By Jonathan Greenberg, Originally published in The Hill
Since the Joint Comprehensive Plan of Action was released four weeks ago, one of the provisions that has gotten the least attention has been the so-called “grandfather clause.” The accusation has been made, with which I and many others agree, that the text of the deal obviates any implementation of “snap-back” of sanctions by exempting existing contracts from re-imposition of penalties. So once the initial flood of business washes ashore in the Islamic Republic – once those initial contracts are signed – “snap-back,” even if you could get others to agree to it, wouldn’t do any significant damage.
You can see why the administration might be uncomfortable with that assessment.
Enter Adam Szubin, the Treasury Department’s acting undersecretary for terrorism and financial intelligence, who testified before the Senate Banking Committee last week that “there is no grandfather clause. No provision in the deal gives signed contracts special status.”
Well, except this one: