Saudi Arabia is threatening to sell $750 billion in American assets if Congress passes a bill that would allow 9/11 victims to hold the kingdom legally responsible for the terrorist attacks, a report said.
Saudi Foreign Minister Adel al-Jubeir warned the Obama administration and congressional leaders last month that the kingdom would sell treasury securities and other assets if Congress didn’t yank the bill, The New York Times reported.
A Saudi sale could, in theory, destabilize the dollar and create global market turmoil, although some economists believe it is an empty threat.
The bill, co-sponsored by Sen. Charles Schumer, would remove immunity given to a foreign nations if the country’s government is found responsible for a terrorist attack on US soil — which could make the Saudi government vulnerable to a federal lawsuit by the families of 9/11 victims.
The threat comes before President Obama’s trip to the oil-rich nation for meetings with King Salman bin Abdulaziz al Saud on Wednesday.