Washington, D.C. (November 15, 2023) – Yesterday, the House Financial Services Committee passed Congressman Bryan Steil (WI-01) and Congresswoman Brittany Pettersen’s (CO-07) the End Financing for Hamas and State Sponsors of Terrorism Act (H.R. 6632). This legislation will disrupt the ability of Hamas to fund terrorism and violence. It will also make it harder for state sponsors of terrorism, like Iran, to abuse International Monetary Fund (IMF) resources to finance terrorist organizations, including Hamas, Palestinian Islamic Jihad, and Hezbollah.
“Iran has a central role in funding Hamas and other terrorist groups that seek to destroy Israel, kill Jews, and attack American personnel throughout the region. This underscores the urgent need to use every financial tool in our box to deny the largest state sponsor of terrorism revenue,” said Steil. “This bill will weaken Iran’s ability to continue to fund violent extremists like Hamas and Hezbollah and ensure atrocities like what we witnessed on October 7 never happen again.”
The End Financing for Hamas and State Sponsors of Terrorism Act prohibits the U.S. Treasury Department from using the Exchange Stabilization Fund (ESF) to exchange Special Drawing Rights (SDR) with or to benefit a state sponsor of terrorism. Additionally, the bill requires the Secretary of the Treasury to work with the Group of Seven (G7) to develop a strategy to ensure Hamas is incapable of financing armed hostilities against Israel.
“We know that Iran is facilitating terrorism, including the Hamas organization that launched a ruthless attack against Israel and continues to perpetuate unspeakably brutal attacks against innocent civilians, both Israeli and Palestinian. This bipartisan legislation sends a clear message that we will not tolerate the financing of terrorism, particularly by state sponsors like Iran,” said Pettersen. “We must crack down on these financing schemes and this bill is an important step to keep funding from international financial institutions out of the wrong hands.”
NOTE: The End Financing for Hamas and State Sponsors of Terrorism Act could now move to the House Floor for a vote.
CLICK HERE to read the bill.