IB
Union Calendar No. 218
118THCONGRESS
1
STSESSION H. R. 5961
[Report No. 118–270, Part I]
To freeze certain Iranian funds involved in the 2023 hostage deal between
the United States and Iran, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER16, 2023
Mr. M
CCAUL(for himself, Mr. SCALISE, Ms. STEFANIK, Mr. WILSONof South
Carolina, Mrs. R
ODGERSof Washington, Mr. BARR, Mr. BURCHETT,
Mrs. W
AGNER, Ms. SALAZAR, Mr. KEANof New Jersey, Mr. BAIRD, Mr.
S
MITHof New Jersey, Mr. ISSA, Mr. MORAN, Mr. JAMES, Mr. WALTZ,
Mr. S
ELF, Mrs. RADEWAGEN, Mr. MAST, Mr. MCCORMICK, Mrs. KIMof
California, Mr. B
UCK, Mr. MILLS, Mr. HUIZENGA, Mr. JACKSONof
Texas, and Mr. L
AWLER) introduced the following bill
O
CTOBER25, 2023
Referred to the Committee on Foreign Affairs
N
OVEMBER9, 2023
Additional sponsors: Mrs. G
ONZA´LEZ-COLO´N, Mr. GREENof Tennessee, Mr.
J
OHNSONof South Dakota, Mr. KILEY, Mr. MOOLENAAR, Mr.
F
ITZPATRICK, Ms. DELACRUZ, Mrs. HOUCHIN, and Mr. GUTHRIE
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NOVEMBER9, 2023
Reported with an amendment and referred to the Committee on Financial
Services for a period ending not later than November 9, 2023, for consid-
eration of such provisions of the bill and amendment as fall within the
jurisdiction of that committee pursuant to clause 1(h) of rule X
[Insert the part printed in italic]
NOVEMBER9, 2023
Committee on Financial Services discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed
A BILL
To freeze certain Iranian funds involved in the 2023 hostage
deal between the United States and Iran, and for other
purposes.
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Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘No Funds for Iranian 4
Terrorism Act’’. 5
SEC. 2. FINDINGS. 6
Congress makes the following findings: 7
(1) On October 7, 2023, Iran-backed Hamas 8
terrorists launched a massive, unprovoked war on 9
Israel by air, land, and sea, in which they engaged 10
in the brutal murder of over 1,300 people and kid-11
napped 130 people who are now being held hostage. 12
(2) Hamas, Palestinian Islamic Jihad, and 13
Hezbollah have all been designated by the United 14
States as Foreign Terrorist Organizations pursuant 15
to section 219 of the Immigration and Nationality 16
Act (8 U.S.C. 1189). 17
(3) According to an unclassified United States 18
government assessment, ‘‘Iran has historically pro-19
vided up to $100 million annually in combined sup-20
port to Palestinian terrorist groups, including 21
Hamas, Palestinian Islamic Jihad (PIJ), and the 22
Popular Front for the Liberation of Palestine-Gen-23
eral Command.’’. 24
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(4) As National Security Advisor Jake Sullivan 1
stated on October 10, 2023, ‘‘Iran is complicit in 2
this attack in a broad sense because they have pro-3
vided the lion’s share of the funding for the military 4
wing of Hamas, they have provided training, they 5
have provided capabilities, they have provided sup-6
port, and they have provided engagement and con-7
tact with Hamas over years and years.’’. 8
(5) President Biden reached an agreement with 9
the Iranian regime to bring home Siamak Namazi, 10
Morad Tahbaz, Emad Shargi, and two additional 11
American hostages all of whom were wrongfully de-12
tained in Iran. 13
SEC. 3. IMPOSITION OF SANCTIONS WITH RESPECT TO COV-14
ERED IRANIAN ASSETS. 15
(a) I
NGENERAL.—On and after the date of the en-16
actment of this Act, the President shall impose the sanc-17
tion described in subsection (c) with respect to each for-18
eign financial institution and each international financial 19
institution that the President determines engages in an 20
activity described in subsection (b). 21
(b) A
CTIVITIESDESCRIBED.—A foreign financial in-22
stitution or international financial institution engages in 23
an activity described in this subsection if the institution 24
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•HR 5961 RH
processes, participates in, or facilitates a transaction using 1
or involving covered Iranian funds. 2
(c) B
LOCKING OF PROPERTY.—The sanction de-3
scribed in this subsection is the exercise of all of the pow-4
ers granted to the President under the International 5
Emergency Economic Powers Act (50 U.S.C. 1701 et 6
seq.) to the extent necessary to block and prohibit all 7
transactions in property and interests in property of a for-8
eign financial institution or international financial institu-9
tion described in subsection (a) if such property and inter-10
ests in property are in the United States, come within the 11
United States, or are or come within the possession or 12
control of a United States person. 13
(d) P
ENALTIES.—The penalties provided for in sub-14
sections (b) and (c) of section 206 of the International 15
Emergency Economic Powers Act (50 U.S.C. 1705) shall 16
apply to a person that violates, attempts to violate, con-17
spires to violate, or causes a violation of this section or 18
any regulations promulgated to carry out this section to 19
the same extent that such penalties apply to a person that 20
commits an unlawful act described in section 206(a) of 21
that Act. 22
(e) T
ERMINATION OF SANCTIONS.—The President 23
shall not be required to impose sanctions under this sec-24
tion with respect to a foreign financial institution or inter-25
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national financial institution described in subsection (a) 1
if the President certifies in writing to the appropriate con-2
gressional committees that the Government of Iran— 3
(1) no longer repeatedly provides support for 4
international terrorism as determined by the Sec-5
retary of State pursuant to— 6
(A) section 1754(c)(1)(A) of the Export 7
Control Reform Act of 2018 (50 U.S.C. 8
4318(c)(1)(A)); 9
(B) section 620A of the Foreign Assistance 10
Act of 1961 (22 U.S.C. 2371); 11
(C) section 40 of the Arms Export Control 12
Act (22 U.S.C. 2780); or 13
(D) any other provision of law; and 14
(2) has ceased the pursuit, acquisition, and de-15
velopment of, and verifiably dismantled its, nuclear, 16
biological, and chemical weapons and ballistic mis-17
siles and ballistic missile launch technology. 18
SEC. 4. DEFINITIONS. 19
In this Act: 20
(1) A
PPROPRIATE CONGRESSIONAL COMMIT -21
TEES.—The term ‘‘appropriate congressional com-22
mittees’’ means— 23
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(A) the Committee on Foreign Affairs and 1
the Committee on Financial Services of the 2
House of Representatives; and 3
(B) the Committee on Foreign Relations 4
and the Committee on Banking, Housing, and 5
Urban Affairs of the Senate. 6
(2) C
OVERED IRANIAN FUNDS .—The term ‘‘cov-7
ered Iranian funds’’ means any funds transferred 8
from accounts in the Republic of Korea to Qatar 9
pursuant to or under the authority or guaranty of 10
a waiver, license, assurance letter, or other guidance 11
issued pursuant to or in furtherance of the waiver 12
determination made pursuant to sections 1244(i) 13
(22 U.S.C. 8803(i)) and 1247(f) of the Iran Free-14
dom and Counter-Proliferation Act of 2012 (22 15
U.S.C. 8806(f)) and section 1245(d)(5) of the Na-16
tional Defense Authorization Act for Fiscal Year 17
2012 (22 U.S.C. 8513a(d)(5)) that is the subject of 18
the document entitled ‘‘Waiver of Sanctions with Re-19
spect to the Transfer of Funds from the Republic of 20
Korea to Qatar’’ and was transmitted to Congress in 21
September 2023. 22
(3) F
OREIGN FINANCIAL INSTITUTION .—The 23
term ‘‘foreign financial institution’’ has the meaning 24
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given such term under section 561.308 of title 31, 1
Code of Federal Regulations. 2
(4) I
NTERNATIONAL FINANCIAL INSTITU -3
TION.—The term ‘‘international financial institu-4
tion’’ has the meaning given such term in section 5
1701(c) of the International Financial Institutions 6
Act (22 U.S.C. 262r(c)). 7
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dmwilson on DSKJM0X7X2PROD with BILLS Union Calendar No.
218
118
TH
CONGRESS
1
ST
S
ESSION
H. R. 5961
[Report No. 118–270, Part I]
A BILL
To freeze certain Iranian funds involved in the
2023 hostage deal between the United States and
Iran, and for other purposes.
N
OVEMBER
9, 2023
Reported with an amendment and referred to the Com-
mittee on Financial Services for a period ending not
later than November 9, 2023, for consideration of such
provisions of the bill and amendment as fall within the
jurisdiction of that committee pursuant to clause 1(h)
of rule X
N
OVEMBER
9, 2023
Committee on Financial Services discharged; committed
to the Committee of the Whole House on the State of
the Union and ordered to be printed
VerDate Sep 11 2014 00:34 Nov 10, 2023 Jkt 049200 PO 00000 Frm 00010 Fmt 6651 Sfmt 6651 E:\BILLS\H5961.RH H5961
dmwilson on DSKJM0X7X2PROD with BILLS