Unfortunately, we, in drafting this initial bill, missed an extremely important group of foreign financial institutions when we defined this term.

I agree with you and the gentleman from California that a general severability clause is, in some respects, preferable to the narrow severability clause that I just drafted.

The general purpose of this amendment is to make sure that the term 'foreign financial institution'... includes foreign central banks.

One could argue that at this point in saying that foreign central banks are included, when not having included it in a promulgated regulation by the Secretary himself, arguably the Secretary is speaking out of both sides of his mouth.

I understand that certain members on the other side of the aisle wish to make some kind of point that citizenship conveys Constitutional rights that non-citizens don't have.

If we simply allow a continuation of the existing volume, then the income to Iran from these oil exports will triple.

If the value of oil were to decline, let's say, the price of oil were to decline, by two-thirds during this 1-year period that we are imposing these sanctions, it, nevertheless, would remain true that the volume limitation would continue…

We drafted this amendment, Grayson-102 in order to try to address that with the idea that we would try to put some teeth into this reduction by making it pro rata.

I think the problem with the bill remains; however, I think that the best course right now is to ask the chairman's indulgence to withdraw this amendment...

There's a provision in this bill that I was uncomfortable with for a specific reason, and this amendment was intended to address that.

Honestly, this matter has been resolved through Supreme Court decisions that go back literally decades.