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Saudi Arabia could sell off billions in American assets if bill passes
The New York Times cites sources inside the Obama administration and congressional aides from both parties, saying the White House is actively lobbying against the bill because of worries over potential diplomatic and economic effects.
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In the message, al-Jubeir warned against passing of the bipartisan Justice Against Sponsors of Terrorism Act, or JASTA, which would amend the federal judicial code to include among the exceptions to USA jurisdictional immunity of foreign states any statutory or common law tort claim arising out of an act of extrajudicial killing, aircraft sabotage, hostage taking, terrorism, or the provision of material support or resources for such an act, or any claim for contribution or indemnity relating to a claim arising out of such an act.
The New York Times reported on Friday that the Saudi ambassador to Washington, Adel al-Jubeir, personally told United States lawmakers last month that the kingdom would be forced to sell off $750 billion in assets before they could be in danger of being frozen by American courts.
In other words, Saudi officials might have funded Al Qaeda’s fight against the United States in exchange for no attacks or civil unrest in Saudi Arabia.
Even if the pages are released and they look absolutely bad for Saudi Arabia, it’s unclear what else would come of it. True, the documents might feed a bit more fuel to the fire surrounding the aforementioned lawsuits, but beyond that we’re unlikely to get our hands on anyone else who could be put on trial for the attacks.
The bill introduced in the Senate would waiver the immunity for cases involving terrorist attacks that kill USA citizens on U.S. soil.
This is Obama’s fourth trip to Saudi Arabia, more than any other president.
If Congress passes the bill, the USA will require Saudi Arabia to pay compensation for the damages caused by the 9/11 terror attacks.
Moreover, he said, it could destabilize the American dollar – the currency to which the Saudi riyal is pegged.
Hillary ClintonHillary Rodham ClintonClinton, Sanders back bill allowing 9/11 victims to sue Saudis The Hill’s 12:30 Report Sanders narrows Clinton’s national lead to 2 points MORE and Sen.
Efforts by families of 9/11 victims to hold members of the Saudi royal family, Saudi banks, and charities liable for charges of financial support for terrorism have largely failed because of the 1976 law.
“The only way they could punish us is by punishing themselves”, economist Edwin Truman told TheNYT. In addition to the immunities bill, a pair of senators from each party have put forward a joint resolution that would place strict conditions on weapons sales to Saudi Arabia, over concerns about civilian deaths in Yemen.
Former President George W Bush said releasing that information would jeopardise America’s ability to gather intelligence on suspected terrorists and President Barack Obama has continued with that view. He said Saudi Arabia may have no choice but to sell as much as $750 billion in treasury securities and other assets.
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Jim Kreindler and Sean Carter, lawyers representing the families of victims of September 11th attacks, are fighting to have those 28 pages declassified as part of a lawsuit against the government of Saudi Arabia.