Washington, D.C. - Today, Congresswoman Elise Stefanik voted to pass the No Funds for Iranian Terrorism Act which places immediate and mandatory sanctions on foreign financial institutions that facilitate transactions involving covered Iranian funds. This bill immediately freezes the $6 billion of Iranian funds released as part of the Biden Administration’s 2023 hostage deal. Additionally, it would ensure that the Biden Administration is not able to unfreeze additional assets for the world’s largest state sponsor of terrorism. 

“I am proud that the No Funds for Iranian Terrorism Act has passed through the House. This legislation which I was an original cosponsor of, immediately freezes Joe Biden’s $6 billion ransom payment to Iran - the world's largest state sponsor of terrorism,” stated Congresswoman Elise Stefanik. “Once again, House Republicans are stepping up to ensure the safety and security of the United States and our great ally Israel by preventing Iran from receiving funds that could be used to bankroll the barbaric terrorist organization Hamas." 

In August 2023, Congresswoman Stefanik co-led a letter with Majority Leader Steve Scalise and House Foreign Affairs Committee Chairman Michael McCaul to President Biden demanding answers on recent reports of the Administration pursuing a nuclear “agreement” with Iran, possibly in violation of the Iran Nuclear Agreement Review Act (INARA) of 2015, alongside a hostage deal exchanging 5 Americans wrongfully detained for 5 Iranian prisoners and access to $6 billion of frozen Iranian funds.