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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. GONZA ́LEZ-COLO ́N, Mr. GREEN of Tennessee, Mr. 

JOHNSON of South Dakota, Mr. KILEY, Mr. MOOLENAAR, Mr. 

FITZPATRICK, Ms. DE LA CRUZ, Mrs. HOUCHIN, and Mr. GUTHRIE


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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. 


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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘No Funds for Iranian 

5 Terrorism Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress makes the following findings: 

8 (1) On October 7, 2023, Iran-backed Hamas 

9 terrorists launched a massive, unprovoked war on 

10 Israel by air, land, and sea, in which they engaged 

11 in the brutal murder of over 1,300 people and kid12 napped 130 people who are now being held hostage. 

13 (2) Hamas, Palestinian Islamic Jihad, and 

14 Hezbollah have all been designated by the United 

15 States as Foreign Terrorist Organizations pursuant 

16 to section 219 of the Immigration and Nationality 

17 Act (8 U.S.C. 1189). 

18 (3) According to an unclassified United States 

19 government assessment, ‘‘Iran has historically pro20 vided up to $100 million annually in combined sup21 port to Palestinian terrorist groups, including 

22 Hamas, Palestinian Islamic Jihad (PIJ), and the 

23 Popular Front for the Liberation of Palestine-Gen24 eral Command.’’. 


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1 (4) As National Security Advisor Jake Sullivan 

2 stated on October 10, 2023, ‘‘Iran is complicit in 

3 this attack in a broad sense because they have pro4 vided the lion’s share of the funding for the military 

5 wing of Hamas, they have provided training, they 

6 have provided capabilities, they have provided sup7 port, and they have provided engagement and con8 tact with Hamas over years and years.’’. 

9 (5) President Biden reached an agreement with 

10 the Iranian regime to bring home Siamak Namazi, 

11 Morad Tahbaz, Emad Shargi, and two additional 

12 American hostages all of whom were wrongfully de13 tained in Iran. 

14 SEC. 3. IMPOSITION OF SANCTIONS WITH RESPECT TO COV15 ERED IRANIAN ASSETS. 

16 (a) IN GENERAL.—On and after the date of the en17 actment of this Act, the President shall impose the sanc18 tion described in subsection (c) with respect to each for19 eign financial institution and each international financial 

20 institution that the President determines engages in an 

21 activity described in subsection (b). 

22 (b) ACTIVITIES DESCRIBED.—A foreign financial in23 stitution or international financial institution engages in 

24 an activity described in this subsection if the institution 


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1 processes, participates in, or facilitates a transaction using 

2 or involving covered Iranian funds. 

3 (c) BLOCKING OF PROPERTY.—The sanction de4 scribed in this subsection is the exercise of all of the pow5 ers granted to the President under the International 

6 Emergency Economic Powers Act (50 U.S.C. 1701 et 

7 seq.) to the extent necessary to block and prohibit all 

8 transactions in property and interests in property of a for9 eign financial institution or international financial institu10 tion described in subsection (a) if such property and inter11 ests in property are in the United States, come within the 

12 United States, or are or come within the possession or 

13 control of a United States person. 

14 (d) PENALTIES.—The penalties provided for in sub15 sections (b) and (c) of section 206 of the International 

16 Emergency Economic Powers Act (50 U.S.C. 1705) shall 

17 apply to a person that violates, attempts to violate, con18 spires to violate, or causes a violation of this section or 

19 any regulations promulgated to carry out this section to 

20 the same extent that such penalties apply to a person that 

21 commits an unlawful act described in section 206(a) of 

22 that Act. 

23 (e) TERMINATION OF SANCTIONS.—The President 

24 shall not be required to impose sanctions under this sec25 tion with respect to a foreign financial institution or interVerDate Sep 11 2014 00:34 Nov 10, 2023 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H5961.RH H5961

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1 national financial institution described in subsection (a) 

2 if the President certifies in writing to the appropriate con3 gressional committees that the Government of Iran— 

4 (1) no longer repeatedly provides support for 

5 international terrorism as determined by the Sec6 retary of State pursuant to— 

7 (A) section 1754(c)(1)(A) of the Export 

8 Control Reform Act of 2018 (50 U.S.C. 

9 4318(c)(1)(A)); 

10 (B) section 620A of the Foreign Assistance 

11 Act of 1961 (22 U.S.C. 2371); 

12 (C) section 40 of the Arms Export Control 

13 Act (22 U.S.C. 2780); or 

14 (D) any other provision of law; and 

15 (2) has ceased the pursuit, acquisition, and de16 velopment of, and verifiably dismantled its, nuclear, 

17 biological, and chemical weapons and ballistic mis18 siles and ballistic missile launch technology. 

19 SEC. 4. DEFINITIONS. 

20 In this Act: 

21 (1) APPROPRIATE CONGRESSIONAL COMMIT22 TEES.—The term ‘‘appropriate congressional com23 mittees’’ means— 


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1 (A) the Committee on Foreign Affairs and 

2 the Committee on Financial Services of the 

3 House of Representatives; and 

4 (B) the Committee on Foreign Relations 

5 and the Committee on Banking, Housing, and 

6 Urban Affairs of the Senate. 

7 (2) COVERED IRANIAN FUNDS.—The term ‘‘cov8 ered Iranian funds’’ means any funds transferred 

9 from accounts in the Republic of Korea to Qatar 

10 pursuant to or under the authority or guaranty of 

11 a waiver, license, assurance letter, or other guidance 

12 issued pursuant to or in furtherance of the waiver 

13 determination made pursuant to sections 1244(i) 

14 (22 U.S.C. 8803(i)) and 1247(f) of the Iran Free15 dom and Counter-Proliferation Act of 2012 (22 

16 U.S.C. 8806(f)) and section 1245(d)(5) of the Na17 tional Defense Authorization Act for Fiscal Year 

18 2012 (22 U.S.C. 8513a(d)(5)) that is the subject of 

19 the document entitled ‘‘Waiver of Sanctions with Re20 spect to the Transfer of Funds from the Republic of 

21 Korea to Qatar’’ and was transmitted to Congress in 

22 September 2023. 

23 (3) FOREIGN FINANCIAL INSTITUTION.—The 

24 term ‘‘foreign financial institution’’ has the meaning 


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1 given such term under section 561.308 of title 31, 

2 Code of Federal Regulations. 

3 (4) INTERNATIONAL FINANCIAL INSTITU4 TION.—The term ‘‘international financial institu5 tion’’ has the meaning given such term in section 

6 1701(c) of the International Financial Institutions 

7 Act (22 U.S.C. 262r(c)). 


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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 

Iran, and for other purposes. 2023 hostage deal between the United States and 

NOVEMBER 9, 2023 

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

NOVEMBER 9, 2023 

Committee on Financial Services discharged; committed 

the Union and ordered to be printed to the Committee of the Whole House on the State of 


dmwilson on DSKJM0X7X2PROD with BILLS