Yesterday, the House passed H.R. 5961, the No Funds for Iranian Terrorism Act.
This bill would direct the Biden Administration to sanction any financial institution that facilitates the transfer of the $6 billion in Iranian assets released from sanctions in September 2023.
In case you've forgotten, that's the money the president announced he would give to the world's number one state sponsor of terrorism on the 22nd anniversary of 9/11.
White House tried to justify the decision by saying that the funds will only be used for humanitarian purposes, but the Iranian government didn't get the memo. Iran's president told NBC news his government would allocate the money "wherever we need it."
Just weeks later, Hamas, one of Iran's top proxies, launched its deadly assault on Israel. According to some estimates, Iran gives Hamas as much as $100 million per year to buy guns, missiles, and other military technology. Hezbollah, another terrorist group in the Middle East, receives even more — reportedly as much as $700 million annually.
The stakes here are clear: if this money goes to Iran, it will make its way directly into the pockets of terrorist groups like Hamas and Hezbollah. We cannot allow that to happen.
House Republicans, together with just under half of Democrats, took a major step to block that transfer today, and we'll continue our fight to keep money out of the hands of our enemies around the globe.