U.S. Representatives Zach Nunn (IA-03) and Blaine Luetkemeyer (MO-03) today introduced the Revoke Iranian Funding Act to permanently freeze $6 billion in Iranian assets and increase transparency to ensure Iran is unable to access funds to perpetrate terrorist attacks against Israel or any other nation.
“The Iranian-backed terrorist attacks perpetrated by Hamas against Israel were barbaric and demands a strong response,” said Rep. Nunn. “The last thing we should be doing in response is allowing Iran, the world’s largest state sponsor of terrorism, access to $6 billion that could be used to finance illicit terrorist activity. We must be unwavering in our support for Israel and permanently freeze Iran’s access to these funds.”
On Saturday, October 7, Hamas terrorists, supported by Iran, perpetrated a surprise attack on Israel, launching thousands of rockets and entering Israel by land, sea, and air. These attacks have led to a war between Israel and Hamas, with thousands of civilians killed, injured, or taken hostage.
“Iran is the largest state sponsor of terrorism in the world,” said Rep. Luetkemeyer. “Unfreezing the $6 billion in assets should never have been on the table, and I appreciate working with Mr. Nunn to ensure it remains out of Iran’s reach.”
In September, the Biden Administration announced the trade of $6 billion in frozen Iranian assets in exchange for the safe return of five U.S. hostages being held in Tehran. Those funds have not yet been dispersed to Iran and are currently held in the Qatar Central Bank.
The Revoke Iranian Funding Act permanently freezes and prevents the future transfer of the $6 billion in Iranian assets being held in Qatar. This bill also directs the U.S. Department of Treasury to produce a report to Congress detailing high-value Iranian assets to enhance transparency.
A companion bill has been introduced in the Senate by Senator Tim Scott (SC). Text of the bill can be found here.