David Schweikert: “I thank the chairman. To my friend from Connecticut (Mr. Himes), look, I know you to be one of the, actually, smartest…”

“I thank the chairman. To my friend from Connecticut (Mr. Himes), look, I know you to be one of the, actually, smartest people here on these sort of subjects. So I am going to take a slightly different approach and see if what I am actually reading in this legislation is a little different than some of the nature of the conversation here. The way I am reading this legislation, it functionally says that U.S.-chartered institutions will not act as the clearers, clearinghouses, for FX, for dollar-denominated trade. So, as we walk through those mechanics--if we all remember when we sat down, both in the isolated area, reading the nuclear agreement, what was in that agreement that said we are obligated to hand over the infrastructure of our U.S. financial system, our banking system, our foreign exchange clearing system, and we have an obligation to provide that infrastructure that we have built and hand that to the Islamic Republic of Iran? There is nothing in the agreement that says we have an obligation to provide our financial infrastructure to help them. Now, we have already heard Chairman Royce and others walk through all of the bad acts and how this money is often killing people around the world and taking their lives and threatening our allies. That may be the meat of it, but the actual legislation functionally denies the use of clearing U.S. currency, U.S. dollars from U.S.-chartered institutions.…”