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Westerman Statement on Iran Financial Transparency Bills

December 14, 2017
Press Release

WASHINGTON – Congressman Bruce Westerman (AR-04) issued the following statement Thursday (December 14) upon passage of H.R. 1638, the Iranian Leadership Asset Transparency Act, and H.R. 4324, the Strengthening Oversight of Iran's Access to Finance Act:

“Iran’s government and political leaders have long been involved in financial dealings which have sidestepped Western sanctions in order to pad the pockets of the Iran’s elite,” Westerman said. “Passage of bills requiring transparency regarding the financial activities of Iran and its leaders is paramount if we are to ensure compliance with current sanctions.”

The following are bill summaries, courtesy of Bloomberg Government:

  • H.R. 1638: The Treasury Department would be required to report to Congress about the total assets held by Iran’s most senior political, religious, and military leaders, under H.R. 1638.

    Iran’s president, Hassan Rouhani, and supreme leader, Ayatollah Ali Khamenei, are among those whose funds and assets would have to be disclosed in the report.

    The report would also cover the assets of commanders and deputy commanders of Iran’s Revolutionary Guard Corps (IRGC) and its branches, members of the Council of Guardians, the minister of intelligence and security, and the head of the Atomic Energy Organization in Iran.
  • H.R. 4324: The Treasury Department would be required to submit a report to Congress on authorized commercial passenger aircraft sales to Iran under H.R. 4324.

    U.S. sanctions prevented Iran from replacing old aircraft, which have become outdated and unsafe. The Joint Comprehensive Plan of Action (JCPOA) -- the formal name for the Iran nuclear deal -- committed the U.S. to resume licensing new commercial aircraft sales to Iran for civilian use.

    The measure would require the Treasury Department to notify Congress of the sales and certify that they don’t violate any existing sanctions.