Soak the saffron in a small bowl of hot water so it is ready to use.
Heat the oil in a medium skillet over medium heat.
Add the onion and red pepper and cook until slightly soft, 2-3 minutes.
Stir in the garlic and continue cooking 1-2 minutes or until garlic is fragrant and vegetables are soft.
Add the rice and cook until golden brown, stirring frequently, about 6-8 minutes.
Stir in the broth, tomato sauce and seasonings (chili powder, oregano, saffron or cumin and salt and pepper).
Bring to boil over high heat, reduce to low heat, cover with a lid and cook until all liquid is absorbed, about 8-10 minutes, stirring often.
Remove from the heat, remove the lid and fluff the rice with a fork.
Season with salt and pepper and serve with green onions or cilantro if desired.
Store the leftovers in the refrigerator in an airtight container.