August 14, 2012

Statement from Speaker Sheldon Silver on
Standard Chartered Bank Settlement

The Department of Financial Services (DFS) settlement with Standard Chartered Bank represents a fair penalty for the bank's decision to conduct improper transactions with Iranian clients. Make no mistake, the state of Iran is a worldwide sponsor of terrorism and is committed to the destruction of Israel, the United States, and the entire free world. That is why I sponsored and the Governor signed the Iran Divestment Act earlier this year to outlaw state investment in Iran's energy sector. I commend DFS for its vigilance and for these actions which will strengthen our marketplace, protect New York's consumers and markets from fraud, and ensure confidence in our financial services industries.