House advances Hill’s bipartisan bill to hinder terrorism financing by Iranian leaders

The U.S. House of Representatives on April 16 voted 419-4 to approve legislation led by U.S. Rep. French Hill (R-AR) that would require the U.S. Treasury Department to brief Congress on the finances of Iranian leadership and require financial institutions to close accounts connected to these individuals.

“The United States must take action to assess the finances of Iran’s authoritarian leaders and crack down on financial institutions that are connected to their funds to hinder their terror financing abilities,” Rep. Hill said on Tuesday. “My bill that passed [on] the House floor today does just that.”

The Holding Iranian Leaders Accountable Act of 2023, H.R. 6245, which Rep. Hill  sponsored on Nov. 6, 2023, with lead original cosponsor U.S. Rep. Juan Vargas (D-CA), would require the president to report on the estimated total funds held in domestic and international financial institutions by certain Iranian leaders, according to the congressional record bill summary. 

If enacted, H.R. 6245 also would require U.S. financial institutions to close reported accounts and that the Treasury Department seek the closure of such accounts in foreign financial institutions, the summary says.

“Iran’s attacks on Israel are the latest example of their terror that continues to plague the world,” said Rep. Hill. “The Iranian regime is the top sponsor of terrorism who enables terrorist groups like Hamas and Hezbollah to carry out their brutal attacks against innocent civilians in the Middle East and beyond.”

The congressman noted that Iranian leader Ayatollah Khamenei and his “theocratic leaders” have been in power for 30 years, and his family wealth is estimated to be in the billions. At the same time, he said, roughly 60 percent of Iranians live in poverty.

“Publishing the level of corruption and theft by Iranian leaders and offering it in English, Farsi, Arabic, and Azeri will demonstrate to the citizens of Iran how they have been misled,” Rep. Hill said.

H.R. 6245 on Wednesday advanced to the U.S. Senate, which referred it for consideration to the U.S. Senate Banking, Housing, and Urban Affairs Committee.

“This legislation, which was introduced with my friend and colleague, French Hill, will help provide transparency into the financial corruption of the Iranian regime and hold them accountable,” said Rep. Vargas.