Sinema, Scott Lead Bill to Stop Iran’s Financing of Hamas’s Terrorism by Freezing $6 Billion to Iran, Investigating Additional Iranian Assets

Oct 18, 2023

In the wake of Hamas’s terrorist attacks on Israel, Sinema and her colleagues work to stop financing of terrorism

WASHINGTON – Following Hamas’s terrorist attacks on Israel, Arizona senior Senator Kyrsten Sinema and Republican Senator Tim Scott introduced the Revoke Iranian Funding Act – legislation that rescinds the general licenses that allowed the release of $6 billion in Iranian assets to Iran, one of Hamas’s largest backers, and prevent the Iranian regime from accessing and using the funds currently held in Qatar to finance terrorist attacks against Israel or any other nation.

Additionally, 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.

“As we stand firmly with Israel as she defends herself against Hamas’s evil terrorism, its critical we stop the flow of money to Iran – the world’s largest state sponsor of terrorism and one of Hamas’s top supporters. We’re working with colleagues on both sides of the aisle to freeze the $6 billion in Iranian assets and craft a comprehensive solution to cut off funding for terrorist organizations including Hamas, Iran, and their backers,” said Sinema. 

“The Biden administration’s decision to release $6 billion to Iran – the world’s leading state sponsor of terror – was a grave mistake that created a market for American hostages, emboldened our adversaries, and put a credit on the balance sheets of one of Hamas’s biggest backers,” said Ranking Member Tim Scott. “In the wake of Hamas’s horrific attacks on Israel, it has only become clearer that this rogue regime cannot be trusted as long they continue to support terrorist organizations. My bill is a comprehensive approach to wielding our economic sanctions tools against Iran by freezing the $6 billion and ensuring Congress has the information necessary to prevent Iran from accessing funds in the future. We must be unequivocal that the United States will not back down and waive sanctions on frozen Iranian funds held by other nations.”

Sinema and Scott’s bill is supported by Senators Mike Crapo (R-Idaho), John Cornyn (R-Texas), Lindsey Graham (R-S.C.), John Barrasso (R-Wyo.), John Hoeven (R-N.D.), Marco Rubio (R-Fla.), Deb Fischer (R-Neb.), Shelley Moore Capito (R-W.Va.), Bill Cassidy (R-La.), Tom Cotton (R-Ark.), Steve Daines (R-Mont.), Thom Tillis (R-N.C.), Marsha Blackburn (R-Tenn.), Kevin Cramer (R-N.D.), Mike Braun (R-Ind.), Rick Scott (R-Fla.), Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), JD Vance (R-Ohio), Katie Britt (R-Ala.), and Pete Ricketts (R-Neb.).

Sinema’s bill continues her full support for Israel – America’s strongest ally. Previously, Sinema called for the Administration to freeze the $6 billion in Iranian assets and pledged to work with both sides of the aisle to crack down on the financing of Hamas’s brutal terrorism. Sinema also cosponsored the Financial Technology Protection Act – bipartisan legislation that establishes a task force at the U.S. Department of Treasury to crack down on terrorists’ – including Hamas’s – use of digital currencies, like crypto. Additionally, Sinema and a group of senators urged President Joe Biden to quickly transfer requested defense weapons to Israel as it defends itself against terrorism.

Sinema will continue working with both parties so they put aside their differences, find common ground, and ensure America is doing everything to protect innocent lives from violence and terrorism and to support Israel as she defends herself.