On Tuesday, the U.S. House of Representatives passed four pieces of legislation designed to hold Iran accountable for acts of aggression and financing terrorism.
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The bipartisan financial services legislation sanctions banks, prohibits banks from doing business with Iran, and to publish details about Iranian assets.
House Resolution 5923, the “Iran-China Energy Sanctions Act of 2023,” would expand secondary sanctions involving Iran to include transactions between Chinee financial institutions and sanctioned Iranian banks that handle petroleum purchases. The bill, sponsored by U.S. Rep. Mike Lawler (R-NY), would require annual determinations over whether Chinese financial institutions have engaged in sanctionable conduct.
House Resolution 5921 would prohibit the U. S. Treasury Department from issuing licenses authorizing U.S. financial institutions to engage in transactions for trade with Iran. The bill, sponsored by U.S. Rep. bill Huizenga (R-MI) would have humanitarian aid exemptions, but would require the Treasury Secretary to oppose International Monetary Fund assistance to Iran. The bill would also prohibit Special Drawing Rights from being allocated to Iran.
“The No U.S. Financing for Iran Act will help cut off Iran’s ability to finance terrorism,” Huizenga said. “I am proud to lead this bipartisan effort to protect Americans, stand up for Israel, and hold the Iranian regime accountable for their actions.”
House Resolution 6245 would require the President to report on and publish the assets of certain Iranian government officials and terrorist leaders. The “Holding Iranian Leaders Accountable Act”, sponsored by U.S. Rep. French Hill (R-AR), would bring transparency to the leaders’ holdings, Hill said, as well as require the U.S. Treasury Department to seek the closure of the U.S. and foreign financial institution accounts connected with the assets.
“The Iranian regime is the top sponsor of terrorism who enables terrorist groups like Hamas and Hezbollah to carry out their brutal attacks against innocent civilians in the Middle East and beyond,” Hill said. “The United States must take action to assess the finances of Iran’s authoritarian leaders and crack down on financial institutions that are connected to their funds to hinder their terror financing abilities – my bill that passed the House Floor today does just that.”
Lastly, House Resolution 6015, the Iran Sanctions Accountability Act, would
sponsored by Blaine Luetkemeyer (R-MO) would require the President to issue regulation that would ensure humanitarian exemptions to Iran sanctions don’t facilitate acts of international terrorism.
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