A bipartisan bill aiming to cut funding to terrorist organizations in the Gaza Strip was introduced on the floor of the U.S. House of Representatives on Wednesday.
If passed, the “Hamas International Financing Prevention Act,” H.R. 3685, will impose financial sanctions on foreign individuals, agencies or governments that assist Hamas, the Palestinian Islamic Jihad or any of their affiliates.
It cites recent reporting of Hamas becoming the beneficiary of a surge of cryptocurrency donations since its conflict with Israel from May 10 to May 21, when a ceasefire was put in place.
A similar version of the bill was introduced and passed by the House in the previous congressional session.
The bill requires that Congress receive an annual report for the next three years, identifying persons, agencies and instruments of a foreign state who knowingly materially assist Hamas or other terrorist organization and their affiliates in the Gaza Strip.
After identifying these organizations, the president must impose two or more sanctions through various methods listed in the legislation.
The administration will also be required to report on governments that knowingly provide support to Hamas and other terrorist organizations, suspend assistance from the United States and instruct executive directors of each international financial institution to vote against any loan or technical assistance to that government. It is also required to prohibit any munitions exports to that government for one year.
The bill was referred for review to the House Foreign Affairs and Financial Services committees.