Senate Banking Committee Chairman Sherrod Brown (D-Ohio) on Wednesday urged the Biden administration to freeze $6 billion in Iranian assets that were part of a deal to free American hostages over the country's support for Hamas amid the ongoing attacks against Israel.
Brown, who is among the most vulnerable Senate Democrats up for reelection, called on the White House to freeze those assets as the fighting escalates between Hamas and Israel following Saturday’s terrorist attack. He added that the panel will investigate who is funding Hamas.
“[T]he Banking and Housing Committee will examine the financing behind Hamas’s attacks, including whether cryptocurrency was involved, and what additional economic tools we need to stop state sponsors of terrorism, including Iran, from supporting Hamas and other terrorist groups," Brown said in a statement.
"As we work to hold any state sponsors of terrorism accountable, the administration must freeze the $6 billion in Iranian assets.”
Brown also threw his weight behind providing “robust military, economic and humanitarian aid” for the top U.S. ally in the region and called on the Senate to confirm top national security nominees who would be involved in helping Israel.
Senators are currently waiting to confirm former Treasury Secretary Jack Lew, President Biden’s nominee to become U.S. Ambassador to Israel, but that likely won’t happen for a couple of weeks.
The administration’s deal with Iran freed five American prisoners, but has come under fire since Hamas’s attack and subsequent reports that the group took hostages and have even beheaded children.
In addition to Brown, Democratic Sens. Joe Manchin (W.Va.), Jon Tester (Mont.), Bob Casey (Pa.), Jacky Rosen (Nev.), and Tammy Baldwin (Wis.) — all of whom are also up for reelection next year — have backed calls for the administration to claw back that payment.
“As American intelligence officials continue to investigate the terrorist attacks carried out by Hamas, we should review our options to hold Iran accountable for any support they may have provided,” Tester said in a statement.
“At a minimum, we should immediately freeze the $6 billion in Iranian assets and explore other financial tools we have at our disposal.”
Republican senators fiercely criticized the Biden administration when the deal was announced last month.
The White House has maintained that the Iranians have not yet accessed the $6 billion in question, which currently sits in a restricted Qatari bank account and may not be accessed for anything other than humanitarian purposes. The administration also has not confirmed that Iran is aiding Hamas in their attacks on Israel.
That has not stopped lawmakers from weighing in and offering up legislation to remedy the situation. Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Tom Cotton (R-Ark.) said on Wednesday they will seek unanimous consent on a bill that would block Iran from getting those funds.
Sen. Tim Scott (S.C.), the top Republican on the Banking Committee and a presidential candidate, is also offering legislation to freeze the assets. The bill would also force the Treasury Department to further study assets held by Iran to allow lawmakers to greenlight future legislation to cut off access to those funds in the future.
The Senate is out this week and will return Monday.
