Huizenga’s House-approved bill throttling U.S. financing to Iran advances to Senate

A Republican-supported bill sponsored by U.S. Rep. Bill Huizenga (R-MI) that would hold Iran accountable and limit the regime’s terrorism financing passed the U.S. House of Representatives on Monday, advancing to the U.S. Senate on April 16 for consideration.

“Tonight, the House took decisive action,” Rep. Huizenga said on Monday. “The No U.S. Financing for Iran Act will help cut off Iran’s ability to finance terrorism. I am proud to lead this bipartisan effort to protect Americans, stand up for Israel, and hold the Iranian regime accountable for their actions.”

Specifically, the No U.S. Financing for Iran Act of 2023, H.R. 5921, which Rep. Huizenga sponsored on Oct. 11, 2023, alongside 18 original GOP cosponsors, would prohibit certain actions related to exports, imports, and financing with respect to Iran.

For instance, H.R. 5921 would prohibit the U.S. Treasury Department from authorizing U.S. financial institution transactions in connection with the importation from or exportation to Iran of goods, services, or technology. This prohibition would not apply to the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran, according to the congressional record bill summary.

Additionally, H.R. 5921 would require the Treasury to instruct U.S. representatives to the International Monetary Fund (IMF) to oppose IMF financial assistance and the allocation of Special Drawing Rights (SDR) to Iran, and to ensure that IMF member countries prohibit the exchange of SDR held by Iran. 

Further, the bill would provide statutory authority for the prohibition on Export-Import Bank financing with respect to Iran, the summary says.

“I am happy to share that my Iran sanctions legislation passed the House… with a bipartisan vote of 294-105,” Rep. Huizenga tweeted earlier this week on X, formerly Twitter. “Unbelievably Iran is still using the U.S. financial system, as well as being eligible for World Bank and IMF funds! Time to put a stop to that!”

Among the 18 original cosponsors of H.R. 5921 are U.S. Reps. Ann Wagner (R-MO), Guy Reschenthaler (R-PA), Maria Elvira Salazar (R-FL), Randy Feenstra (R-IA), and Andy Barr (R-KY).