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U.S. House passes bipartisan bill aimed at cutting off Iranian government from U.S. financial system

U.S. Rep. Bill Huizenga (R-Zeeland, MI-2)
U.S. House of Representatives
U.S. Rep. Bill Huizenga (R-Zeeland, MI-2)

West Michigan U.S. Congressman Bill Huizenga introduced the legislation in 2023.

“Iran’s direct attack on Israel this weekend demonstrates that the U.S. must hold Iran accountable.”

U.S. Representative Bill Huizenga introduced the No U.S. Financing for Iran Act.

“One significant way to do this is by cutting off Iran’s access to the funding it uses to finance terrorism.”

The Zeeland Republican acknowledges Iran is already heavily sanctioned but by executive order. The No U.S. Financing for Iran Act makes it law accomplishing three things.

“First, it prohibits Treasury from issuing licenses that allow U.S. financial institutions to enable trade with Iran.”

Huizenga says prohibiting licenses for trading oil, gas, and other goods cuts off Iran’s financial support of terrorism. The bill also prevents Iran from gaining access to the International Monetary Fund including it’s Special Drawing Rights Program.

“Which in 2021 Iran utilized, just three years ago, to access approximately $5 billion. So, we have seen the IMF already be used by the Ayatollahs in Iran to finance terrorism.”

The bill does permit licenses for humanitarian aid.

Patrick joined WGVU Public Media in December, 2008 after eight years of investigative reporting at Grand Rapids' WOOD-TV8 and three years at WYTV News Channel 33 in Youngstown, Ohio. As News and Public Affairs Director, Patrick manages our daily radio news operation and public interest television programming. An award-winning reporter, Patrick has won multiple Michigan Associated Press Best Reporter/Anchor awards and is a three-time Academy of Television Arts & Sciences EMMY Award winner with 14 nominations.