Washington, DC – Today, U.S. Representative Young Kim (CA-40) voted in support of the No Funds for Iranian Terrorism Act (H.R. 5961), which she helped introduce with House Foreign Affairs Committee Chairman Michael McCaul (TX-10) to permanently freeze the $6 billion of Iranian funds released as part of the Biden administration’s hostage deal in September 2023.
The bill imposes sanctions on international financial institutions that process, participate in, or facilitate transactions using or involving the $6 billion in unfrozen Iranian assets that were transferred from South Korea to Qatar in exchange for five hostages kept in Iran.
Rep. Kim spoke on the House floor to urge her colleagues to support this bill. Watch her speech HERE or read her remarks below.
Thank you, Chairman McCaul for yielding.
I rise in strong support of H.R. 5967, the No Funds for Iranian Terrorism Act, to keep Iran from accessing the $6 billion in assets that were unfrozen in September.
This bill imposes sanctions on international financial institutions that process, participate in, or facilitate transactions using or involving the $6 billion in unfrozen Iranian assets that were transferred from South Korea to Qatar in exchange for five hostages kept in Iran in September.
While I am glad the hostages came back to their homes, we cannot incentivize more hostage-taking by the Islamic Republic of Iran.
The Administration claims that this funding could only be used for humanitarian purposes, but Iranian President Ebrahim Raisi has countered that the Islamic Republic of Iran can use the assets “wherever we need it.”
Allowing Iran to access these funds would be foolish.
Hamas’ October 7th attack on Israel showed the world how much destruction Iran is capable of through its illicit finance of terrorist organizations.
We also now see Iran’s proxy militia and terrorist organizations carrying attacks on U.S. troops and military assets in Syria and Iraq.
Congress must take strong action to bolster our sanctions policy and stop Iran from accessing assets that it can use to carry out its terrorist agenda across the Middle East.
I urge my colleagues to support this bill, and I yield the balance of my time.
