To provide for the rescission of certain waivers and licenses relating to Iran, and for other purposes.

This bill mandates the immediate termination of a specific waiver and any associated licenses issued by the Office of Foreign Assets Control (OFAC) that facilitated the transfer of certain funds from the Republic of Korea to Qatar for Iran. The waiver in question was exercised pursuant to provisions of the National Defense Authorization Act for Fiscal Year 2012 and the Iran Freedom and Counter-Proliferation Act of 2012 , and was transmitted to Congress on September 11, 2023. Additionally, the legislation explicitly prohibits the President from reissuing any new waiver or license for the same or similar purposes as those terminated by this Act. It further restricts the President's authority to exercise waiver powers or issue any form of licensing action that would permit the Government of Iran or any Iranian person to access or directly or indirectly benefit from specific accounts established under the National Defense Authorization Act for Fiscal Year 2012 .