Palmetto State News

U.S. Senator Tim Scott (R-S.C.), in his role as Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, is seeking explanations from the U.S. Department of the Treasury for its failure to submit a mandated report on high-value Iranian assets blocked by U.S. sanctions. The report, which was due to Congress on May 24, 2024, is required by a provision authored by Senator Scott included in the national security supplemental enacted in April.

In a letter addressed to Treasury Secretary Janet Yellen, Senator Scott emphasized the importance of countering the terror activities of the Iranian regime and its proxies through economic and national security measures. He wrote, “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. That is why it was critically important that the portion of my Revoke Iranian Funding Act that required a study of high-value Iranian assets currently blocked by U.S. sanctions was included in the national security supplemental signed into law in April."

Scott highlighted that Congress needs this information to better inform legislation addressing Iran's financing of its terror activities: "As Iran and its proxies remain active in attacking our own servicemembers and our allies, Israel in particular, this information is even more critical."

The senator noted that while staff-level discussions suggest a comprehensive report has been drafted, there has been no estimate provided for when it will be submitted: "By my calculation, the report was due on May 24, 2024. We are now well past the deadline... This should be a priority for the Department." He urged Secretary Yellen to provide a submission date or explain any delays if it cannot be provided within seven days.

Following October attacks on Israel by Iranian terror proxies, Senator Scott introduced the Revoke Iranian Funding Act. This act requires an unclassified report from the Treasury identifying all Iranian regime assets valued over $5 million held outside Iran within 30 days post-enactment. The requirement includes details such as asset location, financial institution holding it, approximate value, licenses related to Iran sanctions exemptions.

This reporting mandate was incorporated into April's national security supplemental law. It underscores Senator Scott’s commitment to pressuring Iran's regime and ensuring congressional oversight over actions perceived as appeasement by the Biden administration.