The U.S. House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing to examine whether U.S. sanctions are being used strategically to advance clear foreign policy and national security objectives. Chairman Warren Davidson framed the discussion around keeping sanctions effective, targeted and strategic, including in efforts to further isolate Iran and constrain funding for its nuclear programme, ballistic missile development and regional proxies. Members also raised implementation and market considerations, including reliance on partnerships with the private sector and foreign governments, and the impact of Office of Foreign Assets Control general licences on U.S. participation in Venezuela’s oil market, with one member citing 16 general licences. The subcommittee also discussed committee-led legislation to combat illicit finance, with Rep. Zach Nunn citing nearly USD 200 billion stolen from the American public and pointing to the TRAPS Act and GUARD Act, while Treasury Assistant Secretary for Terrorist Financing Jonathan Burke described a whole-of-government fraud effort using financial intelligence, interagency coordination, asset seizure and forfeiture authorities, and law enforcement partnerships to disrupt networks and recover funds.
U.S. Financial Services Committee 2026-04-22
U.S. House Financial Services subcommittee holds hearing on strategic use of U.S. sanctions and links to illicit finance efforts
The U.S. House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing on whether U.S. sanctions are being used strategically to advance foreign policy and national security objectives, including efforts to further isolate Iran and address U.S. participation in Venezuela’s oil market under Office of Foreign Assets Control general licences. Members and witnesses also examined reliance on private sector and foreign government partnerships for sanctions implementation and discussed committee-led illicit finance legislation, including the TRAPS Act and GUARD Act.