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Weekly Column: Standing with Israel, Holding Iran Accountable

Over the weekend, Iran launched a direct assault against Israel. I continue to stand with Israel, and completely condemn the actions of Iran.


Iran remains one of the most heavily sanctioned countries in the world. However, as recent as March 2024, the Biden Administration granted sanction waivers to Iran, potentially giving the regime access to billions of dollars. We cannot provide a financial lifeline to the Iranian regime as it continues to support terrorist organizations around the world and now directly attacks our allies.


My bill, the No U.S. Financing for Iran Act, was one of the first considered in the House to hold Iran accountable as well as limit the Iranian regime’s ability to finance terrorism. I am proud to say that H.R. 5921 passed the House with a bipartisan vote of 294-105.


The No U.S. Financing for Iran Act protects our national security interests in three main ways.


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


Second, it further cuts off financing for Iran from the International Monetary Fund (IMF). While Iran is not currently seeking assistance from the Fund, it certainly could as an IMF member country. My bill makes clear that the United States, as the IMF’s largest shareholder, will oppose any such request. This prohibition would extend to the IMF Special Drawing Rights program, which Iran utilized in 2021 to access approximately $5 billion.


Lastly, it extends an existing prohibition against Export-Import Bank financing for Iran.


My bill is targeted. It tightens our grip on the Ayatollahs while permitting licenses to allow for humanitarian aid to continue flowing to the Iranian people.


When Americans deposit their earnings in a U.S. bank or entrust the government with their tax dollars, they do so assuming that the money will not be used in ways that undermine the security of our nation. These are commonsense but long overdue prohibitions to hold the Iranian regime accountable.


If you need assistance navigating a federal agency, please contact my office in Holland at (616) 251-6741 or in Portage at (269) 569-8595.

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