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House Bill Puts Iran’s Terror-Financing Under the Microscope

Rep. Loudermilk (R-GA) issued the following statement today after voting on legislation to call for greater transparency in Iran’s financial dealings:
“Iran has repeatedly proven that it cannot be trusted. As the world’s leading state-sponsor of terror, Iran continues to show a complete disregard for human life through its tangled, highly-financed web of terror. The bills passed by the House today put Iran’s illicit financial activities under the microscope, shedding light into the regime’s volatile mix of money laundering, human rights abuses, and terrorist financing.
“Iran provides millions of dollars of funds and weapons to Hamas and other terrorist organizations. These organizations use these funds and weapons to carry out attacks on United States citizens and our allies. That’s why I voted for legislation that would make it more difficult for Iran to purchase commercial aircraft from the United States – or companies that do business with us – without strict oversight and control.”
H.R. 1638, the Iranian Leadership Asset Transparency Act
  • Requires the Secretary of the Treasury to report to Congress on the assets held by Iran’s senior political, military, and business leaders, and on the probable sources and uses of the assets.  If necessary, this report could be classified and available to Members of Congress.
  • Urges the U.S. Treasury Secretary to seek information for the report from sources that would search and, if necessary, translate publicly available “high-veracity official records” overseas, and provide methods to search and analyze such data in ways that are useful to law enforcement.
H.R. 4324, Strengthening Oversight of Iran’s Access to Finance Act
  • Requires the U.S. Treasury Secretary to make a certification to Congress regarding transactions authorized for financial institutions in connection with the export of aircraft to Iran.
  • This certification would verify that any authorized financial transactions would not benefit Iranians sanctioned for weapons proliferation, terrorism, or human rights abuses in Syria.