McConnell, GOP colleagues unveil bill to freeze $6B in Iranian assets 

Senate Republican Leader Mitch McConnell (Ky.) joined Sens. Tom Cotton (R-Ark.) and John Kennedy (R-La.) in introducing legislation to freeze the transfer of $6 billion in Iranian assets, a key element of the deal struck by the Biden administration to free five American prisoners. 

The two-page bill simply states that “any statutory sanctions imposed with respect to Iran … that were waived, suspended, reduced or otherwise relieved pursuant to an agreement between the United States and the Islamic Republic of Iran … are hereby reinstated.” 

Speaking on the Senate floor Tuesday morning, McConnell said it is “absurd” to suggest seeking to free up $6 billion in Iranian assets doesn’t embolden Tehran.” 

“We have reams, reams of evidence that the regime that chants death to America and death to Israel puts its money where its mouth is,” he said.

He criticized Biden’s strategy of engaging with Iran diplomatically, arguing Biden must “accept that the fundamental assumptions of his administration’s Iran policy were morally and practically bankrupt.” 

“The president’s team begged Iran to re-enter the Obama administration’s flawed nuclear deal,” he said.

McConnell said “the Biden’s administration’s previous policy is now history” and he “must go back to the drawing board.” 

“He should start by doing what I had recommended to him since he took office — work with Republicans to craft a bipartisan Iran policy that will survive his administration,” McConnell said. “And more immediately, the president needs to show Oran and its terrorist proxies, like Hezbollah, that further involvement in this conflict will risk crippling economic sanctions and the decisive use of military strength.”

McConnell and Cotton say they will seek unanimous consent on the floor to pass the bill.