Scott’s bill would restrict the ability of the Treasury and State departments to loosen sanctions for the Iranian funds. It would also direct the Treasury Department to report to Congress on other Iranian assets blocked by U.S. sanctions.

Scott’s bill has 21 Republican co-sponsors, including Sens. Bill Cassidy of Louisiana, Mike Crapo of Idaho, Lindsey Graham of South Carolina, Marco Rubio of Florida and J.D. Vance of Ohio. Cotton is also signed on.

The Scott bill’s backers see it as complementary to the Cotton-McConnell legislation.

Scott has also called on Senate Banking Chair Sherrod Brown (D-Ohio) to hold a hearing with Treasury Secretary Janet Yellen on Iran sanctions. Brown, who has worked closely with Scott on other matters, said last week that the committee will scrutinize the financing behind the Hamas attacks and consider what measures are needed to stop Iran and other Hamas backers from supporting the group.