West Michigan Congressman introduces "No U.S. Financing for Iran Act"
The bill cutting off the Iranian government from the U.S. financial system has passed the House Committee on Financial Services.
U.S. Representative Bill Huizenga is introducing legislation responding to the October 7th attacks on Israeli citizens by Hamas terrorists. The Zeeland Republican says Hamas is primarily financed by Iran. Huizenga’s No U.S. Financing for Iran Act would prevent the Iranian government from entering the U.S. financial system.
“My bill tightens our grip on the ayatollahs, on the government itself, but licenses for humanitarian aid to ordinary Iranians will continue to be permitted,”
The language of the legislation dates back to 2015 and the 114th Congress.
“First, it prohibits Treasury from issuing licenses that allow U.S. financial institutions to enable trade with Iran.”
The exception states, “other than the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran.”
Secondly, the legislation blocks Iran from accessing the world’s lender of last resort, the International Monetary Fund (IMF).
“My bill makes it clear that the United States, as the IMF’s largest shareholder, will oppose any such request.”
The No U.S. Financing for Iran Act, passed with bipartisan with a 34 to 12 vote. Seven Democrats joined 27 Republicans.