Fortify Israel Act: Confiscating Iranian Assets for Military Aid.
This bill aims to redirect blocked and confiscated Iranian assets to provide military assistance to Israel. It prohibits the release of these assets until hostilities cease and Israel receives full compensation for damages. The funds are specifically authorized for the procurement of defense articles and services for Israel, establishing a dedicated funding mechanism for foreign aid.
Key points
Iranian Asset Freeze: Blocked Iranian assets cannot be released until hostilities cease and Israel is fully compensated or Iran enters a compensation agreement.
Confiscation Authority: The President is mandated to confiscate Iranian assets under U.S. jurisdiction and deposit the proceeds into a new, non-interest-bearing fund.
Use of Funds: Money in the new fund is designated exclusively for purchasing defense equipment and services for Israel.
Congressional Oversight: Congress retains the power to block the release of any previously blocked Iranian assets through a joint resolution of disapproval.
Status:
Expired
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