Iran Counterterrorism Act of 2023
Sponsored by Young Kim
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 18, 2024
The Iran Counterterrorism Act of 2023 modifies presidential authority to waive restrictions on U.S. accounts of foreign financial institutions that have conducted significant financial transactions for Iran's central bank, certain Iranian financial institutions, or certain Iranian nationals. Under current law, the President may waive these restrictions for national security purposes. This bill adds an additional basis for waiver: if the President determines that Iran has ceased providing support for acts of international terrorism. The bill also grants Congress the authority to enact a joint resolution of disapproval to block the President from waiving the restrictions on national security grounds.
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Iran Counterterrorism Act of 2023 This bill modifies the authority of the President to waive restrictions on certain U.S. accounts of foreign financial institutions that have facilitated significant financial transactions on behalf of the Central Bank of Iran, certain Iranian financial institutions, or certain Iranian nationals. Current law authorizes the President to waive these restrictions for national security purposes. Under this bill, the President may also waive the restrictions if the President determines that Iran has ceased to provide support for acts of international terrorism. The bill also authorizes Congress to enact a joint resolution of disapproval to prevent the President from waiving the restrictions for national security purposes.