Rubio, Coats Seek Answers From Treasury Department On Lawfulness Of Easing U.S. Sanctions On Cuba: 1.usa.gov/17I5KGS Washington, D.C. – U.S. Senators Marco Rubio (R-FL) and Dan Coats (R-IN) today called on Secretary of the Treasury Jacob Lew to detail how the Department of the Treasury plans to lawfully implement President Obama’s announcement to unilaterally normalize relations with Cuba. In a letter to Secretary Lew, Rubio and Coats expressed concern over “stark differences between the letter of the law and the Administration’s announcement,” and urged the Treasury Department to clarify the Obama Administration’s legal authority regarding its intentions to ease U.S. sanctions on Cuba. “We are deeply concerned that several aspects of the President Obama’s new approach to Cuba, especially those related to unilaterally easing U.S. sanctions, violate the letter and spirit of several U.S. laws, and increase the moral and financial risk to the American taxpayer and financial system of doing business through Cuba’s government-controlled financial system,” the senators wrote. “We ask that you explain in detail how the Treasury Department plans to implement the President’s announcement under current law. “On December 17, the President announced that ‘U.S. institutions will be permitted to open correspondent accounts at Cuban financial institutions to facilitate the processing of authorized transactions,’” the senators added. “As you know, Section 7207 of the Trade Sanctions Reform and Export Enhancement Act (TSREEA) explicitly prohibits U.S. assistance and financing to Cuba. Moreover, it contains no Presidential waiver.”
Posted on: Wed, 14 Jan 2015 18:00:13 +0000
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