To provide for the rescission of certain waivers and licenses relating to Iran, and for other purposes.

What it does

This bill terminates the presidential waiver of certain sanctions on Iran and the licenses issued by the Department of the Treasury that allowed for the transfer of previously blocked Iranian funds (namely, the approximately $6 billion of Iranian funds that the Biden Administration permitted to be transferred from restricted accounts in South Korea to restricted accounts in Qatar to facilitate the release of five U.S. citizens detained in Iran). Furthermore, the President may not exercise waiver authority related to certain accounts belonging to Iran.

Summary by the Congressional Research Service, Oct 12, 2023 (Introduced in House). CRS summarizes bills impartially; it does not take positions.