Diaz-Balart halts new regulations for Cuba’s private sector
Last month, officials from the Biden-Harris Administration announced that new regulations to promote growth for Cuba’s private sector were bound to be put out soon. However, the announcement has been delayed due to opposition from members of Congress, particularly Representative Mario Díaz-Balart (FL-27), who has historically opposed engagement with Cuba (The Miami Herald).
The regulations would allow Cuban entrepreneurs to open U.S. bank accounts and enable U.S. banks to process dollar transactions involving Cuban nationals. Rep. Díaz-Balart, a Cuban-American, has expressed concern about the regulations which include U-turn transactions that he believes would not only aid Cuban entrepreneurs but also Cuba’s government. The regulations for Cuba’s private sector await final approval, with no updates from the U.S. State Department.