Sen. Tim Scott, R-S.C., has called for an investigation into the Biden administration’s release of $6 billion in frozen Iranian assets following the Hamas militant group’s devastating weekend attack on Israel.
Scott, the ranking member of the Senate Banking Committee, said in a statement that he will push for committee Chair Sherrod Brown, D-Ohio, to ask Treasury Secretary Janet Yellen to testify on the $6 billion recently transferred to Iran, as well as any sanctions gaps Washington might have with Tehran.
“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,” Scott said. “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.”
As part of a prisoner swap deal with Iran, the Biden administration agreed to release $6 billion in frozen Iranian funds last month. Five wrongfully detained Americans were exchanged for five Iranians and a blanket waiver was issued for international banks to allow the transfer to go through. The $6 billion in Iranian oil sale proceeds, which had been frozen in South Korea, was transferred to a bank in Qatar.
Republican leaders criticized the deal at the time, saying it would further Iran’s support for terrorism, and the $6 billion transfer has come under increased scrutiny since Hamas’ violent incursion into Israeli territory on Saturday. The land, sea, and air assault left hundreds dead and thousands wounded.
Scott, who is also seeking the 2024 Republican presidential nomination, said the Senate should probe what led the Biden administration to allow the transfer and “how it could expect Iran to not use that money to continue to fuel terrorism.”
In his statement, Scott also pushed for the Senate to pass the Solidify Iran Sanctions Act, which would make the Iran Sanctions Act of 1996 permanent and limit funding for Iran’s energy sector.
On Sunday, Secretary of State Antony Blinken tried to counter suggestions that the administration’s deal helped fund the Hamas attack, telling CNN’s “State of the Union” that “no U.S. taxpayer dollars were involved.”
Sen. Marsha Blackburn, R-Tenn., led 19 Senate Republicans Monday in calling for President Joe Biden and the State Department to claw back and refreeze the $6 billion in released Iranian assets.
“Iran is the world’s largest state sponsor of terrorism, and Wall Street Journal reported that the Islamic Revolutionary Guard Corps worked with Hamas to plan the ongoing attacks on Israel,” the senators wrote in a letter to the president. “These horrific attacks come on the heels of the State Department issuing sanctions waivers for Iranian funds held in South Korean accounts to be converted from won to euros and then transferred to bank accounts in Qatar.
"To stand by and allow Iran access to these funds as Hamas infiltrates Israel and murders, rapes, and mutilates countless Israelis is unconscionable.”
“Your administration claims these funds are only available for humanitarian use, but money is fungible, and there is a significant risk they could be used to further efforts by Iran or Hamas against Israel,” the lawmakers continued. “Moreover, allowing $6 billion to flow into Iran’s economy, even if the purpose is for humanitarian aid, allows the Iranian regime to reallocate even more funds to supporting terrorism.
"The State Department should immediately rescind the waivers that allowed Iranian funds to be converted and moved to more accessible bank accounts, as well as work with U.S. ally Qatar to immediately freeze the accounts containing these funds.”
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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