Damage control

New legislation in the United States targeting Hezbollah has Lebanese government and banking officials shuttling between Beirut and Washington, not to rush to its defense but to assess the level of damage heading this way. Remembering the forced closure of the Lebanese Canadian Bank in 2011, local officials are more than a little concerned at the prospect of not just one bank as a victim but the entire sector. Ratified into US law in December, the Hezbollah International Financing Prevention Act (HIFPA) is a continuation of the United States’ war on terrorism, an American policy that dates back to the Bush Administration. It is also a consequence of the P5+1 nuclear agreement with Iran (the Iran deal) and the lifting of that country’s sanctions. Those opposing the Iran deal – Republicans and American allies in the Gulf and Israel – have focused their residual fury at Hezbollah. They fear that