The U.S. House of Representatives recently passed a series of bipartisan financial services bills aimed at holding Iran accountable for its acts of international aggression and financing of terrorism. The legislation includes four key bills sponsored by various representatives.
One of the bills, H.R. 5923, the "Iran-China Energy Sanctions Act of 2023," sponsored by Rep. Mike Lawler (NY-17), expands the secondary sanctions regime involving Iran to include transactions between Chinese financial institutions and sanctioned Iranian banks handling the purchase of petroleum and petroleum products. Rep. Lawler emphasized the importance of this bill in his remarks supporting it.
Another bill, H.R. 5921, the "No U.S. Financing for Iran Act of 2023," sponsored by Rep. Bill Huizenga (MI-04), aims to limit Iran's financial resources by prohibiting U.S. financial institutions from engaging in transactions for trade with Iran, except for humanitarian aid. Rep. Huizenga highlighted the significance of this legislation in his comments during the House session.
Additionally, H.R. 6245, the "Holding Iranian Leaders Accountable Act," sponsored by Rep. French Hill (AR-02), focuses on enhancing transparency in terrorist financing by requiring the disclosure of assets belonging to certain Iranian government officials and terrorist leaders. Rep. Hill stressed the need for this act to bring accountability to Iranian leaders.
Lastly, H.R. 6015, the "Iran Sanctions Accountability Act of 2023," sponsored by Rep. Blaine Luetkemeyer (MO-03), mandates the President to issue regulations ensuring that humanitarian exemptions related to Iran sanctions do not support terrorism or the proliferation of weapons of mass destruction. Chairman McHenry expressed his support for this bill during the House proceedings.
The House's approval of these financial services bills underscores a united effort to address Iran's destabilizing actions on the international stage. The bipartisan nature of the legislation reflects a strong commitment to holding Iran accountable for its involvement in acts of aggression and terrorism.