WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Senate Committee on Banking, Housing, and Urban Affairs, joined Ranking Member Tim Scott (R-SC) in introducing the Revoke Iranian Funding Act. This legislation will rescind the general licenses which enabled the release of the $6 billion to Iran and prevent the regime from accessing and using the funds held in Qatar to finance terrorist attacks against Israel or any other nation.
In addition, the bill directs the Treasury Secretary to study all high-value Iranian assets around the world which are currently blocked by U.S. sanctions and provide the information to Congress. This provision gives Congress the information needed to enact further targeted legislation, if necessary.
“As Iranian-backed Hamas terrorists wage an unprovoked attack against our ally Israel, the last thing the Biden administration should be doing is transferring billions to Iran,” said Senator Cramer. “Instead of capitulating to terrorists, Congress needs to start by getting an accurate accounting of Iranian assets to target any future sanctions and ensure the $6 billion held in Qatar remains frozen.
“The Biden administration’s decision to release $6 billion to Iran – the world’s leading state sponsor of terror – was a grave mistake that created a market for American hostages, emboldened our adversaries, and put a credit on the balance sheets of one of Hamas’s biggest backers,” said Ranking Member Tim Scott. “In the wake of Hamas’s horrific attacks on Israel, it has only become clearer that this rogue regime cannot be trusted as long they continue to support terrorist organizations. My bill is a comprehensive approach to wielding our economic sanctions tools against Iran by freezing the $6 billion and ensuring Congress has the information necessary to prevent Iran from accessing funds in the future. We must be unequivocal that the United States will not back down and waive sanctions on frozen Iranian funds held by other nations.”
Joining Senators Cramer and Scott are U.S. Senators Mike Crapo (R-ID), John Cornyn (R-TX), John Barrasso (R-WY), John Hoeven (R-ND), Marco Rubio (R-FL), Deb Fischer (R-NE), Shelley Moore Capito (R-WV), Tom Cotton (R-AR), Thom Tillis (R-NC), Marsha Blackburn (R-TN), Rick Scott (R-FL), Cynthia Lummis (R-WY), Bill Hagerty (R-TN), JD Vance (R-OH), Katie Britt (R-AL), and Pete Ricketts (R-NE).