U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member joins bipartisan push to remove Syria from State Sponsor of Terrorism list

The U.S. Senate Committee on Banking, Housing and Urban Affairs published a release saying Ranking Member Elizabeth Warren joined Senator Jeanne Shaheen and Representative Joe Wilson in a bipartisan letter urging Secretary of State Marco Rubio to remove Syria from the State Sponsor of Terrorism list. The lawmakers argue that, after the fall of the Assad regime, the legal basis for the designation no longer applies and that keeping Syria on the list is obstructing economic recovery, counterterrorism cooperation and longer-term stability. The letter places particular emphasis on the impact on finance and investment. It says U.S. financial institutions view the combination of export control requirements and reputational, insurance, legal and correspondent banking risks tied to the designation as too great, with potential exposure to major fines and loss of U.S. regulatory standing. The lawmakers argue that removing the designation would materially improve those institutions' ability to support private sector activity in Syria, while also reducing the country's reliance on Russia, China and Iran. They add that delisting should not prevent continued pressure on Syria to reduce Russian military presence, broaden power-sharing across communities and ensure women are fully included. The release also notes that the Senate Foreign Relations Committee advanced bipartisan legislation last month to repeal Assad-era sanctions while preserving authorities to target individual human rights abusers and other malign actors.