What This Bill Does
This bill requires the Secretary of the Treasury to write a detailed report about powerful people and government-controlled businesses in Iran. The report must examine their wealth, connections to Iran's leaders, possible corruption, and business dealings outside Iran.
Who It Affects
The Treasury Department, the Director of National Intelligence, the Secretary of State, and Congress receive or review this report. The bill does not directly affect individual Americans or businesses.
Key Provisions
• The Treasury Department must submit a report within 180 days identifying the most important wealthy people and political figures in Iran, how close they are to Iran's government, and their estimated net worth (Sec. 2(a)(1)(A))
• The report must describe connections between these individuals and Iran's leaders, including President Hassan Rouhani (Sec. 2(a)(1)(B))
• The report must list sources of income for these individuals and their family members, including beneficial ownership information (Sec. 2(a)(1)(D))
• The report must analyze how Iran's parastatal entities (government-influenced businesses) operate in Iran's economy and who owns them (Sec. 2(a)(2))
• The report must examine how U.S. banking, securities, insurance, and real estate sectors are exposed to Iranian political figures and state-controlled businesses (Sec. 2(a)(3))
What Changes
Congress will receive information about Iran's wealthy oligarchs and government-controlled entities that it currently may not have in one organized report.
Important Definitions
"Iranian parastatal entities" means businesses where the Iranian government owns at least 25 percent and that had 2016 revenues of approximately $2,000,000,000 or more (Sec. 2(c)(2))
Effective Date
Not specified in bill text
I
118TH CONGRESS
1ST SESSION
H. R. 931
To require a report on oligarchs and parastatal entities of Iran, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 9, 2023
Mr. KUSTOFF (for himself and Mr. GOTTHEIMER) introduced the following
bill; which was referred to the Committee on Foreign Affairs, and in ad-
dition to the Committee on Financial Services, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
A BILL
To require a report on oligarchs and parastatal entities of
Iran, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Stop Corrupt Iranian
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Oligarchs and Entities Act’’.
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SEC. 2. REPORT ON OLIGARCHS AND PARASTATAL ENTI-
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TIES OF IRAN.
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(a) IN GENERAL.—Not later than 180 days after the
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date of the enactment of this Act, the Secretary of the
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•HR 931 IH
Treasury, in consultation with the Director of National In-
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telligence and the Secretary of State, shall submit to the
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appropriate congressional committees a detailed report on
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the following:
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(1) Senior foreign political figures and oligarchs
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in Iran, including the following:
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(A) An identification of the most signifi-
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cant
senior
foreign
political
figures
and
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oligarchs in Iran, as determined by the close-
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ness to the Iranian Government of each such
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figure and oligarch, and the estimated net
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worth of each such figure and oligarch.
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(B) An assessment of the relationship be-
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tween the individuals identified under subpara-
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graph (A) and President Hassan Rouhani or
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other members of the Iranian ruling elite.
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(C) An identification of any indices of cor-
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ruption with respect to such individuals.
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(D) Known sources of income of such indi-
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viduals and their family members (including
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spouses, children, parents, and siblings), includ-
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ing relevant beneficial ownership information.
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(E) An identification of the non-Iranian
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business affiliations of such individuals.
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•HR 931 IH
(2) Iranian parastatal entities, including an as-
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sessment of the following:
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(A) The emergence of Iranian parastatal
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entities and their role in the economy of Iran.
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(B) The leadership structures and bene-
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ficial ownership of such entities.
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(C) An identification of the non-Iranian
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business affiliations of such entities.
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(3) Information relating to the exposure of key
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economic sectors of the United States, including, at
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minimum, the banking, securities, insurance, and
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real estate sectors, to Iranian politically affiliated
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persons, Iranian parastatal entities, and Iranian
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state-owned enterprises.
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(4) Information relating to the likely effects of
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imposing debt and equity restrictions on Iranian
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parastatal entities, as well as the anticipated effects
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of adding Iranian parastatal entities to the list of
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Specially Designated Nationals maintained by the
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Office of Foreign Assets Control of the Department
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of the Treasury.
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(5) Information relating to the potential im-
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pacts of imposing sanctions or debt and equity re-
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strictions in addition to any such sanctions or re-
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strictions in existence as of the date of the enact-
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•HR 931 IH
ment of this Act on Iranian oligarchs, Iranian
1
parastatal entities, or Iranian state-owned enter-
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prises, including impacts on such oligarchs, entities,
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and enterprises and on the economy of Iran, as well
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as on the economies of the United States and United
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States allies.
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(b) FORM.—The report required under subsection (a)
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shall be submitted in an unclassified form, but may con-
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tain a classified annex.
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(c) DEFINITIONS.—In this section:
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(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
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TEES.—The term ‘‘appropriate congressional com-
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mittees’’ means—
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(A) the Committee on Foreign Affairs, the
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Committee on Financial Services, and the Com-
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mittee on Ways and Means of the House of
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Representatives; and
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(B) the Committee on Banking, Housing,
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and Urban Affairs, the Committee on Foreign
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Relations, and the Committee on Finance of the
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Senate.
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(2) IRANIAN PARASTATAL ENTITIES.—The term
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‘‘Iranian parastatal entities’’ means entities—
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(A) in which Iranian state ownership is at
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least 25 percent; and
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•HR 931 IH
(B) that had 2016 revenues of approxi-
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mately $2,000,000,000 or more.
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(3) SENIOR FOREIGN POLITICAL FIGURE.—The
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term ‘‘senior foreign political figure’’ has the mean-
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ing given such term in section 1010.605 of title 31,
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Code of Federal Regulations (or any corresponding
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similar regulation or ruling).
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Æ
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