South Iowa News

U.S. Representative Zach Nunn has successfully passed bipartisan legislation through the House Financial Services Committee aimed at sanctioning Iran for its role in funding global terrorism. The proposed Revoke Iranian Funding Act seeks to permanently freeze $6 billion in Iranian assets, enhancing transparency to prevent Iran from using these funds for terrorist activities against Israel or other nations.

Rep. Nunn stated, "The terrorist attacks perpetrated by Hamas against Israel were barbaric and demand a strong response. Iran must be held responsible for their role in funding and supporting these acts." He emphasized the importance of blocking Iran's access to funds that could potentially finance future terrorism, reinforcing U.S. support for Israel.

In September, the Biden Administration announced a deal involving the exchange of $6 billion in frozen Iranian assets for the release of five U.S. hostages held in Tehran. These funds remain undistributed and are currently held by the Qatar Central Bank.

The Revoke Iranian Funding Act not only seeks to freeze these assets but also mandates the U.S. Department of Treasury to report high-value Iranian assets to Congress, aiming for greater financial transparency regarding Iran's resources.

A similar bill has been introduced in the Senate by Senator Tim Scott from South Carolina. The legislation is now pending review by the full House of Representatives.