Kerry: Dollar Could Suffer If Iran Deal Rejected

U.S. Secretary of State John Kerry is issuing a financial warning about the Iran nuclear deal, arguing the world could drop the U.S. dollar as the global reserve currency if Congress doesn't approve the deal.

If Kerry's prediction were true, that would weaken American influence in the world.

Kerry made the comment at a Reuters Newsmaker event in New York. He's trying to counteract the influence of Sen. Chuck Schumer, D-N.Y., who has come out against the deal.

Speaking across town in New York, Schumer disagreed and suggested Washington still could force the world into isolating the Iranians until they make deeper nuclear concessions.

"Certainly, I'm going to try to persuade my colleagues that my viewpoint is right, but anyone who thinks you can force somebody to vote with you in the Senate doesn't understand the Senate," he said.

"This is a vote of conscience," he continued. "It was a vote of conscience for me. It will be a vote of conscience for my colleagues."