Ranking Member Tim Scott (R-S.C.) is seeking answers from the U.S. Department of the Treasury after it missed the deadline for a report on high-value Iranian assets blocked by U.S. sanctions, as well as Iran-related waivers and sanctions relaxation policies. The report, mandated by law, was due to Congress on May 24, 2024.
In a letter to Treasury Secretary Janet Yellen, Scott emphasized the importance of countering "the terror activities of the Iranian regime and its proxies" through economic and national security tools. He noted that this information is critical for informing legislation responding to Iran's financing of terror activities.
"The report was required to be submitted to Congress in 30 days post-enactment of the law," Scott wrote. "By my calculation, the report was due on May 24, 2024. We are now well past the deadline. 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 urged the Treasury Department to prioritize this matter and provide a date for compliance with the reporting requirement. He also requested an explanation if the report could not be delivered within seven days.
Following October attacks on Israel by Iranian proxies, Scott introduced the Revoke Iranian Funding Act. This act requires an unclassified report identifying all assets of the Iranian regime or covered persons valued at more than $5 million held outside Iran within 30 days of enactment. The report must detail where these assets are held, their financial institutions, approximate values, and any related licenses or sanctions exemptions.
This reporting requirement was included in a national security supplemental signed into law in April. It aims to ensure Congress has necessary information for further targeted legislation against Iran.