Chairman King, Ranking Member Maloney, and distinguished members of the Subcommittee, we welcome the opportunity to testify today on the implementation of United States policy on Multilateral Development Bank lending to Iran. As you know, this is not a new policy and this Administration agrees with Congress that Iran should not have access to multilateral development bank resources. I want to assure you that the Treasury Department and the U.S. Executive Director at the World Bank, while not fully successful, have consistently and actively sought to block all proposals for World Bank Group assistance to Iran.