The House Financial Services Committee passed several bills following the attack on Israel by Hamas terrorists.
The committee approved legislation to penalize Hamas and Iran for their role in perpetuating violence against Israeli civilians, conduct oversight of the Biden administration’s sanctions against and dealings with the Iranian regime, and ensure that any humanitarian assistance to Iran is not used to finance acts of terror.
Among them is the No U.S. Financing for Iran Act of 2023 (H.R. 5921), offered by Rep. Bill Huizenga (R-MI). This bill would stem the resources available to Iran by prohibiting Treasury from issuing any licenses authorizing a U.S. financial institution to engage in transactions for trade with Iran, except for humanitarian aid benefitting Iranian citizens. The bill also requires the Secretary to oppose IMF assistance to Iran and prohibits Special Drawing Rights from being allocated to Iran.
Another is the Holding Iranian Leaders Accountable Act (H.R. 6245), introduced by Rep. French Hill (R-AR). This proposed legislation would bring transparency to terrorist financing by requiring the President to report on, and subsequently publish, the assets of certain Iranian government officials and terrorist leaders. Further, it would require the Treasury to seek closure of the U.S. and foreign financial institution accounts connected with the assets.
In addition, the committee passed the Iran Counterterrorism Act of 2023 (H.R. 6323), sponsored by Rep. Young Kim (R-CA). This bill would require Iran to have ceased support for acts of international terrorism as a condition for the President to waive secondary sanctions imposed in connection to the country. The bill also provides for a congressional review process for national security interest waivers of these sanctions.
Further, it approved the Stopping Illicit Oil Shipments Act of 2023 (H.R. 6365), introduced by Rep. Maxine Waters (D-CA). This legislation targets the methods used to disguise vessels employed to transport petrochemical products from sanctioned nations. The bill requires insurance companies, in their agreements, to include shipping coverage termination clauses that would be triggered when a flag state withdraws the registration of a vessel.
These and several other related bills will now move to the House for consideration.