Legislation was filed this week in the US Senate, to prohibit Iranian access to the US financial system, and to ban offshore US Dollar clearing. The bill is intended to block any issuance of a license to conduct an offshore US Dollar clearing system for Iranian transactions, or to provide any such system with dollars.
The bill, entitled Preventing Iran's Access to United States Dollars Act of 2016, also provides for sanctions to be imposed upon any financial institution found to be participating in such transactions, and is also reportedly intended to affirmatively restate that existing law prohibits the issuance of a license which will allow Iran indirect access to the US financial structure. Direct access has long been prohibited.
The bill's co-sponsors are US Senators Marco Rubio (Florida) and Mark Kirk(Illinois). readers who wish to access the complete text can do so by accessing the Senator's website:
http://www.rubio.senate.gov/ and choosing "Newsroom."