This bill would immediately freeze approximately $6 billion in Iranian government funds currently held in Qatar and revoke the Trump and Biden administrations' licenses that permitted access to those funds, particularly a $6 billion transfer from South Korea in September 2023. The legislation is based on the argument that Iran uses all available funds to support terrorism and that money designated for humanitarian purposes cannot be reliably separated from money used to finance terrorist organizations. The bill would also rescind the State Department's September 2023 waiver that allowed the fund transfer and prevent the Treasury Secretary from issuing any new licenses allowing Iranian access to accounts in Qatar for one year. Within 30 days of enactment, the bill requires the Treasury Department to report to Congress on all Iranian assets worth more than $5 million blocked by the United States and provide a classified briefing on all current sanctions exemptions related to Iran. The legislation affects U.S. relations with Iran and involves no new federal funding or appropriations.
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