Lawmaker Awaits Treasury Report on Curbing Hamas Financing

A new law aimed at cutting off funding for Hamas requires the Biden administration to submit a key report to Congress by Oct. 21, according to a spokesperson for Rep. Bryan Steil, R-Wis., who proposed the legislation.

The Treasury Department report is to include an analysis of Hamas’ major financing sources, a description of U.S. multilateral efforts to disrupt illicit financial flows to the terrorist group -- including potentially through the use of sanctions -- and an evaluation of efforts to undermine Hamas’ ability to finance attacks on Israel.

"Rep. Steil has made it clear to the administration that he fully expects the deadline to be met," the lawmaker’s spokesperson told Export Compliance Daily Aug. 22. “Following the report, Rep. Steil will insist that the Treasury Department take necessary action to end all identified financing of Hamas."

Treasury did not respond to a request for comment.

The report is required by the End Financing for Hamas and State Sponsors of Terrorism Act, which was included in the FY 2024 national security supplemental appropriations bill that President Joe Biden signed into law in April (see 2404240043).

"Hamas continues to pose a grave threat to the people of Israel and regional stability," Steil's spokesperson said. "Rep. Steil believes all efforts must be taken to disrupt the financial networks that fund their terrorist activity."