U.S. Treasury will oversee frozen Iranian funds when they’re released, Bessent says

The Treasury Department will monitor Iranian funds released under President Donald Trump’s interim deal with Iran, Treasury Secretary Scott Bessent said Wednesday on CNBC’s “Squawk Box.”

“A very large percentage of that will go to purchasing U.S. foodstuffs and pharmaceuticals,” Bessent said.

Bessent said the funds would be overseen by the Treasury in the Middle East, suggesting the administration was trying to put guardrails around Iran’s access to frozen assets, one of the most politically sensitive parts of the deal.

The comments come as the White House faces backlash from some Republicans in Congress over whether Trump’s deal gives Iran too much, including sanctions relief and access to frozen funds in exchange for a temporary negotiating window.

The arrangement Bessent describes would also create a potential domestic economic argument for the deal: If Iran is asked or encouraged to use the money to buy U.S. goods, some of the freed funds could flow back to U.S. farmers, food manufacturers and pharmaceutical companies.

However, the mechanism remains unclear.

Bessent did not immediately specify how much money would be released, where the funds would be held, what role Iran would play in directing the purchases or what enforcement tools the Treasury would use to ensure the money was not diverted elsewhere.

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