McHenry: It is Our Responsibility to Put Forth Thoughtful Policy to Protect Our National Security and Support Our Allies

Statement

"Good morning, everyone. I want to start by saying how grateful I am to be back with you all at the Financial Services Committee.

As we sit here today, the world is on fire. Our allies are questioning our commitment to the rules based international system.

On October 7th, Iranian-backed Hamas terrorists launched a barbaric and unjustified attack against Israeli civilians.

In the worst assault on Jews since the Holocaust, we saw families brutally slaughtered, entire communities decimated, and disgusting acts of violence carried out against the most vulnerable.

We know all of this is true because we have seen the horrific images and videos from that day--undeniable proof of Hamas' antisemitic terror campaign.

We are also all aware of Ukraine's ongoing fight against Putin's unjustified invasion.

These conflicts have not occurred in a vacuum. They are all interconnected.

A new axis of evil is on the rise, and as the leader of the free world, it's the United States' duty to confront it. Russia, Iran, and the Chinese Communist Party are growing closer, threatening global stability.

The crux of this emerging partnership centers around the trade of oil and energy, as well as illicit finance networks that allow these rogue actors to circumvent sanctions.

So today, our Committee will stand with our Israeli allies as we work to further isolate Iran and its proxies from the global financial system.

This is just the most recent step in our Committee's work. Last month, we held Subcommittee hearings to examine Hamas' financing and the role of Iran. Just last week we had a bipartisan classified session with Deputy Secretary Adeyemo to better understand the nature of these ongoing global wars.

The legislation we will consider today builds on these ongoing efforts.

We will markup Congressman Lawler's Iran-China Energy Sanctions Act of 2023 to target Iranian oil revenue--one of their primary sources of funding used to finance terrorism around the globe.

H.R. 6000 and H.R. 5945, introduced by Representatives Nunn and Meuser, respond to reports that the Biden Administration eased Iran's ability to access $6 billion in humanitarian assistance.

We will also consider H.R. 5921, introduced by Mr. Huizenga, that would prohibit the Treasury Secretary from issuing any licenses authorizing a U.S. financial institution to engage in transactions for trade with Iran other than food, medicine, or medical devices benefitting Iranian civilians.

That bill also requires the Secretary to oppose International Monetary Fund assistance to Iran, and to ensure that IMF member companies do not exchange Special Drawing Rights held by Iran. It also prohibits the Export-Import Bank from providing assistance involving the Iranian government, or an entity owned or controlled by the government.

H.R. 6245, a bipartisan bill introduced by Representatives Hill and Vargas, requires the President to report on the assets of certain Iranian government officials and terrorist leaders while also providing for the publication of those assets.

We will also consider Congressman Luetkemeyer's H.R. 6015, which requires the President to prescribe regulations ensuring humanitarian exemptions involving Iran sanctions do not facilitate acts of international terrorism, transactions with sanctioned persons, or the proliferation of weapons of mass destruction.

These are just a handful of the bills on today's agenda. It is my expectation that we will move all of them to the floor expeditiously.

As today's geopolitical landscape grows ever more precarious, it is our responsibility to put forth thoughtful policy to protect our national security and support our allies. I believe all of the bills we will advance today meet this goal and complement the efforts of our colleagues across Congress.

As I've said before, we hear a lot of tough talk in Washington, but the House Financial Services Committee continues to walk the walk.

Finally, today I hope we can focus on our work here in the Financial Services Committee. We all agree we should pass a supplemental and keep the government open. But we are a legislating Committee, and we should use today's markup to advance sound policy--not as a platform for partisan talking points.

I look forward to a robust discussion and I yield back."

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