Tim Scott unveils plan to refreeze $6 billion in Iran funds after Hamas strike on Israel

South Carolina Republican Sen. Tim Scott on Tuesday unveiled a bill to prevent Iran from using $6 billion in funds that the Biden administration agreed to help unfreeze as part of a recent prisoner exchange.

Scott's bill would restrict the Departments of State and the Treasury from relaxing sanctions on the funds and require the latter to issue a report on blocked Iranian assets, Politico reported. Twenty-one other Republicans have signed on as co-sponsors of the legislation.

"My bill is a comprehensive approach to wielding our economic sanctions tools against Iran by freezing the $6 billion and ensuring Congress has the information necessary to prevent Iran from accessing funds in the future. We must be unequivocal that the United States will not back down and waive sanctions on frozen Iranian funds held by other nations," Scott said.

The funds had been stuck in South Korea due to sanctions and were sums owed by Seoul to Tehran for oil purchases. The prisoner swap that the Biden administration negotiated saw both governments trade five prisoners and required Washington to permit the transfer of the funds from South Korea to Qatar. The move prompted criticism from Republicans, including former President Donald Trump, who said that such a deal would incentivize the continued seizure of American hostages.

After the Oct. 7 Hamas raid on Israel and the eruption of an ongoing conflict between those parties, the U.S. and Qatar reached an agreement to prevent Tehran from accessing the funds. Iran is a known sponsor of the Gaza-based terrorist group.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.