Crapo Backs Legislation to Freeze $6 Billion to Iran, Probe Additional Iranian Assets
Washington, D.C.--U.S. Senator Mike Crapo (R-Idaho), senior member of the Senate Committee on Banking, Housing, and Urban Affairs, joined Ranking Member Tim Scott (R-South Carolina) and 22 additional colleagues to introduce the Revoke Iranian Funding Act to rescind the general licenses that enabled the release of the $6 billion to Iran and prevent the Iranian regime from accessing and using the funds held in Qatar to finance terrorist attacks against Israel or any other nation. In addition, the bill directs the Secretary of the U.S. Department of the Treasury to study all high-value Iranian assets around the world currently blocked by U.S. sanctions and provide that information to Congress, ensuring Congress has the information necessary to enact further targeted legislation, if necessary.
“Money is fungible. Guarantees that unfrozen assets cannot be used to fuel Iran’s global support for terrorist warfare against Americans and other innocent civilians simply do not exist,” said Crapo. “The United States must not release the $6 billion in Iranian assets. While the announcement of an understanding with Qatar to freeze the funds is a positive step, more must be done. Our legislation would codify in law what the Administration cannot guarantee--that Iran will not see a single dollar from the United States to use for funding terrorism across the globe.”
Crapo maintains that Iran’s access to fungible funds or assets--those which can be replaced and used for other purposes when provided access to additional funding or assets--will allow Iran to shift around its spending priorities and use the $6 billion of unfrozen funds for purposes of conducting worldwide terrorism. Previously, on August 18, Senator Crapo joined Ranking Member Scott and other colleagues to demand answers from the Biden Administration after it announced the release of $6 billion to Iran.
Additional co-sponsors of the legislation include Senators John Cornyn (R-Texas), Lindsey Graham (R-South Carolina), John Barrasso (R-Wyoming), John Hoeven (R-North Dakota), Marco Rubio (R-Florida), Deb Fischer (R-Nebraska), Shelley Moore Capito (R-West Virginia), Bill Cassidy (R-Louisiana), Tom Cotton (R-Arkansas), Steve Daines (R-Montana), Mike Rounds (R-South Dakota), Thom Tillis (R-North Carolina), Marsha Blackburn (R-Tennessee), Kyrsten Sinema (I-Arizona), Kevin Cramer (R-North Dakota), Mike Braun (R-Indiana), Rick Scott (R-Florida), Cynthia Lummis (R-Wyoming), Bill Hagerty (R-Tennessee), JD Vance (R-Ohio), Katie Britt (R-Alabama) and Pete Ricketts (R-Nebraska).
Read an overview of the bill here and a section-by-section here.
###
