Duval Times

Washington, D.C. - Senators Rick Scott and Joe Manchin have introduced the Iran SDR Exchange Prohibition Act, aiming to prevent the U.S. Treasury Secretary from exchanging dollars for International Monetary Fund (IMF) Special Drawing Rights (SDRs) held by Iran. The legislation comes as Iran's SDRs have reached over $6.7 billion, providing unconditional liquidity that can be used to support terrorist organizations such as Hamas, which poses a threat to the United States' ally, Israel. Congressman French Hill and Brad Sherman have also introduced a companion bill in the House of Representatives.

Senator Rick Scott emphasized the importance of taking action against Iran's terror financing through the IMF, stating, "As Iran-backed Hamas terrorists attack our greatest ally in the Middle East, Israel, the United States cannot be in the business of allowing IMF to be a piggy bank to Iran, funding these attacks or any future ones." He further highlighted Iran's role as the world's largest state sponsor of terror and their hostile intentions towards the United States and Israel. Scott expressed pride in joining Senator Manchin, Congressman Hill, and Congressman Sherman to lead this bipartisan effort.

Senator Joe Manchin stressed the need to hold Iran accountable for its support of terrorist organizations, stating, "We must hold Iran accountable for their sponsorship of Hamas and other terrorist organizations, and this includes doing everything we can to limit their ability to access international financial capital." He called for bipartisan support for the bill, emphasizing its significance in demonstrating solidarity with Israel.

Representative French Hill raised concerns about SDR allocations being used to support rogue nations and state sponsors of terrorism, including Iran. He expressed his fear that Iran would turn to Beijing for financial support if the IMF continued to provide funds. Hill emphasized the importance of the bipartisan legislation in making it clear that the United States will not contribute to making funds available to Iran.

The introduction of the Iran SDR Exchange Prohibition Act reflects the determination of Senators Rick Scott and Joe Manchin, along with their colleagues in the House of Representatives, to address Iran's involvement in supporting terrorism. By prohibiting the exchange of dollars for Iran's SDRs, the legislation aims to cut off a significant source of funding that Iran has been using to back terrorist activities.

To find out more, go to this link: https://www.rickscott.senate.gov/2023/12/sens-rick-scott-and-joe-manchin-lead-introduction-of-iran-sdr-exchange-prohibition-act