Republicans Lead Financial Services Committee Response to Hamas Terrorist Attack, Efforts to Strengthen Sanctions Against Iran

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Republicans Lead Financial Services Committee Response to Hamas Terrorist Attack, Efforts to Strengthen Sanctions Against Iran

Washington, Oct 20 -

Following the unprovoked attack on Israel by Iranian-backed Hamas terrorists, Republicans on the House Financial Services Committee—led by National Security, Illicit Finance, and International Financial Institutions Subcommittee Chairman Blaine Luetkemeyer (MO-03)—are preparing a comprehensive response, including legislation to further penalize Hamas and Iran for their role in perpetuating violence against Israeli civilians and oversight to examine the current state of sanctions against the Iranian regime.

“We cannot blindly trust the Iranian government, or any other adversarial regimes, to act responsibly with funds we’ve unfrozen or provided for humanitarian aid,” said Subcommittee Chairman Luetkemeyer. “It is both naïve and irresponsible to neglect oversight of U.S. dollars once they’ve left our accounts. Our latest efforts will cut down on waste, ensure our foreign aid fulfills its intended purpose, and prevent the president from inadvertently funding acts of terrorism. Our wicked enemies are unable to compete militarily or economically and turn to sponsoring terrorist outfits as proxy armies. By restricting the funding of these criminals, we will effectively cut off their lifelines and bleed them dry.”

Information regarding Committee Republicans’ ongoing legislative response to recent terror attacks in Israel can be found below. Additional legislation to come:

H.R.___, the Iran Sanctions Accountability Act of 2023, sponsored by Subcommittee Chairman Luetkemeyer

This legislation would require the President to issue regulations to ensure that transactions permitted under Iranian sanctions exemptions do not facilitate support for acts of international terrorism, engagement with sanctioned persons, or the proliferation of weapons of mass destruction. It also requires the United States to oppose World Bank assistance to the government of Iran.

H.R.___, the Freezing-HAMAS Act, sponsored by Rep. Meuser, cosponsored by Subcommittee Chairman Luetkemeyer

This legislation would nullify waivers transmitted to Congress on September 11, 2023 that permitted Iranian access to certain funds held abroad.

H.R.___, the Revoke Iranian Funding Act of 2023, sponsored by Rep. Nunn, cosponsored by Subcommittee Chairman Luetkemeyer

This legislation will rescind waivers transmitted to Congress on September 11, 2023 that are intended to allow for humanitarian assistance to Iran. It also rescinds, for one year, any authority to the Secretary of the Treasury to provide for humanitarian sanctions relief for Iran.

Information regarding letters sent by Committee Republicans in response to recent terror attacks can be found below:

On October 18, Subcommittee Chairman Luetkemeyer led a letter to Treasury Secretary Janet Yellen demanding information regarding the status of $6 billion in Iranian funds recently unfrozen in exchange for American hostages and the greater state of U.S. economic sanctions against the Ayatollah’s regime.

On October 19, Subcommittee Chairman Luetkemeyer led a letter to Treasury Secretary Yellen inquiring as to whether $6 billion in humanitarian assistance to Iran has been re-frozen following recent terrorist attacks, the extent of Iran’s ability to utilize the funds, and whether the funds are actively being used as collateral.

On October 19, Subcommittee Chairman Luetkemeyer led a letter to Treasury SecretaryYellen and President Joe Biden demanding assurances of due diligence on the part of the Administration regarding $100 million in fungible humanitarian assistance to be made available to Gaza and the West Bank including any assessments conducted to ensure that the funds cannot be used to finance terrorism.

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