Nov 14, 2023 | Press Releases

Nunn Passes Bipartisan Legislation to Prevent Iran’s Illicit Financing of Global Terrorism

WASHINGTON, D.C. – U.S. Representatives Zach Nunn (IA-03) today passed bipartisan legislation sanctioning Iran for their funding of terrorists through the House Financial Services Committee. The Revoke Iranian Funding Act would 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 terrorist attacks perpetrated by Hamas against Israel were barbaric and demand a strong response. Iran must be held responsible for their role in funding and supporting these acts,” said Rep. Nunn. “The last thing we should be doing is allowing Iran, the world’s largest state sponsor of terrorism, access to $6 billion that could be used to finance future terrorism. The United States must be unwavering in our support for Israel and permanently freeze Iran’s access to these funds.”  

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). The legislation now awaits consideration by the full House of Representatives. Text of the bill can be found here.