Treasury Secretary Scott Bessent said on CNBC that the U.S. Treasury Department will take responsibility for supervising Iranian funds when they are released as part of President Donald Trump’s interim Iran agreement.
Bessent indicated that a large percentage of those funds would be directed toward purchases of U.S. products, primarily food and medicine, and that Treasury oversight would be exercised in the Middle East. The comments suggest the administration is aiming to put controls in place around Iran’s access to frozen assets if the arrangement moves forward.
Despite that outline, Bessent did not provide a number for how much money would be released, nor did he say precisely where the funds would be held. He also left unspecified what role Iran would play in directing purchases with the released funds and what enforcement mechanisms Treasury would use to prevent diversion of the money.
The interim agreement, according to administration officials, is intended to halt hostilities and create a 60-day window for negotiating a broader deal. Supporters argue the pause could open space for diplomacy, while critics - including some congressional Republicans - have voiced concerns that the White House is offering too much initially.
Those critics focus on elements of the arrangement that they say could amount to sanctions relief and renewed access to frozen funds in return for a temporary negotiating period. The White House has faced pushback from lawmakers who worry the terms grant Iran excessive economic benefits before a more comprehensive security framework is in place.
Bessent said the structure would channel a substantial share of any released funds into purchases of U.S. food and medicines, which could, if Iran chooses to buy American goods, result in orders going to U.S. farmers, food producers and pharmaceutical companies. The administration has framed this as a way to tie economic activity to purchases of humanitarian and consumer goods rather than unrestricted cash flows.
Vice President JD Vance defended the interim deal last week, saying the United States would not be sending taxpayer dollars to Iran and that any economic benefits for Tehran would be contingent on its compliance with the agreement. Beyond that defense, however, details on custody, oversight tools and precisely how purchases would be authorized remain unclear.
The lack of specifics that Bessent acknowledged - on amounts, custody locations and enforcement mechanisms - leaves open questions for Congress, affected industries and markets monitoring potential shifts in demand for U.S. agricultural and pharmaceutical exports. Administration officials describe the arrangement as temporary and narrowly focused, but critics say major security and policy questions remain unresolved.