activities. Treasury Secretary Jack Lew said that President Obama planned to use his own authority to suspend sanctions against Iran's oil, banking and trade sectors after Iran complied with the initial parts of the deal and that Congress wouldn't actually be asked to lift sanctions during his presidency. "Only after many years of compliance would we ask Congress to vote to terminate sanctions, and only Congress can terminate legislative sanctions," he said. Iranian Foreign Minister Javad Zarif told an audience at New York University that UN sanctions would be lifted within days of an agreement being signed and that all sanctions would be permanently lifted, including Congressional sanctions, once Iran met its initial obligations.

2015-05-05 00:00:00

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