Financial Services Committee Members Call for Treasury Secretary Bessent to Testify on Sanctions Relief for Iran and Russia

WASHINGTON, D.C. — Today, Congressman Sam Liccardo (CA-16) led Financial Services Committee Democrats in demanding Chairman French Hill call Treasury Secretary Scott Bessent to testify on easing Russia sanctions and potential relief for Iranian oil.

“Astoundingly, Secretary Bessent has now suggested that the Treasury Department potentially may lift sanctions on the sale of 140 million barrels of Iranian oil,” wrote the members. “You’ll recall that Iran is the enemy in this war.”

The members warn that these actions could funnel billions of dollars to adversaries actively targeting U.S. troops while raising costs for American families.

“Although the Trump administration is claiming the U.S. economy ‘will be able to weather any of the temporary impacts of Operation Epic Fury’, American consumers are already paying the price for it at the pump. Oil prices have increased over $100 per barrel, and gas prices have soared 74 cents since the start of the war.”

Liccardo and his colleagues argue the Administration’s approach lacks strategy and risks strengthening U.S. adversaries during an active conflict.

“While the Administration appears to offer these reactive measures to cushion gas prices, they appear unconnected with any cohesive strategy,” reads the letter. “As we discern that strategy, we hope to learn how it will account with the clear signal that the United States will renege on its commitments under economic pressure—and that its partners need not take those commitments seriously.”