119-hr348

[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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