Longstanding OFAC rules were changed regarding Iran and Cuba. The Cuban sanctions were the first imposed by the Treasury in the 60’s and have been the model for sanctions programs since then. Given the results of the 50- plus-year restriction on the Cuban economy it is safe to say that their economy simply stopped working and the Cuban people have eked out a living under mid-last century conditions. Of course, a socialist economy may have also contributed to the dire circumstances. If Iran truly abandons its nuclear program, then the leverage provided by the sanctions proves for all time their value as a political tool and another reason not to resort to war. Treasury provided a concise up-to-date description of the Treasury securities market that was educational for me-- whose last real understanding of that market was forged when primary dealers ran the show.