Iran-China Energy Sanctions Act of 2023

Floor Speech

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Mr. FOSTER. Mr. Speaker, I thank Representative Gottheimer, as well as Chair McHenry, Representative Lawler, and my Republican and Democratic colleagues who have made this bill come to the floor.

Mr. Speaker, I rise in support of H.R. 5923, the Iran-China Energy Sanctions Act. Thanks to Representative Lawler's bipartisan efforts, this legislation now includes an amendment that I proposed during the Financial Services Committee's consideration of this bill, which would empower the administration to go after Iran's production of unmanned aerial vehicles, or drones, that are now being used against our allies abroad.

It is essential for us to work aggressively to cut off the flow of money that Iran, a known sponsor of terrorist groups like Hamas, Hezbollah, and the Houthis, is using to fund violence and disrupt commerce around the world.

Just last weekend, Iran sent more than 300 drones to attack Israel. According to the Atlantic Council, it is a steady supply of Iranian drones that allows Russia to continue its intensive bombing campaign against Ukraine. We also know that Iran is building drones and sharing its technology and expertise with its proxies in the Middle East.

Drones and related technologies are changing the tactics used on the modern battlefield. They can be deployed in large numbers, as they were in Israel last weekend, in an attempt to overwhelm air defenses and strike critical infrastructure far from the front lines. Small and commercially available drones are also being used and converted to carry munitions capable of inflicting significant damage at relatively low cost.

This legislation will crack down on the financing that makes Iran's support of our adversaries possible. Specifically, the language that I drafted will empower the Treasury to sanction any financial institution involved in the purchase of Iranian drones, parts, or related systems.

We have seen the damage that drones are doing in Israel and Ukraine, and expanding this legislation to go after Iran's drone production is an important step to support our allies abroad.

Mr. Speaker, I support this legislation and encourage my colleagues to vote ``yes.''

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