Southern Wisconsin Times

Washington, D.C. (November 9, 2023) - Congressman Bryan Steil (WI-01) and Congresswoman Brittany Pettersen (CO-07) have introduced the End Financing for Hamas and State Sponsors of Terrorism Act (H.R. 6632) in an effort to disrupt the funding sources of terrorism. This legislation aims to target Hamas specifically, as well as state sponsors of terrorism such as Iran, and prevent them from using international financial resources to finance terrorist activities.

The End Financing for Hamas and State Sponsors of Terrorism Act, if passed, will have significant implications for the financing of terrorist organizations. It will prohibit the U.S. Treasury Department from using the Exchange Stabilization Fund (ESF) to exchange Special Drawing Rights (SDR) with or to benefit a state sponsor of terrorism. This measure is crucial in cutting off the flow of funds to these groups and ensuring that they are unable to carry out their violent acts.

In addition, the bill requires the Secretary of the Treasury to collaborate with the Group of Seven (G7) to develop a comprehensive strategy to prevent Hamas from financing armed hostilities against Israel. This strategic approach will help to dismantle the financial networks that support terrorism and contribute to the stability of the region.

Congressman Steil emphasized the role of Iran in funding terrorist groups like Hamas and Hezbollah, stating, "Iran has a central role in funding Hamas and other terrorist groups that seek to destroy Israel, kill Jews, and attack American personnel throughout the region." He further highlighted the urgency of utilizing all available financial tools to cut off the largest state sponsor of terrorism from generating revenue. This legislation will weaken Iran's ability to fund violent extremists and ensure that atrocities, such as the one witnessed on October 7, never happen again.

The House Financial Services Committee has announced that the End Financing for Hamas and State Sponsors of Terrorism Act will be marked up by the full committee next week, indicating a promising step forward towards addressing the issue of terrorism financing.

This legislation is a crucial step in disrupting the funding sources of terrorism and preventing state sponsors of terrorism from misusing international financial resources. By targeting organizations like Hamas and state sponsors like Iran, the End Financing for Hamas and State Sponsors of Terrorism Act aims to ensure that these groups are unable to finance their violent activities. The collaboration with the G7 and the use of financial tools will further strengthen this effort and contribute to the overall stability of the region.

Click this link to access more information: https://steil.house.gov/media/press-releases/steil-pettersen-introduce-legislation-to-end-financing-for-hamas-and-state-sponsors-of-terrorism