Us Congress 2023-2024 Regular Session

Us Congress House Bill HB6120

Introduced

10/30/23

Refer

10/30/23

Caption

NO OIL for Terrorists Act Negating Opportunities for Oil Income Leveraged for Terrorists Act

Impact

If enacted, HB6120 would reinstate comprehensive sanctions on foreign entities engaging in significant transactions related to petroleum and petrochemical products from Iran. The President is empowered to block property and interests tied to such transactions within the U.S. Additionally, sanctions would extend to financial institutions facilitating transactions with the Central Bank of Iran. The bill underscores the U.S. government's intention to maintain pressure on Iran to comply with international norms regarding its nuclear and terrorist activities.

Summary

House Bill 6120, titled the 'Negating Opportunities for Oil Income Leveraged for Terrorists Act' or 'NO OIL for Terrorists Act', seeks to reimpose sanctions on Iran that were previously waived. The bill is driven by concerns over Iran's ongoing support for terrorist organizations, including Hamas, and aims to counter Iran's destabilizing activities in the region. Proponents argue that restoring these sanctions is critical for protecting U.S. national security interests and international stability.

Contention

Debates surrounding HB6120 reveal notable divisions among legislators. Supporters emphasize the necessity of these sanctions as a means to deter Iran's harmful behavior, while critics warn that such actions could escalate tensions and undermine diplomatic efforts. The bill also includes provisions for case-by-case waivers by the President, which has raised questions about the potential for inconsistency in its application. Furthermore, a sunset clause stipulates that the Act will cease upon certifying that Iran has stopped financing international terrorism, reflecting ongoing concerns regarding the effectiveness of sanctions in promoting compliance.

Latest HB6120 Activity

Companion Bills

No companion bills found.

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