Michigan Congressman Bill Huizenga proposes "No U.S. Financing for Iran Act"

Michigan Congressman Bill Huizenga proposed a bill on Wednesday, October 11 to cut off the Iranian Government from the U.S. financial system.

The No U.S. Financing for Iran Act would additionally prevent the Export-Import Bank and the International Monetary Fund (IMF) from financing projects associated with the Iranian government. 

According to Huizenga, the Chairman of the House Financial Services Subcommittee on Oversight and Investigations, "Iran has been recognized as the world’s leading state sponsor of terrorism," citing the State Department's 2021 Country Reports on Terrorism.

The 2021 report states that, "Iran supported acts of terrorism in Bahrain, Iraq, Lebanon, Syria, and Yemen through proxies and partner groups such as Hizballah and Hamas" while also maintaining "a near-global procurement network, obtaining cutting-edge technology from companies and locales around the world to bolster its terrorist and military capabilities."

Huizenga, states that the proposed legislation cuts off "Iranian regime's access to our financial system while protecting American taxpayers from supporting the terrorism Iran funds throughout the Middle East and across the globe.”

The No U.S. Financing for Iran Act will do this in three ways: 

• Prohibits the Secretary of Treasury from authorizing transactions by U.S. financial institutions to Iran for any goods, services, or technology. This prohibition does not apply to the sale of agricultural commodities, food, medicine, or medical devices benefitting the civilian population of Iran.
• Prevents the IMF from providing financial assistance to Iran and the allocation of Special Drawing Rights.
• Codifies the statutory authority for the prohibition on the Export-Import Bank financing with respect to Iran. The Bank may not guarantee, insure, or extend credit in connection with any transaction for Iran or a government-controlled entity.

Joining Congressman Huizenga in introducing this bill are representatives Ann Wagner (R-MO), Blaine Luetkemeyer (R-MO), Maria Salazar (R-FL), John James (R-MI), Dan Meuser (R-PA), Bill Posey (R-FL), Zach Nunn (R-IA), Barry Loudermilk (R-GA), Roger Williams (R-TX), Guy Reschenthaler (R-PA), Rich McCormick (R-GA), Scott Franklin (R-FL), and Chris Smith (R-NJ).

Catch the full interview with ABC57's Tim Spears and Congressman Bill Huizenga here: