After Treasury Fails to Provide Iran Sanctions Report, Scott Demands Answers

The report is required by law as part of a provision authored by Senator Scott in the national security supplemental.

WASHINGTON — In his capacity as Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, U.S. Senator Tim Scott (R-S.C.) is demanding answers from the U.S. Department of the Treasury after it failed to meet the deadline for a report on high-value Iranian assets around the world that are currently blocked by U.S. sanctions, as well as all Iran-related waivers and sanctions relaxation policies. The report, which was due to Congress on May 24, 2024, is required by law as part of a provision authored by Senator Scott that was included in the national security supplemental signed into law in April.

In a letter to Treasury Secretary Janet Yellen, Senator Scott wrote, “Countering the terror activities of the Iranian regime and its proxies through use of our economic and national security tools has been one of my top priorities as the Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee. That is why it was critically important that the portion of my Revoke Iranian Funding Act that required a study of high-value Iranian assets currently blocked by U.S. sanctions was included in the national security supplemental signed into law in April. As Iran and its proxies remain active in attacking our own servicemembers and our allies, Israel in particular, this information is even more critical. Congress needs this report to better inform legislation responding to the Iran regime’s financing of its terror activities.”

“The report was required to be submitted to Congress in 30-days post enactment of the law. By my calculation, the report was due on May 24, 2024. We are now well past the deadline. It is my understanding that a fulsome report has been drafted; however, staff level conversations have not resulted in even an estimate of when this report can be expected. This should be a priority for the Department. Please provide a date by which I can expect the Treasury Department to comply with the law’s reporting requirement. If you do not anticipate providing the report to Congress in the next 7 days, please explain why the report is delayed.”

To read the full letter, click here.

BACKGROUND:
Following the October attacks on Israel by Iranian terror proxies, Senator Scott introduced the Revoke Iranian Funding Act, which, in part, requires the Department of Treasury to submit an unclassified report and briefing to Congress identifying all assets of the Iranian regime or covered persons valued at more than $5 million held outside of Iran within 30 days of the legislation being signed into law. The report must include the country the asset is held, the financial institution, and the approximate value of the asset, as well as a list of all licenses, statements of licensing policy, action letters, and other sanctions exemptions relating to Iran.

This important reporting requirement was included in the in the national security supplemental that was signed into law in April, continuing the Senator’s commitment to applying pressure on the Iranian regime and holding the Biden administration accountable for their appeasement of Iran through rigorous congressional oversight. The report will ensure Congress has the information needed to craft further targeted legislation, should it deem it necessary.