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Huizenga Delivers Remarks at Hearing to Understand the Iranian Regime’s Access to Money and How They Use It to Support Terrorism

Washington, October 26, 2023 -

Today, the House Financial Services Subcommittee on Oversight and Investigations, led by Chairman Bill Huizenga (MI-04), is holding a hearing  entitled “Moving the Money: Understanding the Iranian Regime’s Access to Money Around the World and How They Use It to Support Terrorism.”


Watch Chairman Huizenga’s opening remarks here.


Read Chairman Huizenga’s opening remarks as prepared for delivery:


“Mr. Goldberg, Mr. Noronha, and Mr. Thomas, thank you for appearing before our subcommittee this morning. I know two of you are pulling double duty, as you testified yesterday before our National Security Subcommittee, so we thank you for your time, especially on this issue, which is vital to stability in the Middle East.


“Let me be clear, today’s hearing should not be labeled as partisan. Members from both sides of the aisle have concerns with how the Iranian regime is able to; support terrorism around the world, continue its march towards developing nuclear-weapon capabilities, and suppress human rights of its own people.  


“Let’s begin today by setting the stage.


“Since 2021, the Iranian regime has profited nearly 80 billion dollars from oil sales around the world, which is due in part to relaxed sanctions.


“Earlier this summer, reports indicated that the United States and Iran had resumed diplomatic engagements after the Biden Administration failed to revive the Joint Comprehensive Plan of Action or JCPOA.


“In September, the United States and Iran finalized a swap involving the release of five American hostages in exchange for five Iranian nationals who had been charged with sanctions violations and federal crimes, while agreeing to give Iran access to approximately 6 billion in funds previously held in South Korea.


“Similarly, the Biden Administration waived sanctions to allow more than 10 billion dollars’ worth of Iranian assets held in Iraq, to be transferred to Oman and other jurisdictions. 


“Three weeks ago, Hamas committed a brutal terrorist attack on the State of Israel, where 30 Americans tragically lost their lives. It is important to note, Hamas receives approximately $350 million dollars per year in support from Iran or roughly 93% of their total funding. 


“Finally, last week, the Oversight and Investigations Subcommittee launched an investigation to better understand the Biden Administration’s decisions regarding economic sanctions on the Iranian regime. 


“Today’s hearing will focus around three central questions. 


“One, how restricted Iranian funds are held around the world and how the Iranian regime accesses them?


“Two, understanding the genesis of the 6 billion dollars used as negotiating terms to release the hostages in Iran? 


“And three, how the Biden Administration helped the Iranian regime more easily access an additional 10 billion dollars paid by Iraq for electricity. 


“Here is what Congress can do. 


“One: Push for greater transparency when any Administration is choosing to waive sanctions—especially as negotiating terms in any hostage deal with the Iranian regime. Members of this body should not be kept in the dark—the consequences are too great.


“Two: Do not allow for any sanctions to be waived, rolled back, or funds transferred. Time and time again, Iran has shown that it is willing to starve its own people in pursuit of supporting terrorism or achieving a nuclear weapon. Naively believing that diplomatic agreements will deter the Iranian regime will be done at our own peril. We must cripple their economy and return to the previous administration’s maximum pressure campaign.


“Let me close with this. I know there is a lot of different opinions about what is happening in Gaza and with the Palestinians and with Israel, but we should all agree that innocent civilians should not be used as political cover. Make no mistake, Hamas is no friend to the Palestinian people. And the Iranian regime is no friend of ours. We must not waver in our support for our ally, Israel.


“I look forward to hearing from all our witnesses today and yield back the balance of my time.”



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