Scott Leads Colleagues in Bill to Freeze $6 Billion to Iran, Probe Additional Iranian Assets

WASHINGTON – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Mike Crapo (R-Idaho), John Cornyn (R-Texas), Lindsey Graham (R-S.C.), John Barrasso (R-Wyo.), John Hoeven (R-N.D.), Marco Rubio (R-Fla.), Deb Fischer (R-Neb.), Shelley Moore Capito (R-W.Va.), Bill Cassidy (R-La.), Tom Cotton (R-Ark.), Steve Daines (R-Mont.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Marsha Blackburn (R-Tenn.), Kyrsten Sinema (I-Ariz.), Kevin Cramer (R-N.D.), Mike Braun (R-Ind.), Rick Scott (R-Fla.), Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), JD Vance (R-Ohio), Katie Britt (R-Ala.), and Pete Ricketts (R-Neb.), today introduced the Revoke Iranian Funding Act to rescind the general licenses that enabled the release of the $6 billion to Iran and prevent the Iranian regime from accessing and using the funds held in Qatar to finance terrorist attacks against Israel or any other nation. In addition, the bill directs the Treasury Secretary to study all high-value Iranian assets around the world that are currently blocked by U.S. sanctions and provide that information to Congress, ensuring Congress has the information necessary to enact further targeted legislation, if necessary.

“The Biden administration’s decision to release $6 billion to Iran – the world’s leading state sponsor of terror – was a grave mistake that created a market for American hostages, emboldened our adversaries, and put a credit on the balance sheets of one of Hamas’s biggest backers,” said Ranking Member Tim Scott. “In the wake of Hamas’s horrific attacks on Israel, it has only become clearer that this rogue regime cannot be trusted as long they continue to support terrorist organizations. My bill is a comprehensive approach to wielding our economic sanctions tools against Iran by freezing the $6 billion and ensuring Congress has the information necessary to prevent Iran from accessing funds in the future. We must be unequivocal that the United States will not back down and waive sanctions on frozen Iranian funds held by other nations.”

Read an overview of the bill here and a section-by-section here.


Ranking Member Scott’s legislation continues his commitment to applying pressure on the Iranian regime and holding the Biden administration accountable through rigorous congressional oversight. On August 18, Ranking Member Scott demanded answers from the Biden administration after it announced the release of $6 billion to Iran. In the letter, the Ranking Member and his colleagues warned that the funds would “enable the Iranian regime to increase its destabilizing activities” and would “serve to encourage additional hostage taking for financial or political gain.”

On October 10, Ranking Member Scott released a statement calling for the Banking Committee to hold a hearing with Treasury Secretary Janet Yellen on the Biden administration’s release of $6 billion to Iran and urged a Senate investigation into the matter.

Earlier this year, Ranking Member Scott introduced the Solidify Iran Sanctions Act to cement the Iran Sanctions Act. The Iran Sanctions Act imposes sanctions that restrict funding for Iran’s energy sector, curtailing the regime’s ability to finance terrorism and develop its nuclear program. Ranking Member Scott’s bill removes the expiration date of these sanctions and makes them permanent – demonstrating America’s unwavering commitment to forcefully answering Iran’s destabilizing actions.

In addition to serving as the Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Senator Scott serves as a senior member of the Senate Committee on Foreign Relations, which has jurisdiction over the State Department.