so first up is the honorable juan zarate. he served as the first ever assistant secretary for the treasury. he also served as deputy national security adviser for combath terrorism. his phenomenal book explores the evolution and importance of this new era of economic warfare. juan serves as chairman and senior counsel for the center on sanctions and finance. >> thank you very much. thanks to all of you for coming. this is a wonderful turnout and a wonderful event. i want to thank the hudson institute, and mark dubowitz for hosting today. sam, thank you for your leadership, for shepherding the authors for this important piece of work. i would commend all of you in the room, and those watching online, to make sure to pick it up and read it. because the contribution at least from the other authors in this compendium are incredibly important. i'm honored to be here today, especially with steve and mike, to discuss these issues. i want to thank sam, too, because she gave me an opportunity to write a bit more about the issues that

so first up is the audible juan zarate, my good friend. juan served as the first ever assistant secretary of the treasury for terrorist financing and financial crimes. he also served as the deputy assistant to the president and deputy national skid if i should compacting tourism. is phenomenal book, i recommend you everybody, explores the evolution and importance of this new era of economic warfare. and he also served as chairman and senior counsel for the center on sanctions and illicit finance but so thank you. >> thank you very much. thanks to all of you for coming. this is a wonderful turnout and a wonderful event that i want to thank the hudson institute, mark dubowitz, ken wainstein for hosting today. sam, want to thank you for your leadership, for shepherding the authors into production of this very important piece of work i think him and i would commend all of you in the room and those watching online to make sure to pick it up and to read it because the contribution at least on the other authors in this compendium are incredibly i

our witnesses for the second they'll today includes the honorable juan zarate, senior advisor for the transnational threats project at the center for strategic and international studies. mr. mark dubowitz, director of the foundation for defense of democracies, and dr. matthew levitt, director of the stein program on counterterrorism and intelligence at the washington institute for near east policy, and ambassador nicholas burns, roy and barbara goodman family professor of diplomacy and international relations at harvard university, john f. kennedy school of government. we welcome all of you here. to the banking committee and all of use with investment will be made part of the hearing record in its entirety, and when we get seated we will proceed. mr. zarate spoke like a karate but with ac. yes, sir. we will start with you, sir. when you're ready. >> thank you, mr. chairman. ranking member brown, distinguished them as the committee, i'm honored to testify before you to discuss the sanctions applications of the iran nuclear agreement. i approach to be testify with my petal panelists who

so first up is the honorable juan zarate. my good friend. first ever assistant secretary of the finance. he served as deputy assistant to the president and deputy combatting terrorism. his phenomenal book "treasuries war" discovers the new economic era of war far. so thank you. >> thank you very much. thanks to all of you for coming. this is a wonderful turnout and wonderful event. i want to thank the hudson institute. mark dube wits. thank you for shepherding the authors in the production of this very important piece of work i think. i would commend all of you in the room and those watching online to pick it up and to read it. the contribution, at least from the other authors are incredibly important. and i'm honored to be here today, especially with steve and mike to discuss these issues. i want to thank sam, too. because she gave me an opportunity to write more about some of the details i explored at the tail end of my that i think are critical as we look forward. i want to discuss with you and maybe open up the discussion for the panel t

so first up is the honorable juan zarate. my good friend. first ever assistant secretary of the finance. he served as deputy assistant to the president and deputy combatting terrorism. his phenomenal book "treasuries war" discovers the new economic era of war far. so thank you. >> thank you very much. thanks to all of you for coming. this is a wonderful turnout and wonderful event. i want to thank the hudson institute. mark dube wits. thank you for shepherding the authors in the production of this very important piece of work i think. i would commend all of you in the room and those watching online to pick it up and to read it. the contribution, at least from the other authors, are incredibly important. and i'm honored to be here today, especially with steve and mike to discuss these issues. i want to thank sam, too. because she gave me an opportunity to write more about some of the details i explored at the tail end of my that i think are critical as we look forward. i want to discuss with you and maybe open up the discussion for the panel

our witnesses for the second panel today include the honorable juan zarate, senior adviser for the transnational threats project at the center for strategic and international studies. mr. martin gibowicz from the foundation of defense of democracies and dr. matthew levitt, director of the stein program on counterterrorism and intelligence at the washington institute for near east policy, and ambassador nicholas boys, professor of diplomacy and international relations that harvard's john f. kennedy school of government. we welcome all of you here to the banking committee. and all of your written testimony will be made part of the hearing record in its entirety. when we get seated, we will proceed. mr. zarate? zarate. >> like karate but with a z. >> yes, sir i won't forget that. zarate. we will start with you, sir when you're ready. >> thank you, mr. chairman. ranking member brown, distinguished members of the committee, i'm honored to testify before you. to discuss sanctions implications of the iran nuclear agreement. i'm privileged to be testifying with my fellow panelists. i take this responsib

i work with juan zarate in trying to establish that regime ten years ago. and finally, i would just like to say that the global embargoes on the iran conventional arms and the ballistic missile programs that will end in five and eight years respectively, i wish they had not been agreed to, the end of the embargo. i wish the administration had held the line. i wish we wouldn't be in a position to five and eat years from now of having to reconstitute sanctions programs an i think that is a compromise that should not have been made. third point, mr. chairman, if you' the benefits -- if you weigh the benefits and the ri s risks, i think the benefits out weigh the risks. because we are going to freeze this program for 10-15 years. and if we get into a scene air yore where there is no deal, i think three things will happen. the global coalition we've build across the years across two administrations will weaken. the sanctions regime won't end immediately. the united states won't end the sanctions but it will atrophy and most importantly the iranians will not feel

so first up is the honorable juan zarate. he served as deputy nshl security adviser for combating terrorism. his phenomenal book explores the evolution and importance of this new era of economic warfare. juan serves as chairman and senior counsel for the -- >> this is a wonderful turnout. i want to thank the hudson institute, and mark dubowitz for hosting today. sam, thank you for your leadership, for shepherding the authors for this important piece of work. i would commend all of you in the room, and those watching online, to make sure to pick it up and read it. because the contribution at least from the other authors in this compendium are incredibly important. i'm honored to be here today, especially with steve and mike, to discuss these issues. i want to thank sam, too, because she gave me an opportunity to write a bit more about the issues that i began to explore at the tail end of my book that i think are critical as we look forward. what i want to do is discuss with you, and maybe open up the discussion for the panel t

juan c. czar tee, chairman of the center on sanctions and elicit finance at the foundation for defense of democra democracy. mr. zarate previously served as deputy assistant to the president and deputy nash a nl security adviser for combating terrorism. this this addition he was the first ever assistant secretary of the treasury for terrorist financing and financial crimes. you haven't been very successful in that regard -- just kidding. thank you. our second witness today is mr. richard nephew, program director for the economic state craft sanctions and kmerj markets at the center for global energy policy. previously mr. nephew served as principal deputy coordinator for sanctions policy at the department of state and the lead sanctions experts for the u.s. team negotiating with iran. he has also served as the director for iran on the national security staff. thank you both for being here. we are excited about you being here. if you would sort of abbreviate your comments, you are going to have lots of questions, your written testimony without any opposition will be made part of the record. thank you both. you can star

summer going to be speaking today, juan zarate and on the following panel mark and michael but somebodyn the audience. tiffany was quoted extensively in a recent "washington post" series on the cyber vulnerabilities of the auto sector. a few housekeeping notes before we get started. the first panel will begin momentarily and with a rolled right into the second panel, finished around 2:00. there is a short survey that i would ask to be good if you haven't taken it already we would really appreciate it. it will give us anonymous shortcomings you can fill it out and live in a box, it will really give us a better idea about how people are thinking about cybercom abled economic warfare and where resources should be put to it. we will be publishing both a