On April 20, 2016, Senator Tom Cotton released “Cotton Blocks Szubin Nomination Over Concerns with Iran Deal.” The release says he blocked Senator Sherrod Brown from bringing the nomination to the floor. The quoted floor remarks are Cotton’s.
Cotton said he had not objected until recently, had opposed the nomination in committee because of an Iran Threats Reduction Act interpretation tied to the nuclear deal, and then pointed to a Jack Lew speech he said “all but announced” Iran access to the U.S. dollar. He quoted Szubin’s prior Banking testimony: “Iranian banks will not be able to clear U.S. dollars through New York, hold correspondent account relationships with U.S. financial institutions, or enter into financing arrangements with U.S. banks.” And: “Nor will Iran be able to access the U.S. banking sector even for that momentary transaction that we call dollarize a foreign payment.” Cotton said he would object until Obama, Kerry, and Lew “publicly and conclusively renounce any intent to allow Iran to dollarize” a foreign transaction.
Fox News reported the same day: “GOP senator blocks nominee responsible for terrorism fight,” naming Cotton, Brown, and the Iran-dollar rationale. That piece is reporting. Cotton’s release is the primary for his words. Szubin is not charged with a crime in any of these documents.