U.S. Sen. Joni Ernst (R-IA) on Nov. 1 sponsored a bipartisan bill to establish and authorize funding for an Iranian Sanctions Enforcement Fund.
The monies authorized under the Iranian Sanctions Enforcement Act, S. 3197, would be used to enforce United States sanctions on Iran and its proxies, pay off America’s public debt, and codify the Export Enforcement Coordination Center.
By introducing the bill, Sen. Ernst seeks to create a new avenue to cut off Iran’s funding for its terrorist proxies by equipping Homeland Security Investigations (HSI) with the funds to enforce oil sanctions.
Since 2021, Iran has increased its oil revenue by $80 billion, which the Islamic Revolutionary Guard Corps (IRGC) has used to fund Hamas, Palestinian Islamic Jihad, and Hezbollah, according to the bill summary provided by Sen. Ernst’s staff.
“By removing this money from Iran’s hands, we can provide more support to victims of terrorism and pay down our national debt,” said Sen. Ernst, who introduced the bill alongside lead original cosponsor U.S. Sen. Richard Blumenthal (D-CT).
If enacted, S. 3197 would authorize a one-time investment of $150 million for the Iran Sanctions Enforcement Fund that would have to be paid back within 10 years, adjusted for inflation, the summary says.
Additionally, S. 3197 would ensure the authority given to HSI and other agencies to carry out sanctions enforcement could not be undone by a future president by codifying into law the 2010 Executive Order that established the Export Enforcement Coordination Center, states the summary.
“Right now, we are witnessing the chaos Iran-backed Hamas is inflicting on Israel and the world, funded by the IRGC’s illicit oil sales,” Sen. Ernst said on Wednesday. “Instead of allowing Iran’s illegal actions to continue, I’m working to cut the red tape and equip HSI, and its proven record of enforcing sanctions, with the support and resources it needs to go after and stop Tehran.”
Sen. Blumenthal added that the bipartisan proposal would help mitigate Iran’s malign influence and provide more support to victims of terror.
“Because profits from Iran’s illicit oil directly support Hamas and other terrorist proxies, efforts to crack down on these sales are critically important,” he said.
U.S. Rep. August Pfluger (R-TX) is introducing the companion bill in the U.S. House of Representatives, according to Sen. Ernst’s office.