The Revoke Iranian Funding Act of 2023 seeks to freeze $6 billion in Iranian government funds currently held in Qatar and prevent future humanitarian exemptions from U.S. sanctions on Iran. The bill would immediately rescind any Treasury Department licenses or waivers that allowed access to these Iranian assets, including a specific $6 billion transfer from South Korea in September 2023, and would block the Treasury Secretary from issuing new humanitarian exemptions for one year. Congress's stated rationale is that Iran uses all available funds to support terrorism, citing the Department of State's designation of Iran as the world's leading state sponsor of terrorism and referencing Hamas's October 2023 attack on Israel. The bill also requires the Treasury Department to report within 30 days on all Iranian assets worth more than $5 million that the U.S. has blocked, as well as a classified list of all existing sanctions exemptions related to Iran. The legislation affects the Treasury and State Departments' ability to manage Iranian assets and humanitarian aid, with no new federal funding required.
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