Short title

This Act may be cited as the

Fortify Israel Act

Prohibition on release of blocked Iranian assets

(a)

In general

No Iranian asset that is blocked or immobilized by the Department of the Treasury before the date of the enactment of this Act may be released or mobilized until the President certifies to the appropriate congressional committees that—(1)hostilities between Hamas and other Iranian-backed groups and Israel have ceased; and(2)(A)full compensation has been made to Israel for harms resulting from the invasion of Israel by Hamas and other Iranian-backed groups; or(B)Iran is participating in a bona fide international mechanism that, by agreement, will discharge the obligations of Iran to compensate Israel for all amounts determined to be owed to Israel.(b)

Notification

Not later than 30 days before the release or mobilization of an Iranian asset that previously had been blocked or immobilized by the Department of the Treasury, the President shall submit to the appropriate congressional committees—(1)a notification of the decision to release or mobilize the asset; and(2)a justification in writing for such release or mobilization.(c)

Joint resolution of disapproval

(1)

In general

No Iranian asset that previously had been blocked or immobilized by the Department of the Treasury may be released or mobilized if, not later than 30 days after the receipt of the notification and justification required under subsection (b), a joint resolution is enacted prohibiting the proposed release or mobilization.(2)

Expedited procedures

Any joint resolution described in paragraph (1) introduced in either House of Congress shall be considered in accordance with the provisions of section 601(b) of the International Security Assistance and Arms Export Control Act of 1976 (Public Law 94–329; 90 Stat. 765), except that any such resolution shall be amendable. If such a joint resolution should be vetoed by the President, the time for debate in consideration of the veto message on such measure shall be limited to 20 hours in the Senate and in the House of Representatives shall be determined in accordance with the Rules of the House.(d)

Cooperation on prohibition of release of certain Iranian assets

The President may take such action as may be necessary to seek to obtain an agreement or arrangement between the United States, Israel, and other countries that have blocked or immobilized Iranian assets to prohibit such assets from being released or mobilized until an agreement has been reached that discharges Iran from further obligations to compensate Israel. (e)

Appropriate congressional committees defined

In this section, the term appropriate congressional committees means—(1)the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate; and(2)the Committee on Foreign Affairs, the Committee on Financial Services, and the Committee on Ways and Means of the House of Representatives.

Authority to ensure compensation to Israel using confiscated Iranian assets

(a)

Confiscation

(1)

In general

The President shall confiscate any Iranian assets subject to the jurisdiction of the United States, including assets that are within the scope of the Iranian assets authorized to be transferred from South Korea to the oversight of Qatar on September 11, 2023.(2)

Liquidation and deposit

The President shall—(A)deposit any funds confiscated under paragraph (1) into the Fund established under subsection (b);(B)liquidate or sell any other property confiscated under paragraph (1) and deposit the funds resulting from such liquidation or sale into the Fund established under subsection (b); and(C)make all such funds available for the purposes described in subsection (b)(2).(3)

Vesting

All right, title, and interest in Iranian assets confiscated under paragraph (1) shall vest, if necessary, in the Government of the United States while being held in the Fund established under subsection (b).(b)

Establishment of a fund To provide assistance to Israel

(1)

In general

The President shall establish a non-interest-bearing account (referred to in this Act as the Fund) to consist of the funds deposited into the account under subsection (a)(2) .(2)

Use of funds

The funds in the account established under paragraph (1) are authorized to be made available for the procurement of defense articles and services for Israel.(c)

Judicial review

(1)

In general

The confiscation of Iranian assets under subsection (a)(1) shall not be subject to judicial review.(2)

Rule of construction

Nothing in this subsection shall be construed to limit any private individual or entity from asserting due process claims in United States courts.(d)

Exception for United States obligations under Vienna Conventions

The authorities provided by this section may not be exercised in a manner inconsistent with the obligations of the United States under—(1)the Convention on Diplomatic Relations, done at Vienna April 18, 1961, and entered into force April 24, 1964 (23 UST 3227);(2)the Convention on Consular Relations, done at Vienna April 24, 1963, and entered into force on March 19, 1967 (21 UST 77);(3)the Agreement Regarding the Headquarters of the United Nations, signed at Lake Success June 26, 1947, and entered into force November 21, 1947 (TIAS 1676); or(4)any other international agreement governing the use of force and establishing rights under international humanitarian law.