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house Bill H.R. 1638

Should the Treasury Compile and Publish a Report on Assets Held by Iran’s Leaders?

Argument in favor

Iran’s leaders are corrupt, and by publishing a report that exposes the regime’s ill-gotten wealth this bill would give opposition leaders valuable information to use in bringing about democratic change.

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12/12/2017
Yes, However we should apply this policy to our own Executive and Legislative branch first.
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MattWayne's Opinion
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12/13/2017
Make all records public, including our own government's assets. It's time for an Awakening
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Amelia's Opinion
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12/13/2017
I do not believe in Present Travel bans, but have always had GREAT misgivings about the sale of USA assets to any foreign nation, be they ‘allies’ (at present), or not.
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Argument opposed

While bringing transparency to corrupt regimes is a worthy goal, this bill would undermine U.S. national security interests because it would strain Treasury Dept. resources to produce this report.

David 's Opinion
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12/13/2017
We need first to get a handle on Trump’s misuse of his office for his own financial gain.
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KansasTamale's Opinion
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12/13/2017
Spending money for a ridiculous bill that will do nothing. Iran is standing up and doing what they are supposed to & WE are at fault trying to mess up a deal brokered by many other countries.
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Kathryn's Opinion
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12/13/2017
No - Americans are much more concerned with transparency of our own government, the big money in our elections, politicians and corporations getting rich on the backs of the poor and middle class. How about getting to work on REAL issues that affect the 45 million Americans living in poverty, middle class families who can’t afford to send their kids to college, renegotiating NAFTA so our jobs don’t get outsourced, universal healthcare for every American! Stop this nonsense.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed December 13th, 2017
    Roll Call Vote 288 Yea / 135 Nay
      house Committees
      Committee on Financial Services
      Committee on Foreign Affairs
      Middle East, North Africa, and International Terrorism
    IntroducedMarch 20th, 2017

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What is House Bill H.R. 1638?

This bill would require the Treasury Dept. to provide Congress with a report on assets held by the leadership of Iran’s government. The initial report would be due within 270 days of the bill’s enactment, and subsequent reports would be required for each of the next two years. The unclassified portion of the report would be made publicly available and posted on Treasury’s website in downloadable English, Farsi, Arabic, and Azeri versions.

Specifically, the report would include information on:

  • The funds or assets held in U.S. and foreign financial institutions that are directly or indirectly controlled by specified Iranian officials;

  • Any equity stake such official has in an entity on Treasury’s list of Specially Designated Nationals or in any other sanctioned entity;

  • How such funds, assets, or equity interests were acquired and used;

  • New methods used to evade anti-money laundering and related laws, including recommendations to improve techniques to combat illicit uses of the U.S. financial system by each such official;

  • Recommendations for revising U.S. economic sanctions against Iran to prevent Iranian officials from using funds or assets to develop and procure ballistic missile technology;

  • How Treasury assesses the effectiveness of U.S. economic sanctions against Iran;

  • Recommendations for improving Treasury’s ability to develop and enforce additional economic sanctions against Iran if so ordered by the president.

Impact

Iranian officials and people who want to know about their assets; and the Treasury Department.

Cost of House Bill H.R. 1638

$500.00 Thousand
The CBO estimates that enacting this bill would cost less than $500,000 in 2018 and 2019, but that costs could be higher if the federal government doesn’t currently collect and classify such information.

More Information

In-Depth: Sponsoring Rep. Bruce Poliquin (R-ME) introduced this bill to publicly disclose the assets of Iran’s regime that have been used to support terrorism:

“Iran’s top regime leaders — the Supreme Leader and the country’s top political and military brass — have amassed huge wealth through their tyrannical rule and corrupt and covert structure. Reports have indicated these funds are being used to support and sponsor terrorism around the region and to undermine our own national security interests. Iran, the world’s leading state sponsor of terrorism, cannot be trusted and it’s important for the security of the region and for the United States for these secret funds to be exposed publicly to the world.”

Some House Democrats expressed opposition to this bill in its committee report:

“Although increasing transparency into corrupt regimes is a laudable goal, H.R. 1638 would not promote U.S. national security interests. First, the level of scrutiny that would be needed to produce a credible report would place a very real strain on the Treasury Department, diverting significant resources away from Treasury investigators who are tasked with targeting sanctionable conduct, implementing existing sanctions on Iran, and uncovering illicit conduct across the globe, including, importantly, efforts to identify the web of business interests that continue to enable North Korea to evade U.S. and international sanctions.”

This legislation passed the House Financial Services Committee on a 43-16 vote.


Media:

Summary by Eric Revell

(Photo Credit: BalkansCat / iStock)

AKA

Iranian Leadership Asset Transparency Act

Official Title

To require the Secretary of the Treasury to submit a report to the appropriate congressional committees on the estimated total assets under direct or indirect control by certain senior Iranian leaders and other figures, and for other purposes.

    Yes, However we should apply this policy to our own Executive and Legislative branch first.
    Like (98)
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    We need first to get a handle on Trump’s misuse of his office for his own financial gain.
    Like (73)
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    Nope, all bullshit distractions. We better watch what the other hand is up to.
    Like (40)
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    Spending money for a ridiculous bill that will do nothing. Iran is standing up and doing what they are supposed to & WE are at fault trying to mess up a deal brokered by many other countries.
    Like (31)
    Follow
    Share
    No - Americans are much more concerned with transparency of our own government, the big money in our elections, politicians and corporations getting rich on the backs of the poor and middle class. How about getting to work on REAL issues that affect the 45 million Americans living in poverty, middle class families who can’t afford to send their kids to college, renegotiating NAFTA so our jobs don’t get outsourced, universal healthcare for every American! Stop this nonsense.
    Like (25)
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    Until we also publish a report that exposes Saudi Arabia's ill-gotten wealth, this bill that solely targets Iran (our punching bag, apparently) should not be passed.
    Like (18)
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    Make all records public, including our own government's assets. It's time for an Awakening
    Like (18)
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    I do not believe in Present Travel bans, but have always had GREAT misgivings about the sale of USA assets to any foreign nation, be they ‘allies’ (at present), or not.
    Like (12)
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    Absolutely. Right after you publish a list of Trump's and his Plutocracy's. Should be interesting.
    Like (8)
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    Full disclosure. How about adding other countries like China, Russia and including all countries run by fascist or dictators.
    Like (8)
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    I’d like to know of Iranian investments so as not to have any dealings with them.
    Like (7)
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    Show the world and the Iranian people who they are not the holy rollers they claim to be. They value money and things like westerners and everyone else of this world
    Like (7)
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    Unless this INCLUDES the same rules for US then I view it as a distraction.
    Like (5)
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    Absolutely, Iran probably has the atomic bomb or are very close to achieve their goal. The expense associated with keeping track of Iran assets is worth every penny. We need to know who, why, when and where the Corrupt Mullahs are doing with their assets. Iran is a defiant and rouge country and should not be trusted. Iran is the biggest sponsor of terror throughout the Middle East. It hates Israel and has contempt for the United States. Those who oppose this bill are misinformed or ignorant about Iran’s tyrant and oppressive Government.
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    I would say yes if our government had the moral high ground to stand on. As long as our government is on a moral high horse instead of a moral high ground, I would say no.
    Like (4)
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    Our elected officials should go first
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    I agree with this once their executive branch releases its own financials.
    Like (4)
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    Don’t know what advantage this provides us. More money spent with no particular advantage is a waste. We know our govt is corrupt and what I’d rather there be a report about the assets that trump and his cabinet hold. That would mean something and would determine the family’s ethical and warranted charges re emoluments clause. Assets held by members of Congress of their political donors and how much would pull the veil of secrecy Congress hides behind to protect their special interests. Gives Americans the information to claim bias in voting, creating bills, and financial votes. We need that information so we can police our reps, call them out and hold them accountable to us and not to their special interests. Most recent example of this “tax plan” full of special interests. One of which I am aware is a 42 billion dollar tax cut to craft beer, liquor, and wine industries. Put into the budget by Ron Portman of Ohio and approved. His rationale: we appreciate the craft beer industry. He is also a Koch Bros recipient. Does middle America want to pay for a 42 billion dollar tax cut because Ron Portman appreciates the craft beer industry? I sure don’t.
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    No but let’s start with a list of the assets held by our leaders starting of course with our president DJT.
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    No. This bill is nothing more than an attempt by the GOP to decertify the Iranian Nuclear Arms deal, even though Iran has complied with all requirements. This administration, and the GOP as a whole, needs to stop repealing each and every deal made by the previous administration. Republicans are repealing deals such as this out of spite and for no other reason. Save the taxpayers some money and vote no.
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