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

October 18, 2023

WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.) and Tim Scott (R-S.C.) 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.

“Despite overwhelming evidence to support Iran’s involvement in Hamas’ attacks on Israel, the Biden administration refuses to issue a formal decision to freeze the $6 billion ransom payment,” said Senator Blackburn. “We must send the message that America does not reward terrorism or the arbitrary detention of our citizens abroad. It is vitally important that Congress use its legislative authority to block Iran’s access to these funds and ensure the Biden administration will not release another dollar to the world’s largest state sponsor of terrorism. I appreciate the groundswell of support since I sent my letter with 19 Senate Republicans demanding the administration freeze the $6 billion ransom payment.”

“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 Senator 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.”


  •  U.S. 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.), 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.)


  • 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.
  • Last week, Senator Blackburn led 19 Senate Republicans in the initial call on President Biden to freeze the $6 billion in funds.

An overview of the bill can be found here.