Stop Corrupt Iranian Oligarchs and Entities Act

I 117TH CONGRESS 1ST SESSION H. R. 819 To require a report on oligarchs and parastatal entities of Iran, and for other purposes. IN THE HOUSE OF REPRESENTATIVES FEBRUARY 4, 2021 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- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Stop Corrupt Iranian 4 Oligarchs and Entities Act’’. 5 SEC. 2. REPORT ON OLIGARCHS AND PARASTATAL ENTI- 6 TIES OF IRAN. 7 (a) IN GENERAL.—Not later than 180 days after the 8 date of the enactment of this Act, the Secretary of the 9 VerDate Sep 11 2014 17:39 Feb 24, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H819.IH H819 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 819 IH Treasury, in consultation with the Director of National In- 1 telligence and the Secretary of State, shall submit to the 2 appropriate congressional committees a detailed report on 3 the following: 4 (1) Senior foreign political figures and oligarchs 5 in Iran, including the following: 6 (A) An identification of the most signifi- 7 cant senior foreign political figures and 8 oligarchs in Iran, as determined by the close- 9 ness to the Iranian Government of each such 10 figure and oligarch, and the estimated net 11 worth of each such figure and oligarch. 12 (B) An assessment of the relationship be- 13 tween the individuals identified under subpara- 14 graph (A) and President Hassan Rouhani or 15 other members of the Iranian ruling elite. 16 (C) An identification of any indices of cor- 17 ruption with respect to such individuals. 18 (D) Known sources of income of such indi- 19 viduals and their family members (including 20 spouses, children, parents, and siblings), includ- 21 ing relevant beneficial ownership information. 22 (E) An identification of the non-Iranian 23 business affiliations of such individuals. 24 VerDate Sep 11 2014 17:39 Feb 24, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H819.IH H819 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 819 IH (2) Iranian parastatal entities, including an as- 1 sessment of the following: 2 (A) The emergence of Iranian parastatal 3 entities and their role in the economy of Iran. 4 (B) The leadership structures and bene- 5 ficial ownership of such entities. 6 (C) An identification of the non-Iranian 7 business affiliations of such entities. 8 (3) Information relating to the exposure of key 9 economic sectors of the United States, including, at 10 minimum, the banking, securities, insurance, and 11 real estate sectors, to Iranian politically affiliated 12 persons, Iranian parastatal entities, and Iranian 13 state-owned enterprises. 14 (4) Information relating to the likely effects of 15 imposing debt and equity restrictions on Iranian 16 parastatal entities, as well as the anticipated effects 17 of adding Iranian parastatal entities to the list of 18 Specially Designated Nationals maintained by the 19 Office of Foreign Assets Control of the Department 20 of the Treasury. 21 (5) Information relating to the potential im- 22 pacts of imposing sanctions or debt and equity re- 23 strictions in addition to any such sanctions or re- 24 strictions in existence as of the date of the enact- 25 VerDate Sep 11 2014 17:39 Feb 24, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H819.IH H819 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 819 IH ment of this Act on Iranian oligarchs, Iranian 1 parastatal entities, or Iranian state-owned enter- 2 prises, including impacts on such oligarchs, entities, 3 and enterprises and on the economy of Iran, as well 4 as on the economies of the United States and United 5 States allies. 6 (b) FORM.—The report required under subsection (a) 7 shall be submitted in an unclassified form, but may con- 8 tain a classified annex. 9 (c) DEFINITIONS.—In this section: 10 (1) APPROPRIATE CONGRESSIONAL COMMIT- 11 TEES.—The term ‘‘appropriate congressional com- 12 mittees’’ means— 13 (A) the Committee on Foreign Affairs, the 14 Committee on Financial Services, and the Com- 15 mittee on Ways and Means of the House of 16 Representatives; and 17 (B) the Committee on Banking, Housing, 18 and Urban Affairs, the Committee on Foreign 19 Relations, and the Committee on Finance of the 20 Senate. 21 (2) IRANIAN PARASTATAL ENTITIES.—The term 22 ‘‘Iranian parastatal entities’’ means entities— 23 (A) in which Iranian state ownership is at 24 least 25 percent; and 25 VerDate Sep 11 2014 17:39 Feb 24, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H819.IH H819 pamtmann on DSKBC07HB2PROD with BILLS 5 •HR 819 IH (B) that had 2016 revenues of approxi- 1 mately $2,000,000,000 or more. 2 (3) SENIOR FOREIGN POLITICAL FIGURE.—The 3 term ‘‘senior foreign political figure’’ has the mean- 4 ing given such term in section 1010.605 of title 31, 5 Code of Federal Regulations (or any corresponding 6 similar regulation or ruling). 7 Æ VerDate Sep 11 2014 17:39 Feb 24, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H819.IH H819 pamtmann on DSKBC07HB2PROD with BILLS