Stop Corrupt Iranian Oligarchs and Entities Act

Stop Corrupt Iranian Oligarchs and Entities Act

This bill directs the Department of the Treasury to report to Congress on certain individuals and entities in Iran that have close relationships with the Iranian government.

The report must include specified information, including (1) identifying senior foreign political figures and oligarchs in Iran, their known sources of income, and their non-Iranian business affiliations; (2) assessing the emergence of parastatal entities and their leadership structure; and (3) the potential effects of imposing sanctions or debt and equity restrictions on such oligarchs, parastatal entities, or Iranian state-owned enterprises.

For the purposes of this bill, an Iranian parastatal entity is one in which Iranian state ownership is at least 25% and that had revenues of at least $2 billion in 2016.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 348 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 348

 To require a report on oligarchs and parastatal entities of Iran, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 13, 2025

 Mr. Kustoff (for himself and Mr. Gottheimer) introduced the following 
 bill; which was referred to the Committee on Foreign Affairs, and in 
  addition to the Committee on Financial Services, for a period to be 
subsequently 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop Corrupt Iranian Oligarchs and 
Entities Act''.

SEC. 2. REPORT ON OLIGARCHS AND PARASTATAL ENTITIES OF IRAN.

    (a) In General.--Not later than 180 days after the date of the 
enactment of this Act, the Secretary of the Treasury, in consultation 
with the Director of National Intelligence and the Secretary of State, 
shall submit to the appropriate congressional committees a detailed 
report on the following:
            (1) Senior foreign political figures and oligarchs in Iran, 
        including the following:
                    (A) An identification of the most significant 
                senior foreign political figures and oligarchs in Iran, 
                as determined by the closeness to the Iranian 
                Government of each such figure and oligarch, and the 
                estimated net worth of each such figure and oligarch.
                    (B) An assessment of the relationship between the 
                individuals identified under subparagraph (A) and 
                President Masoud Pezeshkian or other members of the 
                Iranian ruling elite.
                    (C) An identification of any indices of corruption 
                with respect to such individuals.
                    (D) Known sources of income of such individuals and 
                their family members (including spouses, children, 
                parents, and siblings), including relevant beneficial 
                ownership information.
                    (E) An identification of the non-Iranian business 
                affiliations of such individuals.
            (2) Iranian parastatal entities, including an assessment of 
        the following:
                    (A) The emergence of Iranian parastatal entities 
                and their role in the economy of Iran.
                    (B) The leadership structures and beneficial 
                ownership of such entities.
                    (C) An identification of the non-Iranian business 
                affiliations of such entities.
            (3) Information relating to the exposure of key economic 
        sectors of the United States, including, at minimum, the 
        banking, securities, insurance, and real estate sectors, to 
        Iranian politically affiliated persons, Iranian parastatal 
        entities, and Iranian State-owned enterprises.
            (4) Information relating to the likely effects of imposing 
        debt and equity restrictions on Iranian parastatal entities, as 
        well as the anticipated effects of adding Iranian parastatal 
        entities to the list of Specially Designated Nationals 
        maintained by the Office of Foreign Assets Control of the 
        Department of the Treasury.
            (5) Information relating to the potential impacts of 
        imposing sanctions or debt and equity restrictions in addition 
        to any such sanctions or restrictions in existence as of the 
        date of the enactment of this Act on Iranian oligarchs, Iranian 
        parastatal entities, or Iranian State-owned enterprises, 
        including impacts on such oligarchs, entities, and enterprises 
        and on the economy of Iran, as well as on the economies of the 
        United States and United States allies.
    (b) Form.--The report required under subsection (a) shall be 
submitted in an unclassified form, but may contain a classified annex.
    (c) Definitions.--In this section:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Affairs, the Committee 
                on Financial Services, and the Committee on Ways and 
                Means of the House of Representatives; and
                    (B) the Committee on Banking, Housing, and Urban 
                Affairs, the Committee on Foreign Relations, and the 
                Committee on Finance of the Senate.
            (2) Iranian parastatal entities.--The term ``Iranian 
        parastatal entities'' means entities--
                    (A) in which Iranian State ownership is at least 25 
                percent; and
                    (B) that had 2016 revenues of approximately 
                $2,000,000,000 or more.
            (3) Senior foreign political figure.--The term ``senior 
        foreign political figure'' has the meaning given such term in 
        section 1010.605 of title 31, Code of Federal Regulations (or 
        any corresponding similar regulation or ruling).
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