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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5961 Reported in House (RH)]

<DOC>

                                                 Union Calendar No. 218
118th CONGRESS
  1st Session
                                H. R. 5961

                      [Report No. 118-270, Part I]

   To freeze certain Iranian funds involved in the 2023 hostage deal 
      between the United States and Iran, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 16, 2023

Mr. McCaul (for himself, Mr. Scalise, Ms. Stefanik, Mr. Wilson of South 
  Carolina, Mrs. Rodgers of Washington, Mr. Barr, Mr. Burchett, Mrs. 
 Wagner, Ms. Salazar, Mr. Kean of New Jersey, Mr. Baird, Mr. Smith of 
 New Jersey, Mr. Issa, Mr. Moran, Mr. James, Mr. Waltz, Mr. Self, Mrs. 
 Radewagen, Mr. Mast, Mr. McCormick, Mrs. Kim of California, Mr. Buck, 
    Mr. Mills, Mr. Huizenga, Mr. Jackson of Texas, and Mr. Lawler) 
                     introduced the following bill

                            October 25, 2023

              Referred to the Committee on Foreign Affairs

                            November 9, 2023

 Additional sponsors: Mrs. Gonzalez-Colon, Mr. Green of Tennessee, Mr. 
Johnson of South Dakota, Mr. Kiley, Mr. Moolenaar, Mr. Fitzpatrick, Ms. 
               De La Cruz, Mrs. Houchin, and Mr. Guthrie

                            November 9, 2023

 Reported with an amendment and referred to the Committee on Financial 
   Services for a period ending not later than November 9, 2023, for 
  consideration of such provisions of the bill and amendment as fall 
 within the jurisdiction of that committee pursuant to clause 1(h) of 
                                 rule X
                  [Insert the part printed in italic]

                            November 9, 2023

Committee on Financial Services discharged; committed to the Committee 
 of the Whole House on the State of the Union and ordered to be printed

_______________________________________________________________________

                                 A BILL

 
   To freeze certain Iranian funds involved in the 2023 hostage deal 
      between the United States and Iran, and for other purposes.

 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Funds for Iranian Terrorism 
Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) On October 7, 2023, Iran-backed Hamas terrorists 
        launched a massive, unprovoked war on Israel by air, land, and 
        sea, in which they engaged in the brutal murder of over 1,300 
        people and kidnapped 130 people who are now being held hostage.
            (2) Hamas, Palestinian Islamic Jihad, and Hezbollah have 
        all been designated by the United States as Foreign Terrorist 
        Organizations pursuant to section 219 of the Immigration and 
        Nationality Act (8 U.S.C. 1189).
            (3) According to an unclassified United States government 
        assessment, ``Iran has historically provided up to $100 million 
        annually in combined support to Palestinian terrorist groups, 
        including Hamas, Palestinian Islamic Jihad (PIJ), and the 
        Popular Front for the Liberation of Palestine-General 
        Command.''.
            (4) As National Security Advisor Jake Sullivan stated on 
        October 10, 2023, ``Iran is complicit in this attack in a broad 
        sense because they have provided the lion's share of the 
        funding for the military wing of Hamas, they have provided 
        training, they have provided capabilities, they have provided 
        support, and they have provided engagement and contact with 
        Hamas over years and years.''.
            (5) President Biden reached an agreement with the Iranian 
        regime to bring home Siamak Namazi, Morad Tahbaz, Emad Shargi, 
        and two additional American hostages all of whom were 
        wrongfully detained in Iran.

SEC. 3. IMPOSITION OF SANCTIONS WITH RESPECT TO COVERED IRANIAN ASSETS.

    (a) In General.--On and after the date of the enactment of this 
Act, the President shall impose the sanction described in subsection 
(c) with respect to each foreign financial institution and each 
international financial institution that the President determines 
engages in an activity described in subsection (b).
    (b) Activities Described.--A foreign financial institution or 
international financial institution engages in an activity described in 
this subsection if the institution processes, participates in, or 
facilitates a transaction using or involving covered Iranian funds.
    (c) Blocking of Property.--The sanction described in this 
subsection is the exercise of all of the powers granted to the 
President under the International Emergency Economic Powers Act (50 
U.S.C. 1701 et seq.) to the extent necessary to block and prohibit all 
transactions in property and interests in property of a foreign 
financial institution or international financial institution described 
in subsection (a) if such property and interests in property are in the 
United States, come within the United States, or are or come within the 
possession or control of a United States person.
    (d) Penalties.--The penalties provided for in subsections (b) and 
(c) of section 206 of the International Emergency Economic Powers Act 
(50 U.S.C. 1705) shall apply to a person that violates, attempts to 
violate, conspires to violate, or causes a violation of this section or 
any regulations promulgated to carry out this section to the same 
extent that such penalties apply to a person that commits an unlawful 
act described in section 206(a) of that Act.
    (e) Termination of Sanctions.--The President shall not be required 
to impose sanctions under this section with respect to a foreign 
financial institution or international financial institution described 
in subsection (a) if the President certifies in writing to the 
appropriate congressional committees that the Government of Iran--
            (1) no longer repeatedly provides support for international 
        terrorism as determined by the Secretary of State pursuant to--
                    (A) section 1754(c)(1)(A) of the Export Control 
                Reform Act of 2018 (50 U.S.C. 4318(c)(1)(A));
                    (B) section 620A of the Foreign Assistance Act of 
                1961 (22 U.S.C. 2371);
                    (C) section 40 of the Arms Export Control Act (22 
                U.S.C. 2780); or
                    (D) any other provision of law; and
            (2) has ceased the pursuit, acquisition, and development 
        of, and verifiably dismantled its, nuclear, biological, and 
        chemical weapons and ballistic missiles and ballistic missile 
        launch technology.

SEC. 4. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Affairs and the 
                Committee on Financial Services of the House of 
                Representatives; and
                    (B) the Committee on Foreign Relations and the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate.
            (2) Covered iranian funds.--The term ``covered Iranian 
        funds'' means any funds transferred from accounts in the 
        Republic of Korea to Qatar pursuant to or under the authority 
        or guaranty of a waiver, license, assurance letter, or other 
        guidance issued pursuant to or in furtherance of the waiver 
        determination made pursuant to sections 1244(i) (22 U.S.C. 
        8803(i)) and 1247(f) of the Iran Freedom and Counter-
        Proliferation Act of 2012 (22 U.S.C. 8806(f)) and section 
        1245(d)(5) of the National Defense Authorization Act for Fiscal 
        Year 2012 (22 U.S.C. 8513a(d)(5)) that is the subject of the 
        document entitled ``Waiver of Sanctions with Respect to the 
        Transfer of Funds from the Republic of Korea to Qatar'' and was 
        transmitted to Congress in September 2023.
            (3) Foreign financial institution.--The term ``foreign 
        financial institution'' has the meaning given such term under 
        section 561.308 of title 31, Code of Federal Regulations.
            (4) International financial institution.--The term 
        ``international financial institution'' has the meaning given 
        such term in section 1701(c) of the International Financial 
        Institutions Act (22 U.S.C. 262r(c)).
                                                 Union Calendar No. 218

118th CONGRESS

  1st Session

                               H. R. 5961

                      [Report No. 118-270, Part I]

_______________________________________________________________________

                                 A BILL

   To freeze certain Iranian funds involved in the 2023 hostage deal 
      between the United States and Iran, and for other purposes.

_______________________________________________________________________

                            November 9, 2023

 Reported with an amendment and referred to the Committee on Financial 
   Services for a period ending not later than November 9, 2023, for 
  consideration of such provisions of the bill and amendment as fall 
 within the jurisdiction of that committee pursuant to clause 1(h) of 
                                 rule X

                            November 9, 2023

Committee on Financial Services discharged; committed to the Committee 
 of the Whole House on the State of the Union and ordered to be printed
```