Stop Corrupt Iranian Oligarchs and Entities Act
Stop Corrupt Iranian Oligarchs and Entities Act
Plain Language Summary
# Stop Corrupt Iranian Oligarchs and Entities Act (HR 348) - Summary **What the Bill Does:** This bill would require the U.S. Treasury Department to prepare a detailed report for Congress about wealthy individuals and government-connected businesses in Iran. The report would identify senior Iranian political figures and oligarchs (very wealthy individuals), detail their money sources, document their business dealings outside Iran, and analyze Iranian state-owned or state-controlled companies. Treasury would also assess what might happen if the U.S. imposed financial sanctions or investment restrictions on these individuals and entities. **Who It Affects:** The bill directly affects Iranian oligarchs and businesses with significant government ties.
Indirectly, it could affect U.S. foreign policy toward Iran and potentially American companies or investors with Iranian connections. The bill focuses on Iranian entities where the government owns at least 25% and that had revenues of at least $2 billion in 2016. **Current Status:** The bill is currently in committee, meaning it has been introduced but not yet debated or voted on by the full House. As an information-gathering measure, it doesn't immediately impose new sanctions but could inform future sanctions decisions by providing Congress with detailed intelligence about Iran's economic networks.
CRS Official Summary
Stop Corrupt Iranian Oligarchs and Entities ActThis 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.
Latest Action
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.