Paul-Martin Foss
Despite the lifting of international sanctions against Iran earlier this year, the United States government intends to continue denying Iranian companies access to the US financial system. This highlights how the US financial system is viewed not as a market-based system in which private companies are free to do what they want, but rather as a tool of the federal government used to carry out the government’s policy aims.
For the banks, it’s a mixed bag. On the one hand, US banks have to comply with the federal government’s edicts, now matter how draconian.