On October 31, Secretary of State Kerry continued his remarkable campaign to drum up business for Iran. Speaking at Chatham House in London, here is part of what he said:
Iran deserves the credit of having met its part of the bargain, and it’s important for us and the rest of the world to meet ours, to make sure that the lifted sanctions are in fact not still impeding the ability to be able to do business, and to grant that Iran gets the benefit of the bargain that they made. And that is just plain, simple, good faith in international relations
…. Because it’s important for people to understand that we have worked hard to make sure that we have lived up to every component of what is required of us here. And I wish that some of the larger banks were, in fact, ready to make loans and engage in opening accounts, because they can. They’re allowed to, but they’re still remaining somewhat risk averse for various reasons….
[W]e agreed to lift certain sanctions. So OFAC, the Office of Financial Accountability has come out and made it very, very clear that if you do due diligence in the normal fashion, no extra due diligence, just normal due diligence for whoever it is you’re opening an account or for ever – whatever lending you’re about to do, and later it turns out it was some unforeseeable entity that pops up, you will not be held accountable for that. And so what we’ve done is we’ve been trying to reduce the level of risk so that people will begin to engage in a broader range of lending. Why are we doing that? Because the deal we made was that sanctions would not continue to interfere with their ability to do a normal course of business, and regrettably because of some of the uncertainties about OFAC or some of the uncertainties about who’s doing what, it hasn’t been. And we’re trying to change that.
I must say though that we’ve made good-faith efforts way beyond what we agreed to do, I mean, like this meeting. I mean, I never anticipated I’d be sitting in the banks to try to get them to do this. But we have reached out way beyond what anything within the four corners of the agreement in order to try to make sure that it delivers in full.
Despite the innumerable ways in which Iran has demonstrated bad faith–from its continuing support for terrorist groups to its detention of American sailors in January to its arming of the Houthi rebels in Yemen with missiles with which they have attacked American ships–Kerry wants us to bend over backwards to help their economy. It isn’t enough to remove sanctions that prevent banks from lending to Iran; Kerry has become a cheerleader now urging banks to make more loans whatever the risks. This is not in fact giving Iran the benefit of the bargain it struck, which exists in the letter of the JCPOA agreement. It is going much further. In fact it is going so far that Kerry is now giving banks bad advice–advice that is directly contradicted by U.S. Treasury officials.