Sen. Tim Scott questions Treasury Secretary Yellen on delayed report concerning Iranian sanctions
Senator Tim Scott (R-SC) has voiced concerns to Treasury Secretary Janet Yellen regarding a delayed report about Iranian assets that have been blocked by U.S. sanctions. This report, a requirement of a recent $95 billion national security supplemental package, is critical for Congress to understand the financial scope of Iran and its role in funding terrorist activities. Scott emphasized the urgency of this information due to ongoing attacks by Iranian proxies, such as Hezbollah and Hamas, on U.S. forces and allies, particularly Israel. The report aims to assist Congress in creating targeted legislation to mitigate Tehran’s influence and actions. Lastly, recent violent activities by Hezbollah and Hamas highlight the increasing necessity for this report.
Sen. Tim Scott (R-SC) sent a letter Thursday to Treasury Secretary Janet Yellen raising concerns over the Biden administration’s overdue report to Congress on Iranian assets blocked by U.S. sanctions.
The Treasury Department’s report was due to Congress on May 24 and is a requirement under a provision included in the since-passed $95 billion national security supplemental package, which cleared the Senate in April. The report is intended to detail all of Iran’s assets outside of the oil-rich country, as well as details about any sanctions. To Scott, the report will ensure members of Congress have the necessary information about the murderous Iranian regime, potentially to craft legislation aimed at curbing the influence of Tehran.
“Countering the terror activities of the Iranian regime and its proxies through use of our economic and national security tools has been one of my top priorities as the Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee,” Scott wrote in the letter to Yellen. “As Iran and its proxies remain active in attacking our own servicemembers and our allies, Israel in particular, this information is even more critical.”
Congress, Scott wrote in the letter, “needs this report to better inform legislation responding to the Iran regime’s financing of its terror activities.”
The request for the report comes as Iranian proxies in the Middle East, including Hezbollah in Lebanon, escalate violence against the Jewish state of Israel. Hamas, the Iran-backed terrorist group controlling the Gaza Strip, killed over 1,200 people in Israel during its Oct. 7 attack last year and is still believed to be holding more than 100 hostages captive. Hezbollah notably launched 250 rockets toward northern Israel on Wednesday following Israel’s assassination of senior Hezbollah official Sami Taleb Abdullah.
The Biden administration is notably facing heightened scrutiny from Republicans over the United States issuing waivers on Iranian sanctions — a decision, according to lawmakers, that has allowed Iran to free up billions of dollars to finance terrorism. Iran is reportedly expanding its nuclear capacities, a move that the U.S. and United Nations have raised concerns about amid Tehran declining to allow a U.N. watchdog access to inspect its uranium enrichment program.
“It is my understanding that a fulsome report has been drafted; however, staff-level conversations have not resulted in even an estimate of when this report can be expected,” Scott wrote in his letter to Yellen. “This should be a priority for the department.”
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“Please provide a date by which I can expect the Treasury Department to comply with the law’s reporting requirement,” the senator said. “If you do not anticipate providing the report to Congress in the next 7 days, please explain why the report is delayed.”
The Washington Examiner reached out to the Treasury Department for comment.
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