Iran-China Energy Sanctions Act of 2023

Floor Speech

Mr. Speaker, I rise today in support of my bipartisan bill, the Iran- China Energy Sanctions Act, to hold two members of the axis of evil, some of our greatest, most dangerous adversaries, the governments of Iran and China, accountable for their nefarious activities.

I am very proud to lead this legislation with my fellow Problem Solvers Caucus member, the gentleman from New York (Mr. Lawler).

Mr. Speaker, I thank the chairman as well, who always does a phenomenal job on the committee.

China is Iran's biggest customer of oil and a major supplier of Iran's missile and drone program. Despite strict U.S. sanctions designed to curb the Iranian regime's oil trade, China has tripled its imports of Iranian oil over the past 2 years.

As we speak, Iran is using its oil trade with China to bring in a staggering $150 million per day in revenue. By importing millions of barrels of oil a day, China keeps the Iranian regime in business and provides crucial funds for Tehran's chaos agenda, including missile and nuclear weapons development.

However, China isn't just providing indirect funding. Reporting last year indicated that China is considering supplying Iran with ammonium, a key chemical compound used to propel ballistic missiles. Just 3 days after an unprecedented attack when Iran launched more than 300 drones and ballistic and cruise missiles at our key democratic ally, Israel, this partnership should sound major alarms.

If all this wasn't concerning enough, China also disregards Iran's backing of terror groups and their proxies, including the Houthis, Hezbollah, Palestinian Islamic Jihad, and, of course, Hamas.

Last month, Chinese diplomats met with Hamas after they brutally killed more than 1,200 innocent babies, children, men, women, and the elderly, including Americans, and said absolutely nothing about its barbaric attack on October 7.

Unlike China, we cannot and should not stand by in the face of terrorism. We must vehemently oppose terror sympathizers, sponsors, and supporters in all forms. That is why I am also supporting H.R. 6408, which would amend the tax code to terminate the tax-exempt status of terrorist-supporting nations, including those who cheer on and provide material support to Iran and its proxies.

Mr. Speaker, I thank my colleagues, Mr. Schneider and Mr. Kustoff for their phenomenal leadership.

Hamas relies on support from the Iranian regime, the leading state sponsor of terror. As Iran deepens its ties to China, we are reminded that they cannot be trusted. Iran has, directly or through their terrorist proxies, killed hundreds of Americans and attacked our bases and our allies in the region.

All of this is why we must pass the bipartisan Iran-China Energy Sanctions Act to cut off sources of funding to Iran. This bipartisan legislation, which unanimously passed the House Financial Services Committee, expands sanctions to cover Chinese financial institutions that purchase petroleum products from Iran.

The bill also requires an annual determination as to whether Chinese financial institutions have engaged in sanctionable conduct. We must continue to sanction those who are involved in the import of Iranian oil, including financial institutions. This bill will do just that.

The Iran-China Energy Sanctions Act is urgently needed to cut off and deny resources to the world's leading state sponsor of terrorism. China can no longer remain Iran's top customer.

I will continue to fight against Iran's growing influence and make sure we do everything in our power to protect the U.S. and its allies, including Israel, from Iran. I hope my colleagues on both sides of the aisle will join us to support this commonsense, bipartisan legislation.

Mr. Speaker, I close by saying we must all continue to fight against Iran's growing influence and ensure we do everything in our power to protect the United States and its allies, including Israel, from Iran, especially after what we saw this weekend. It only reinforces what Iran is capable of, either directly or through its proxies, Hamas, Hezbollah, Palestinian Islamic Jihad, the Houthis.

There are so many areas where Iran continues to not just attack our key allies, including Israel, but also the United States of America. I hope my colleagues on both sides of the aisle will join us to support this commonsense, bipartisan legislation.

Again, I thank the gentleman from New York (Mr. Lawler), for his leadership, and Chairman McHenry for his leadership, and I yield back the balance of my time.

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