Huizenga sponsors bill prohibiting Iran’s access to U.S. financial system

The Iranian government would be prevented from accessing the U.S. financial system under legislation sponsored on Oct. 11 by U.S. Rep. Bill Huizenga (R-MI)

The bill “cuts off the Iranian regime’s access to our financial system while protecting American taxpayers from supporting the terrorism Iran funds throughout the Middle East and across the globe,” said Rep. Huizenga, chairman of the U.S. House Financial Services Subcommittee on Oversight and Investigations.

The congressman led 18 GOP original cosponsors in introducing the No U.S. Financing for Iran Act, H.R. 5921, which also would prevent the Export-Import Bank and the International Monetary Fund (IMF) from financing projects associated with Iran, according to the bill’s text.

Among the original cosponsors of H.R. 5921 are lead original cosponsor U.S. Rep. Ann Wagner (R-MO) and U.S. Reps. Guy Reschenthaler (R-PA), Maria Elvira Salazar (R-FL), Randy Feenstra (R-IA), and Andy Barr (R-KY). 

“For years, Iran has been recognized as the world’s leading state sponsor of terrorism,” Rep. Huizenga said. “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.”

If enacted, H.R. 5921 would prohibit the U.S. Treasury Secretary from authorizing transactions by U.S. financial institutions to Iran for any goods, services, or technology, except for the sale of agricultural commodities, food, medicine, or medical devices benefitting the civilian population of Iran, according to a bill summary provided by Rep. Huizenga’s office.

H.R. 5921 also would prevent the IMF from providing financial assistance to Iran and the allocation of Special Drawing Rights held by the country, and would codify 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, the summary says.