No Funds for Iranian Terrorism Act

Floor Speech

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Mrs. KIM of California. Madam Chair, I thank Chairman McCaul for yielding.

Madam Chair, I rise in strong support of H.R. 5961, 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 be used only for humanitarian purposes, but Iranian President Raisi has countered that the Islamic Republic of Iran can use the assets ``wherever we need it.'' Those are his words.

Allowing Iran to access these funds would be foolish. Hamas' October 7 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 out 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.

Madam Chair, I urge my colleagues to support this bill.

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