Hagerty, Scott, Colleagues Introduce Legislation to Freeze $6 Billion to Iran, Probe Additional Iranian Assets

October 17, 2023

WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking and Foreign Relations Committees, today joined Senator Tim Scott (R-SC), along with 22 other Senate colleagues, in introducing the Revoke Iranian Funding Act, legislation to rescind the general licenses that enabled the release of the $6 billion to Iran and prevent the Iranian 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 that are currently blocked by U.S. sanctions and provide that information to Congress, ensuring Congress has the information necessary to enact further targeted legislation, if necessary.

“I’m pleased to support Banking Committee Ranking Member Scott’s bill to reverse President Biden’s reckless ransom payment of $6 billion in sanctions relief to Iran, the world’s biggest state sponsor of terrorism,” said Senator Hagerty. “Money is fungible, so Congress must do everything it can to deny all funds to the Iranian regime, which provides money, arms, and technology to the Hamas terrorists who savagely murdered over 1,300 people in Israel, including 30 American citizens, on October 7th.”

“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 Senator 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.”

In June 2023, Hagerty introduced the Iran Sanctions Relief Review Act (ISRRA), which would ensure that the President submits any sanctions relief relating to Iran for congressional review and provide a backstop if the Executive Branch attempts to evade the legal requirements for congressional review of any agreement related to Iran’s nuclear program contained in the Iran Nuclear Agreement Review Act.

Full text of the Revoke Iranian Funding Act can be found here.