Capito, Colleagues Introduce Bill to Freeze $6 Billion to Iran, Probe Additional Iranian Assets

WASHINGTON, DC (LOOTPRESS) – This week, U.S. Senator Shelley Moore Capito (R-W.Va.), along with 23 of her colleagues, introduced the Revoke Iranian Funding Act. The legislation, which was led by U.S. Senator Tim Scott (R-S.C.), aims to rescind the general licenses that enabled the release of $6 billion to Iran and to 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 Treasury Secretary to study all high-value Iranian assets around the world that are 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.

“Providing a $6 billion credit to Iran, the world leader in state sponsored terrorism, only emboldens our adversaries and weakens the standing of the United States and our allies. As Hamas continues their attacks of terror on Israel, supported by Iran, this funding must be unequivocally frozen and general licenses must be rescinded. We must use every tool available to prevent illicit financing of terrorist activities, and I’m proud to introduce this legislation with my colleagues to block Iran from receiving these assets that would further endanger the lives of Americans and our allies,” Senator Capito said.

Full text of the bill can be found here.

BACKGROUND:

Senator Capito has been committed to applying pressure on the Iranian regime and holding the Biden administration accountable through Congressional oversight. This week, Senator Capito cosponsored a bill that would freeze the $6 billion that the Biden administration sent to Iran and also joined with 98 other senators in a bipartisan resolution signaling steadfast U.S. support for Israel.

On August 18, Senator Capito joined her colleagues in demanding answers from the Biden administration after it announced the release of $6 billion to Iran.

In June, Senator Capito cosponsored the Stop Harboring Iranian Petroleum (SHIP) Act, which would sanction those who facilitate illicit purchases of Iranian oil.