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HR 2575

To provide for the rescission of certain waivers and licenses relating to Iran, and for other purposes.

119th Congress Introduced by Michael Baumgartner and 17 co-sponsors

HR 2575 tightens U.S. sanctions on Iran by ending waivers for financial transactions from South Korea to Qatar, limiting funding avenues for Iran and its allies.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HR 2575

Summary of HR 2575: Rescission of Certain Waivers and Licenses Relating to Iran

Bill Number: HR 2575
Introduced: April 1, 2025
Status: Introduced in House
Primary Sponsor: August Pfluger
Cosponsors: 15 additional members

Purpose and Intent

The primary purpose of HR 2575 is to rescind specific waivers and licenses that have been granted concerning financial transactions involving Iran. This legislation aims to enhance U.S. sanctions against Iran by terminating existing allowances that permit the transfer of funds from the Republic of Korea to Qatar, which may indirectly benefit Iran.

Key Provisions

The bill includes the following critical provisions:

  1. Termination of Waivers and Licenses:

    • Upon enactment, the bill mandates the termination of:
      • A waiver exercised under section 1245(d)(5) of the National Defense Authorization Act for Fiscal Year 2012.
      • Waivers under sections 1244(i) and 1247(f) of the Iran Freedom and Counter-Proliferation Act of 2012, specifically related to the transfer of funds from the Republic of Korea to Qatar, as communicated to Congress on September 11, 2023.
      • Any general or specific licenses issued by the Office of Foreign Assets Control (OFAC) at the Department of the Treasury that are directly or indirectly related to these funds.

  2. Prohibition on Reissuance:

    • The bill explicitly prohibits the President from reissuing any new waivers or licenses for the same or similar purposes as those terminated under the provisions of this bill.

Impact

Who Would Be Affected?

  • U.S. Government: The bill would limit the executive branch's ability to grant waivers or licenses that could facilitate financial transactions involving Iran.
  • Financial Institutions: Banks and financial entities involved in the transfer of funds related to the terminated waivers may face increased restrictions and compliance requirements.
  • Iran and its Allies: The legislation aims to tighten economic pressure on Iran by eliminating avenues for financial transactions that could support its activities.

Procedural Aspects

  • Committee Review: Following its introduction, HR 2575 has been referred to the Committee on Foreign Affairs, as well as the Committees on Financial Services, Ways and Means, and Oversight and Government Reform. The timeline for further consideration by these committees will be determined by the Speaker of the House.

Conclusion

HR 2575 represents a significant legislative effort to strengthen sanctions against Iran by rescinding specific financial waivers and licenses. If enacted, the bill would limit the U.S. government's flexibility in managing financial relations with Iran and its allies, thereby aiming to curb potential funding sources for activities deemed contrary to U.S. interests.

Compiled from official sources — confirm details with the bill’s official record.

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