U.S. Treasury to oversee Iranian funds under interim peace deal, Bessent says

Investing.com -- The Treasury Department will manage Iranian funds when they are released under President Donald Trump's interim Iran agreement, Treasury Secretary Scott Bessent said Wednesday on CNBC.

Bessent said a large percentage of the funds will be used to purchase U.S. food and medicine products. The Treasury will oversee the funds in the Middle East, indicating the administration is attempting to establish controls around Iran's access to frozen assets.

The White House is facing criticism from some congressional Republicans over concerns that Trump's deal provides Iran with too much, including sanctions relief and access to frozen funds, in exchange for a temporary negotiating period.

The arrangement could direct some of the released funds back to U.S. farmers, food producers and pharmaceutical companies if Iran uses the money to buy American goods.

Bessent did not specify how much money would be released, where the funds would be held, what role Iran would have in directing purchases or what enforcement tools Treasury would use to prevent the money from being diverted.

Administration officials have said the interim deal is intended to halt hostilities and create a 60-day window for a broader agreement. Critics say the White House is offering too much initially while leaving major security questions unresolved.

Vice President JD Vance defended the agreement last week, stating the U.S. is not sending taxpayer money to Iran and that Tehran would receive economic benefits only if it complies with the deal.

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