Press Releases

Today, Congressman Bill Huizenga (R-MI), Chairman of the House Financial Services Subcommittee on Oversight and Investigations, introduced the No U.S. Financing for Iran Act. This bill would effectively cut off the Iranian Government from the U.S. financial system. Additionally, this measure would prevent the Export-Import Bank as well as the International Monetary Fund (IMF) from financing projects associated with the Government of Iran.

According to the State Department’s 2021 Country Reports on Terrorism, Iran remains the world’s leading state sponsor of terrorism. Iran supports proxy elements across the Middle East, including Hamas and the Palestinian Islamic Jihad, by providing funding as well as weapons and training. The 2021 report also states that, “Iran continues to provide Hizballah with most of its funding, training, weapons, and explosives, as well as political, diplomatic, monetary, and organizational aid. Iran’s annual financial backing to Hizballah — which has been estimated to be hundreds of millions of dollars annually— accounts for the overwhelming majority of the group’s annual budget.”

“For years, Iran has been recognized as the world’s leading state sponsor of terrorism,” said Congressman Bill Huizenga. “The Iranian regime routinely provides about $100 million annually to terrorist groups that have killed Americans while others were taken hostage during the barbaric assault on Israel. The No U.S. Financing for Iran Act legislation cuts off the Iranian regimes access to our financial system while protecting American taxpayers from supporting the terrorism Iran funds throughout the Middle East and across the globe.”

Specifically, the No U.S. Financing for Iran Act does the following:

• Prohibits the Secretary of Treasury from authorizing transactions by U.S. financial institutions to Iran for any goods, services, or technology. This prohibition does not apply to the sale of agricultural commodities, food, medicine, or medical devices benefitting the civilian population of Iran.
• Prevents the IMF from providing financial assistance to Iran and the allocation of Special Drawing Rights.
• Codifies the statutory authority for the prohibition on the Export-Import Bank financing with respect to Iran. The Bank may not guarantee, insure, or extend credit in connection with any transaction for Iran or a government-controlled entity. 

Joining Congressman Huizenga in introducing the No U.S. Financing for Iran Act are Representatives Ann Wagner (R-MO), Blaine Luetkemeyer (R-MO), Maria Salazar (R-FL), John James (R-MI), Dan Meuser (R-PA), Bill Posey (R-FL), Zach Nunn (R-IA), Barry Loudermilk (R-GA), Roger Williams (R-TX), Guy Reschenthaler (R-PA), Rich McCormick (R-GA), Scott Franklin (R-FL), and Chris Smith (R-NJ).

Legislative text of the No U.S. Financing for Iran Act is available here.