October 10, 2023

Scott Calls for Hearing and Investigation into Release of $6 Billion to Iran

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the attack on Israel, calling for the Senate Banking Committee to hold a hearing with Secretary Janet Yellen and for a Senate investigation into the release of $6 billion to Iran:

“In the face of evil, we must use every tool, weapon, and economic sanction available to provide for our nation's security and the security of Israel.

“As the top Republican on the Senate Banking Committee with direct jurisdiction over our economic national security tools, including sanctions, I will push for Chairman Brown to invite and urge Treasury Secretary Yellen to testify as soon as possible on the $6 billion recently transferred to Iran and any sanctions gaps we might have with respect to Iran.

“The Senate should also investigate what led the Biden administration to allow a transfer of $6 billion to Iran and how it could expect Iran to not use that money to continue to fuel terrorism. The American people and Israel, our closest ally in the Middle East, deserve transparency and answers.

“We should be signaling strength - not leniency - when it comes to Iran. That’s why now is the time to pass my Solidify Iran Sanctions Act and send the message that Iran should not expect U.S. sanctions to lapse.

“The unprecedented attack on Israel by Hamas - a U.S. designated terrorist organization - warrants the strongest response encompassing both military assistance and the most stringent economic sanctions. I look forward to thoroughly examining additional areas where we can hold these Iranian backed terrorist organizations accountable.”

BACKGROUND
Ranking Member Scott's calls for rigorous congressional oversight mark a continuation of his commitment to applying pressure on the Iranian regime and holding the Biden administration accountable.

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.”

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.

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