The Treasury Department will oversee Iranian funds when they are released under President Donald Trump's interim Iran agreement, Treasury Secretary Scott Bessent said Wednesday on CNBC's "Squawk Box."
"A very large percentage of it will go to buy U.S. foodstuffs and medicines," Bessent said.
Bessent said the funds would be overseen by Treasury in the Middle East, suggesting the administration is trying to place guardrails around one of the most politically sensitive pieces of the agreement: Iran's access to frozen assets.
The comments come as the White House faces backlash from some congressional Republicans 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 described by Bessent would also create a potential domestic economic argument for the deal: Some of the released funds could flow back to U.S. farmers, food producers and pharmaceutical companies if Iran is required or encouraged to use the money to buy U.S. goods.
But the mechanics remain 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 purchases or what enforcement tools Treasury would use to ensure the money is not diverted.
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