Holland Reporter

Congressman Bill Huizenga (R-MI), Chairman of the House Financial Services Subcommittee on Oversight and Investigations, has introduced the No U.S. Financing for Iran Act. This bill aims to sever the Iranian Government's access to the U.S. financial system and prevent financing from the Export-Import Bank and the International Monetary Fund (IMF) for projects associated with the Government of Iran.

The State Department's 2021 Country Reports on Terrorism identifies Iran as the world's leading state sponsor of terrorism. The report highlights Iran's support for proxy elements in the Middle East, such as Hamas and the Palestinian Islamic Jihad, through funding, weapons, and training. The report also reveals Iran's significant financial backing of Hizballah, which accounts for the majority of the group's annual budget.

In light of these findings, Congressman Huizenga emphasizes the urgency of cutting off Iran's access to the U.S. financial system. He states, "The No U.S. Financing for Iran Act legislation 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."

The No U.S. Financing for Iran Act includes the following provisions:

1. Prohibition of transactions by U.S. financial institutions to Iran, except for the sale of agricultural commodities, food, medicine, or medical devices benefiting the civilian population of Iran.

2. Prevention of financial assistance from the IMF and the allocation of Special Drawing Rights to Iran.

3. Statutory authority for the Export-Import Bank's prohibition on financing transactions with Iran or government-controlled entities.

Congressman Huizenga is joined by several representatives in introducing this act, including Ann Wagner (R-MO), Blaine Luetkemeyer (R-MO), Maria Salazar (R-FL), John James (R-MI), Dan Meuser (R-PA), Bill Posey (R-FL), Zach Nunn (R-IA), Barry Loudermilk (R-GA), Roger Williams (R-TX), Guy Reschenthaler (R-PA), Rich McCormick (R-GA), Scott Franklin (R-FL), and Chris Smith (R-NJ).

The legislative text of the No U.S. Financing for Iran Act can be accessed here.

By introducing the No U.S. Financing for Iran Act, Congressman Huizenga aims to effectively sever Iran's access to the U.S. financial system and prevent the financing of projects associated with the Iranian Government. This measure comes in response to Iran's longstanding role as the world's leading state sponsor of terrorism, as highlighted in the State Department's 2021 Country Reports on Terrorism. The bill has garnered support from several representatives who recognize the importance of cutting off Iran's access to the U.S. financial system and protecting American taxpayers from supporting terrorism.

To find out more, go to this link: https://huizenga.house.gov/news/documentsingle.aspx?DocumentID=402717