IRANIAN LEADERSHIP ASSET TRANSPARENCY ACT
(House of Representatives - December 13, 2017)

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[Congressional Record Volume 163, Number 203 (Wednesday, December 13, 2017)]
[Pages H9868-H9878]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               IRANIAN LEADERSHIP ASSET TRANSPARENCY ACT


                             General Leave

  Mr. HENSARLING. Mr. Speaker, I ask unanimous consent that all Members 
may have 5 legislative days within which to revise and extend their 
remarks and include extraneous material on the bill under 
consideration.
  The SPEAKER pro tempore (Mr. Davidson). Is there objection to the 
request of the gentleman from Texas?
  There was no objection.
  The SPEAKER pro tempore. Pursuant to House Resolution 658 and rule 
XVIII, the Chair declares the House in the Committee of the Whole House 
on the state of the Union for the consideration of the bill, H.R. 1638.
  The Chair appoints the gentleman from Michigan (Mr. Mitchell) to 
preside over the Committee of the Whole.

                              {time}  1456


                     In the Committee of the Whole

  Accordingly, the House resolved itself into the Committee of the 
Whole House on the state of the Union for the consideration of the bill 
(H.R. 1638), 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, with Mr. Mitchell in 
the chair.
  The Clerk read the title of the bill.
  The CHAIR. Pursuant to the rule, the bill is considered read the 
first time.
  The gentleman from Texas (Mr. Hensarling) and the gentlewoman from 
California (Ms. Maxine Waters) each will control 30 minutes.
  The Chair recognizes the gentleman from Texas.
  Mr. HENSARLING. Mr. Chair, I yield myself such time as I may consume.
  Mr. Chair, I rise in strong support of H.R. 1638, the Iranian 
Leadership Asset Transparency Act, introduced by my colleague and dear 
friend from Maine (Mr. Poliquin).
  This legislation requires the Treasury Secretary to report to 
Congress on the assets held by the Islamic Republic of Iran's most 
senior political and military leaders, and on the probable sources and 
uses of those assets.
  A classified version, if necessary, would be available, as 
appropriate, to Congress, and a public version of the report would be 
posted on the Treasury Department's website in English and in the major 
languages used within Iran that could easily be downloaded.
  The genius of this latter point is that it will allow the average 
Iranian to understand and circulate information of how their leaders 
are, in a phrase, robbing them blind, as well as aiding and abetting 
terrorists.
  Iran's top political, military, and business leaders, if there is 
much of a distinction between those roles in Iran, fund terrorist-
related activity, we know this, and through intricate financial 
arrangements that give them great flexibility in moving their money.
  According to the nongovernmental organization Transparency 
International, Iran's economy is characterized by high levels of 
official and institutional corruption, and there is substantial 
involvement by Iran's security forces, particularly involving the 
Islamic Revolutionary Guard Corps.
  Unsurprisingly, then, members of Iran's senior political and military 
leadership have acquired significant personal and institutional wealth 
by using their positions to secure control of major portions of the 
Iranian national economy.
  Some estimates put their iron grip at a third or more of the 
country's economy, and some individual holdings in the billions of 
dollars; all at a time when the average Iranian citizen earns the 
equivalent of about $15,000 a year.
  The unwise sanctions relief provided through the Obama 
administration's nuclear deal with Iran resulted in the unwarranted 
removal of many Iranian entities that are tied to government corruption 
from the list of entities sanctioned by the United States.

                              {time}  1500

  Thankfully, however, the Trump administration has, in recent months, 
levied a number of needed new sanctions on Iranian individuals and 
entities. Still, the Transparency International index of perceived 
public corruption in Iran is higher than ever.
  As well, the Treasury Department has identified Iran as a country of 
``primary concern for money laundering.'' Separately, the State 
Department has continually identified Iran as the world's foremost 
state sponsor of terrorism. Iran is, the State Department tells us, a 
country that has ``repeatedly provided support for acts of 
international terrorism,'' and ``continues to sponsor terrorist groups 
around the world, principally through its Islamic Revolutionary Guard 
Corps.''
  The bill before us today, the Iranian Leadership Asset Transparency 
Act, requires the Treasury Department again to list the known assets of 
senior Iranian officials in a form that is easily understandable and 
accessible to individual Iranians, as well as to those in the financial 
or business sector who might be concerned--hopefully concerned--about 
inadvertently doing business with a corrupt Iranian entity.
  The bill also requires the Treasury to evaluate the effectiveness of 
existing sanctions against Iran and make any appropriate 
recommendations for improving the effectiveness of sanctions.
  The bill passed the Financial Services Committee last month with a 
bipartisan support vote of 43-16. The House approved a nearly identical 
bill just 18 months ago by a very strong vote of 282-143.
  As passed by the committee, this year's version has an important 
addition, a sense of the Congress section, that urges the Treasury 
Secretary, in addition to other sources, to seek information for the 
report from private sector sources that search, analyze, and, if 
necessary, translate publicly available, high veracity, official 
records overseas, and provide methods of searching and analyzing such 
data in ways useful to law enforcement.
  These source of services provide information that could augment 
information that is gathered, often by classified means, and provide a 
final public report that helps give the world a better picture of the 
true nature of Iran's economy.
  Mr. Chairman, I urge immediate passage of Mr. Poliquin's thoughtful 
and bipartisan bill. I appreciate his leadership to bring us here 
today, and I reserve the balance of my time.

                                         House of Representatives,


                                 Committee on Foreign Affairs,

                                 Washington, DC, December 6, 2017.
     Hon. Jeb Hensarling,
     Chairman, Committee on Financial Services,
     Washington, DC.
       Dear Chairman Hensarling: Thank you for consulting with the 
     Committee on Foreign Affairs on H.R. 1638, the Iranian 
     Leadership Asset Transparency Act.
       I agree that the Foreign Affairs Committee may be 
     discharged from further action on this bill so that it may 
     proceed expeditiously to the Floor, subject to the 
     understanding that this waiver does not in any way diminish 
     or alter the jurisdiction of the Foreign Affairs Committee, 
     or prejudice its jurisdictional prerogatives on this bill or 
     similar legislation in the future. The Committee also 
     reserves the right to seek an appropriate number of conferees 
     to any House-Senate conference involving this bill, and would 
     appreciate your support for any such request.
       I ask that you place our exchange of letters into the 
     Congressional Record during

[[Page H9869]]

     floor consideration of the bill. I appreciate your 
     cooperation regarding this legislation and look forward to 
     continuing to work with you as this measure moves through the 
     legislative process.
           Sincerely,
                                                  Edward R. Royce,
     Chairman.
                                  ____

                                         House of Representatives,


                              Committee on Financial Services,

                                 Washington, DC, December 7, 2017.
     Hon. Ed Royce,
     Chairman, Committee on Foreign Affairs,
     Washington, DC.
       Dear Chairman Royce: Thank you for your December 6th letter 
     regarding H.R. 1638, the ``Iranian Leadership Asset 
     Transparency Act'', as amended.
       I am most appreciative of your decision to forego action on 
     H.R. 1638 so that it may move expeditiously to the House 
     floor. I acknowledge that although you are waiving action on 
     the bill, the Committee on Foreign Affairs is in no way 
     waiving its jurisdictional interest in this or similar 
     legislation. In addition, if a conference is necessary on 
     this legislation, I will support any request that your 
     committee be represented therein.
       Finally, I shall be pleased to include your letter and this 
     letter in our committee's report on H.R. 1638 and in the 
     Congressional Record during floor consideration of the same.
           Sincerely,
                                                   Jeb Hensarling,
                                                         Chairman.

  Ms. MAXINE WATERS of California. Mr. Chairman, I yield myself such 
time as I may consume.
  Mr. Chairman, the legislation before us now, H.R. 1638, the Iranian 
Leadership Asset Transparency Act, represents what the Republican 
majority has become very good at doing, advancing bad public policy 
while claiming to advance the public interest.
  H.R. 1638, the Iranian Leadership Asset Transparency Act, would 
require the Secretary of the Treasury to report to Congress on the 
estimated total assets under direct or indirect control of certain 
senior Iranian leaders and other figures, along with a description of 
how these assets were acquired and are employed, regardless of whether 
such individuals are subject to U.S. sanctions.
  Although increasing transparency into corrupt regimes is a laudable 
goal, H.R. 1638 works counter not only to its own stated objectives, 
but also 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 conduct that is actually 
sanctionable; implementing existing U.S. sanction programs; 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.
  In addition to diverting scarce and critical resources, the bill's 
required report will have little use as a compliance tool, given that 
the most important parts would be classified, undercutting the 
legislation's own stated objective to help make financial institutions' 
required compliance with remaining sanctions more easily understood.
  In fact, the creation of such a list, which would not be tied to any 
prohibition or legal action, would more than likely create confusion 
among the Office of Foreign Assets Control's regulated public and also 
mislead companies to believe that the Treasury list replaces the due 
diligence efforts that they should otherwise be doing prior to engaging 
in business in Iran.
  Moreover, because the report would be largely classified, the bill 
would do little to draw the Iranian public's attention to the 
corruption and unjust enrichment of their leaders, which is another 
stated purpose of the bill. In fact, any classified portion would 
inevitably be rejected by both the Iran regime and its people as U.S. 
propaganda, and a predictable attack on the country's government by the 
United States.
  The true purpose of this legislation is to create reputational risk 
for companies that might seek to do legitimate business with Iran. For 
this reason, the bill would be a strategic mistake, as its report would 
undoubtedly be seized upon by Iran as an intentional effort to 
discourage international investment in Iran, which would be viewed by 
Iran and likely by the major world powers who joined us in the JCPOA as 
well as a violation of the expressed U.S. commitment under the nuclear 
deal not to interfere with the full realization of the relief provided 
to Iran under the accord.
  When a nearly identical version of this bill was considered last 
Congress, the Obama White House threatened to veto the bill, stating 
that it would, ``endanger our ability to ensure Iran's nuclear program 
is and remains exclusively peaceful.''
  Moreover, the Obama administration cautioned that the report called 
for in the bill would also compromise critical intelligence sources and 
methods. On that score, I would also note that the reporting 
requirement in the legislation calls for information about how 
sanctions evasion and illicit conduct is practiced, and potential 
countermeasures.
  It seems far from prudent to give tips to our adversaries about how 
we learn about their misconduct and how we plan to respond. This 
legislation would have very limited practical utility, despite the huge 
diversion of resources it would take to produce. It also fails to meet 
its own stated objectives, including serving any usefulness as a 
compliance tool.
  Finally, the measure would also likely have a negative impact on the 
continued viability of the nuclear deal, which is clearly a central 
objective. I am hard-pressed to think of a single piece of legislation 
that works so strongly against every single policy goal it claims to 
advance. Few issues are more important to global peace and security 
than preventing Iran from acquiring nuclear weapons. This bill would do 
nothing to advance that goal. In fact, if enacted, it could do grave 
damage to the important progress that has been made.
  Mr. Chairman, I would urge my colleagues to join me in opposing this 
measure, and I reserve the balance of my time.
  Mr. HENSARLING. Mr. Chairman, I yield myself 10 seconds simply to 
remind the ranking member that in the State Department's latest Country 
Reports on Terrorism, Iran is labeled the ``world's foremost state 
sponsor of terrorism.''
  Why we would want less information as opposed to more information on 
that rogue state is beyond me.
  Mr. Chairman, I yield 5 minutes to the gentleman from Maine (Mr. 
Poliquin), the sponsor of the legislation and a distinguished member of 
the Financial Services Committee.
  Mr. POLIQUIN. Mr. Chairman, I appreciate the opportunity to speak on 
behalf of my bill, and I am grateful to you for moving this very 
important bipartisan bill through the House Financial Services 
Committee.
  I also want to thank my colleagues on the other side of the aisle who 
supported this bill last year. Unfortunately, it got stuck in the 
Senate, so we have got to do it again this year, but I am thrilled to 
be here.
  Mr. Chairman, the primary responsibility of every Member of Congress, 
whether you are on the left side or the right side of the aisle, no 
matter what State you are from, what part of the country you are from, 
the major responsibility, the primary responsibility is to support and 
defend our Constitution. To me, that means protecting our families and 
those American citizens abroad.

  Now, our moms and dads in Maine, Mr. Chairman, and across this 
country, are increasingly alarmed by the frequency of terrorist attacks 
here at home; another attempted 2 days ago in New York City. Today, Mr. 
Chairman, there are 1,000 investigations dealing with terrorist 
activities across this land in all 50 States. That is why H.R. 1638 is 
so important. This bill will help keep our families safe and keep them 
free.
  In doing so, we must make sure this issue is not a political issue. 
National security never should be a political issue. Mr. Chairman, the 
Iranian Government, as Mr. Hensarling just mentioned, is the chief 
state sponsor of terrorism and instability in this world.
  These senior political leaders and their military leaders, including 
the Islamic Revolutionary Guard Corps, they train, they arm, and they 
fund terrorist organizations around the world. They have become experts 
at using the internet and social media to radicalize, recruit, and 
direct terrorists around the globe, including here in the United States 
of America.

[[Page H9870]]

  Mr. Chairman, the Iranian Government has American blood on its hands. 
Now, Mr. Chairman, there are approximately 70 to 80 top political and 
military leaders in Iran that control about one-third of their domestic 
economy. They use their power to corrupt the telecommunications 
industry, the construction industry, and other important ones in that 
land.
  Reuters has conducted an investigation through publicly available 
information that found the Supreme Leader of Iran alone has accumulated 
tremendous personal wealth through a foundation claiming to help the 
poor. Now, while the corruption has grown in Iran, the average citizen 
there earns the equivalent of $15,000 per year.
  Mr. Chairman, the citizens of Iran and the people of this world 
should know how much wealth has been accumulated by those that sponsor 
terrorism and what that money is being used for.
  Companies across the globe that are looking to do business with Iran 
should understand what they might be getting into. So I disagree with 
my colleague from California, the ranking member, who says that this is 
going to possibly create confusion; that it will possibly cause 
businesses around the world to hesitate from investing in Iran.
  Well, guess what, Mr. Chairman. That is a good idea.
  My Iranian Leadership Asset Transparency Act is a straightforward, 
main, commonsense bill. It simply requires the Department of Treasury 
to collect, to maintain, and to post online the list of these 70 to 80 
senior political and military leaders and the assets, their personal 
assets, how this money was acquired, and what it is being used for.
  As Mr. Hensarling mentioned, it will require the Treasury Department 
to post this on their website in English as well as in Farsi, Arabic, 
and Azeri, the three languages that are mostly used in that country.
  I might also add that my colleague on the other side of the aisle 
might be a little bit confused about this issue, but the information 
posted on this website will be that that is publicly available. There 
will be no information that should not be posted there that only 
Congress should have access to.
  I have heard, Mr. Chairman, critics of this bill saying: Well, you 
know, it is not a good idea to expose the Iranian Government's 
corruption in funding of terrorism because, if you do so, well, the 
Iranian political and military leaders might not want to work with us.
  Are you kidding?
  These are the radicals who regularly chant ``Death to America.''
  The CHAIR. The time of the gentleman has expired.
  Mr. HENSARLING. Mr. Chairman, I yield an additional 1 minute to the 
gentleman from Maine.

                              {time}  1515

  Mr. POLIQUIN. Hoping that these folks also abandon their support of 
terrorism by not shedding light on their corruption doesn't make any 
sense. Hope, Mr. Chairman, is not a national security strategy.
  My bill makes sure that Congress gets its priorities straight. 
Protecting American families here at home and safeguarding our troops 
around the world who are fighting for our freedom is what we should be 
doing every way we can, and that is what this bill does.
  Mr. Chairman, I would like to say that using one click of a computer 
from any corner of the globe to help expose illicit activities by the 
chief state sponsor of terrorism is a very, very good idea.
  Let's stand up for all the peace-loving nations in the world. Let's 
stand up to help our families protect their kids. Let's stand up to 
protect our homeland. I ask everyone, Republicans and Democrats, please 
vote ``yes'' for H.R. 1638, the Iranian Leadership Asset Transparency 
Act.
  Ms. MAXINE WATERS of California. Mr. Chairman, I yield 5 minutes to 
the gentleman from Washington (Mr. Heck), who is a member of the 
Financial Services Committee and who is my friend.
  Mr. HECK. I thank the ranking member, Mr. Chairman, for yielding.
  Mr. Chairman, this bill targets the leadership of Iran, and, frankly, 
that is probably a worthy goal in some regards. I think it eventually 
envisions publicizing negative information about them, and that might 
be an effective tool as well. We all know that. We have been through 
campaigns. We know negative advertising works.
  That said, I oppose this legislation, and I do so for two reasons. 
The first is resources are finite. They are not unlimited; they are 
finite. Tracking down all the assets of these named Iranian leaders 
takes significant time, effort, and personnel.
  Where are those resources supposed to come from?
  All around this city, everybody is agitating for deeper cuts to 
nondefense discretionary accounts. If we are going to make cuts, we are 
going to have to make some tough choices.
  The personnel responsible for implementing this bill would be 
diverted from terrorist financing and money laundering. Let me say that 
again. The people, the personnel responsible for implementing this bill 
would be diverted from terrorist financing and money laundering.
  Propaganda about corruption of Iranian leadership--which I stipulate 
to here up front--could be valuable, but it can't be more valuable than 
stopping actual terrorist financing. Terrorist financing should be our 
target. Money laundering should be our target, not garden-variety 
corruption.
  We had a lengthy discussion in committee just yesterday about using 
money laundering authorities to fight human trafficking. For God's 
sake, that has to seem more valuable than propaganda. It has to.
  So until we solve these tight budget constraints, I think we need to 
make the hard choice about what our priorities are and how to 
prioritize resources for stopping, again, money laundering and 
terrorism financing. Leave this effort for a world where the sequester 
has been lifted.
  The second reason why I oppose this legislation, I can't help 
wondering: Shouldn't we apply this principle more broadly?
  The idea here is that we should investigate and publicize it when a 
country's leadership has undisclosed assets, especially if those are 
overseas. That is the point of this legislation. We should investigate 
and publicize it when a country's leadership is using government 
resources to enrich itself. But why--why--just apply that principle to 
Iran?
  I am informed in my point of view here by wisdom I found in this 
black, leather-bound book that I gratefully received when I was sworn 
into office 5 years ago. In fact, the passage that I will cite you 
actually occurs in two places. Let me share it with you now:
  ``How can you say to your brother, `Brother, let me take the speck 
out of your eye,' when you, yourself, fail to see the plank in your own 
eye? You hypocrite, first take the plank out of your own eye, and then 
you will see clearly to remove the speck from your brother's eye.''
  So I wonder: When is this Congress going to turn its attention to the 
plank in our eye?
  Mr. HENSARLING. Mr. Chairman, I yield 3 minutes to the gentleman from 
California (Mr. Royce), who is the chairman of the Foreign Affairs 
Committee and a senior member of the Financial Services Committee.
  Mr. ROYCE of California. Mr. Chairman, with all due respect to the 
arguments on moral equivalency with respect to Iran, the reality is 
that this is a government that starts its morning prayers with: ``Death 
to America. Death to Israel.'' The Ayatollah makes it clear he means 
it.
  So, yes, we should try to remove the plank from our eye, but we 
should not remove our eyes from the fact that what we have in terms of 
policy being directed from the Ayatollah and the Islamic Revolutionary 
Guard Corps is a policy that calls for the destruction of the United 
States of America.
  Now, Mr. Chairman, this bill has a powerful goal, and it is to expose 
the corrupt nature of the Iranian regime. But when we talk about why, 
the answer is because the personnel responsible for carrying out these 
assassinations, that have us concerned about carrying out terror are, 
in fact, the leadership in Iran of these organizations that we attempt 
to identify here. That is the job of doing terror research and cutting 
off terror finance. That is what we are supposed to be doing.
  This regime claims to be more than a government. It claims to be a 
revolution. They call themselves the Islamic

[[Page H9871]]

Revolution. But when you look at it closely, as this bill requires the 
Treasury Department to do, the regime in Tehran resembles something 
else, a criminal enterprise, because, from the Supreme Leader to the 
Revolutionary Guard, these so-called servants of the Revolution control 
one-third of the Iranian economy because they seized it. They seized 
everybody's privat property in terms of these companies. The Supreme 
Leader's empire alone is worth $95 billion.

  This is called the Execution of Imam Khomeini's Order, or Setad. It 
holds stakes in just about every sector of the Iranian industry, 
including finance, oil, and telecommunications.
  These funds are not simply used to enrich Iranian officials. That is 
not our problem here. It is not that they are propping up the regime. 
It is thanks to Iran's lack of money laundering control they are easily 
used to destabilize the entire region. That is what they are doing now 
by funding terrorism abroad and fueling Iran's ballistic missile 
program at home.
  These ICBMs, by the way, they announce, are intended for us.
  So that is why, as this bill says, the Treasury Department--and the 
bill notes this--has identified Iran as a jurisdiction of primary money 
laundering concern. This means that any transaction with Iran risks 
supporting the regime's ongoing illicit activities, their terrorists 
activities.
  Mr. Chairman, I thank my colleague, Mr. Poliquin, for introducing 
this bill and Chairman Hensarling for working with us to get it to the 
floor.
  Ms. MAXINE WATERS of California. Mr. Chairman, I yield 5 minutes to 
the gentleman from Oregon (Mr. Blumenauer), who is a longtime supporter 
of diplomacy with Iran and a strong supporter of the nuclear deal.
  Mr. BLUMENAUER. Mr. Chairman, I appreciate the gentlewoman's 
courtesy, and I appreciate her advocacy on this.
  This is serious business. There are people--no secret--in the 
administration and there are people in Congress who would like to 
undermine this agreement. The mixed signals that have been sent by the 
administration are truly disturbing.
  One has to wonder what North Korea is thinking about, that there are 
people who suggest that we ought to go ahead and blow it up when, in 
fact, they are abiding by the terms of the agreement, and officials in 
the administration agree with this. What sort of deterrent is that to 
North Korea in terms of its reckless action with nuclear weapons? It 
seems to reinforce that behavior.
  But there are also elements in Iran, hardliners who didn't agree with 
this agreement, who felt that it was too evenhanded, who felt that the 
leadership gave up too much, and who don't want closer relationships 
with the United States or the other Western powers that worked with 
us--including China and Russia--to enact this historic agreement, 
which, as I pointed out, was agreed to even by officials in the Trump 
administration that Iran has abided by.
  Are they a nation of bad actors? Absolutely. There are forces within 
the government that are very destructive. But the point is we focused 
on something that all of us agree is absolutely critical, and that is 
not having Iran rushing forward to become another nuclear state. We 
have seen that the breakout time under this agreement has lengthened. 
It is acting as we intended.
  It was also one of those rare areas where we actually had Germany, 
Great Britain, France, Russia, and China working with us to negotiate 
an agreement.
  Now, this is going to be perceived as an effort by the United States 
to undermine the agreement. Should we give them and the hardliners in 
Iran an excuse to walk away because we violated it? What is going to be 
the assessment of our allies who are deeply committed to this and have 
resisted efforts to unravel it?
  We need all the help we can get in the international arena. We have 
watched this administration systematically isolate us, this last week 
with the reckless decision to go ahead and relocate the Embassy--or at 
least claim we are going to relocate the Embassy--condemned by 
virtually everybody else in the world. We are standing alone with an 
action to destabilize a very volatile situation.
  This comes forward at a time when Iran is abiding by it, to go ahead 
and crank up the report on the assets of a variety of Iran's senior 
political, religious, and military leaders, including people who aren't 
subject to the sanctions.
  It is placing, it has been mentioned, strain on the Department that 
has finite resources--it needs to focus on things--taking away 
resources from efforts to target on actual sanctionability. It seems to 
be decidedly wrongheaded.
  It is interesting that Congress had until this week to reimpose the 
sanction lifted under the agreement per Trump's decertification in 
October. Congress chose not to. I think that was a wise decision. To 
me, it indicates, at least, that the agreement has been largely 
successful.
  But, if we are going to jeopardize the framework, giving the hardline 
elements an opportunity to claim that we are repudiating, while giving 
a green light to some of the folks there who have no intention of being 
able to work on a cooperative basis, we ought not to fan the flames. We 
ought to be trying to nurture opportunities for cooperation.
  We should focus on areas where they are doing things we don't agree 
with. If you want to target some specific sanctions that we somehow 
haven't imposed that are within the purview of the framework and 
wouldn't violate it, go ahead. But having these actions, I think, sends 
the wrong signal. It is the wrong resource.
  Mr. Chairman, I think it is important to reject this legislation.
  Mr. HENSARLING. Mr. Chairman, I yield 3 minutes to the gentleman from 
Minnesota (Mr. Emmer), who is a hardworking member of the Financial 
Services Committee.
  Mr. EMMER. Mr. Chairman, since our founding, and as Ronald Reagan 
emphasized regularly, America has stood as a shining city upon a hill 
whose beacon light guides freedom-loving people everywhere. Today we 
have an opportunity to shine a little brighter.
  As we continue our battle to defeat terrorism, the Islamic Republic 
of Iran remains dangerously corrupt. While the average Iranian earns a 
mere $15,000 a year, corrupt, top political and military leaders 
control an estimated one-third of the nation's total economy. These 
same leaders are, more often than not, the same ones who repeatedly 
provide support for acts of terrorism in the Middle East and continue 
to sponsor terrorist groups around the world.
  Unfortunately, the Iranian Government continues to tolerate this 
corruption, which is why the State Department has named Iran as a 
country of primary concern for money laundering and it continues to be 
listed as a state sponsor of terrorism.
  These officials who perpetuate such destructive and destabilizing 
behavior should and need to be exposed.
  Today, I encourage my colleagues to support H.R. 1638, the Iranian 
Leadership Asset Transparency Act. This bill will require a list of the 
known assets of senior Iranian officials to be made publicly available 
in all three of Iran's major languages. Specifically, the U.S. Treasury 
Secretary will submit a report to Congress on the assets held by Iran's 
most senior political, military, and business leaders and on the 
probable sources and uses of the assets.

                              {time}  1530

  This report will serve as yet another tool in the toolbox of 
businesses and financial institutions, both foreign and domestic, to 
better comply with existing sanction regimes and international 
financial restrictions.
  It will provide clarity and certainty for companies when determining 
the legitimacy of their business partners if they decide that doing 
business with Iran is in their interest.
  Moreover, with this information, with better knowledge of where their 
money is going, Iranians who wish to invest not in terrorism or in 
corruption, but in freedom, can.
  Today, we can help the freedom-loving people of Iran. We can help 
shine a light on Iran's corruption, and America can continue to be a 
shining city on a hill.
  I appreciate the work of my colleague from Maine (Mr. Poliquin),

[[Page H9872]]

whom I am proud to serve with on the Terrorism and Illicit Finance 
Subcommittee. I thank Chairman Hensarling and Monetary Policy and Trade 
Subcommittee Chairman Barr for moving such an important bill through 
the committee and to the floor today. I urge all of my colleagues to 
vote in support of H.R. 1638.
  Ms. MAXINE WATERS of California. Mr. Chair, I yield myself such time 
as I may consume.
  Mr. Chair, I would like the author of this bill, Mr. Poliquin, and 
perhaps the chairman of our committee, Mr. Hensarling, to answer the 
question that I am about to propose, and that is this: We have allies 
with us in this agreement. This is an agreement that was worked on for 
a long time. We have Russia, China, Germany, England, and France. What 
are our allies saying about our attempt to interfere with the 
agreement?
  What are they saying about whether or not we can be trusted to live 
up to the commitments that we have made?
  What are they saying about our attempts to add to, lengthen, and 
create new, really, what have become obstacles to peace?
  I would ask my friends on the opposite side of the aisle, as they 
talk about targeting certain leaders--I don't know what leaders they 
are talking about--and wanting to know about their assets and where 
their assets came from and how they are being used, I ask my friends on 
the opposite side of the aisle: Are you willing to do that for certain 
leaders in our own country?
  I just heard from one of the speakers, I believe it was Mr. Royce 
from California, who identified the worth of one of the supposed 
leaders. It seems to me that it did not nearly match the worth of many 
of those who are in our Cabinet and who are in higher places in our 
government. And I wonder what we are trying to do.
  First, answer the question, if you will, about what our allies are 
saying. And secondly, answer the question about disclosure as it 
relates to those at the highest office in our country and those who are 
serving in the Cabinet.
  Also, when you talk about money laundering, answer the question about 
the relationship between the leader of this country and Deutsche Bank, 
that is known as a money laundering bank, that is involved with the 
President of the United States.
  Mr. Chair, I reserve the balance of my time.
  Mr. HENSARLING. Mr. Chairman, I yield 3 minutes to the gentleman from 
Ohio (Mr. Davidson), who is never an apologist for the leading state 
sponsor of terrorism in the world. He is a proud member of the 
Financial Services Committee.
  Mr. DAVIDSON. Mr. Chairman, I just have to say, I am in shock. I am 
listening to the kind of thinking that, if it had caught on in the 
eighties, may have allowed the Cold War to continue.
  When I enlisted in the Army, I was privileged to serve in Germany, 
wear our country's uniform, and see the fruit of generations of work. I 
also saw the concern that Germans had that Ronald Reagan was going to 
cause World War III and that actual leadership was somehow a problem.
  Instead what we saw was that Mr. Gorbachev didn't tear down the wall. 
The United States of America didn't tear down the wall. The East German 
people tore down their own wall.
  And why did they do that?
  They did that because they knew the truth of what was on the other 
side.
  Mr. Poliquin's bill is a major effort to try to help the people of 
Iran get their country back. They are under a strong authoritarian 
leadership system that has oppressed their people and caused harm 
throughout the region and, in fact, throughout the planet.
  Meanwhile, I am so thankful that this is a bipartisan bill. The 
Members opposed to this would have asked more public disclosure of 
public company CEOs than they would of enemies of our country, and that 
is hard to understand.
  Mr. Chair, I was sent here to represent the people of the Eighth 
District of Ohio and to support and defend the United States of 
America. I don't think there is anyone who has sworn an oath to support 
and defend 80 leaders in Iran.
  This bill does not violate the JCPOA. It doesn't touch it. It simply 
says we are going to gather this information.
  As far as diverting resources, this is the leading state sponsor of 
terror. It is precisely focused on the problem, and it gives the people 
of Iran a chance for freedom that so many people of the world enjoy.
  I am thankful that we have the opportunity to try to make this 
difference. I encourage every Member of the House to vote for it, and 
those who thought they were opposed, to reconsider a rational, measured 
action to try to change the world for good.
  Ms. MAXINE WATERS of California. Mr. Chair, the gentleman from Maine 
(Mr. Poliquin) will give some information that I think is very 
important to understand how this bill would work.
  The gentleman who just spoke said that this has nothing to do with 
the agreement. Then what is it you are adding to? What is it you are 
trying to change or make better? If it has nothing to do with the 
agreement, then why are we doing it?

  Mr. POLIQUIN. Will the gentlewoman yield?
  Ms. MAXINE WATERS of California. I yield to the gentleman from Maine 
to respond to that description of what this bill is all about.
  Mr. POLIQUIN. Mr. Chairman, to the gentlewoman from California and to 
the other side of the aisle, I do want to make sure I make a few things 
clear.
  First of all, I am not sure if it was the gentlewoman or someone else 
saying: Why in the dickens would we divert resources away from fighting 
terrorism to post this information on the Treasury website? It costs 
too much.
  Well, with all due respect, the CBO estimates it will cost $500,000 
to do this for 2 years. The United States Treasury Department has a 
budget of $14 billion per year. That is number one.
  Ms. MAXINE WATERS of California. Reclaiming my time, I thank you for 
wanting to talk about something else, but I yielded to you to see if 
you could help me with information about what was stated that the 
gentleman who spoke before you said that this bill had nothing to do 
with the agreement.
  Mr. POLIQUIN. Will the gentlewoman yield?
  Ms. MAXINE WATERS of California. Is the gentleman prepared to respond 
to the question that I have raised?
  If you are going to talk about what this bill has to do with the 
agreement, when the gentleman said it has nothing to do with the 
agreement, then I yield to the gentleman from Maine.
  Mr. POLIQUIN. Mr. Chairman, the dangerous Iran nuclear deal that was 
put together a year and a half or 2 years ago has absolutely nothing to 
do with exposing the wealth that has cumulated through corruption by 
the top 70 to 80 Iranian political and military leaders and posting 
that for the world to see. I am sure the ranking member knows this has 
zero to do with the Iran nuclear deal.
  Ms. MAXINE WATERS of California. Reclaiming my time, we know that 
there are individuals who are sanctionable in the deal.
  What I thought you were attempting to do is to expand that and to 
identify more leaders and try and understand where the assets come 
from, what they use them for, whether or not they are involved in money 
laundering. But the gentleman said it had nothing to do with the deal.
  Mr. Chairman, I reserve the balance of my time.
  The Acting CHAIR (Mr. Jody B. Hice of Georgia). The Chair would 
remind all Members to direct their remarks to the Chair, please.
  Mr. HENSARLING. Mr. Chairman, I yield myself 30 seconds just to say 
in the time the ranking member was speaking, I went back, yet again, to 
read the nine-page bill. Nowhere is the JCPOA mentioned in the bill.
  Iran was the leading state sponsor of terrorism before the JCPOA. 
They remain the world's foremost state sponsor of terrorism after the 
JCPOA. We ought to know something about the leadership of this 
terrorist nation, and I think the next speaker will tell us even more.
  Mr. Chairman, I yield 3 minutes to the gentleman from North Carolina 
(Mr. Budd), another outstanding member of the Financial Services 
Committee.
  Mr. BUDD. Mr. Chairman, I rise today in support of Mr. Poliquin's 
bill, the Iranian Leadership Asset Transparency Act, and I thank him 
for his leadership on this issue.
  It is not uncommon these days to see Iranian fingerprints all over 
the instability and unrest that plague the Middle East. That is why our 
own State

[[Page H9873]]

Department classifies Iran as a country of primary concern for money 
laundering and international terror financing.
  Just this weekend, Mr. Chair, we saw their handiwork yet again. This 
time, it was Lebanon, where the now largely Iranian-backed Hezbollah 
influenced government called for economic sanctions on the United 
States. Why?
  Simply for recognizing Jerusalem as the capital of Israel.
  Just a few at the top in this corrupt Iranian regime are flush with 
cash, but they support illicit causes and terror in the Middle East, 
all the while the average Iranian gets by on an average salary of 
$15,000 a year.
  Accountability for those profiting at the top, at the expense of 
those suffering at the bottom, is long overdue. Luckily, Mr. Poliquin's 
bill helps us to achieve this goal by requiring that the Treasury 
Department provide a report to Congress on the financial assets of 
these senior Iranian officials involved in corruption and illicit 
finance.
  Also, if enacted, this bill will shed light on Iranian terror 
activities and let the Iranian people know how their leaders actually 
operate. This is a key aspect of the bill, since most news is 
disseminated through government-controlled outlets. True information is 
hard to come by.

  The bottom line is this: This is an important piece of legislation 
that I believe will help disrupt the Iranian terror network. I urge all 
my Democrat colleagues to support this measure. Let's send a message to 
this regime that this body, the people's House, is united on this 
front, and let's send a message to the Iranian people that we are with 
them as well.
  I again thank my friend, Mr. Poliquin from Maine, for his leadership 
on this issue, and I urge adoption of his legislation.
  Ms. MAXINE WATERS of California. May I inquire as to how much time I 
have remaining.
  The Acting CHAIR. The gentlewoman from California has 10\1/2\ minutes 
remaining.
  Ms. MAXINE WATERS of California. Mr. Chairman, I have here a 
Statement of Administrative Policy from the previous President, where 
he advised us when this bill came before the House before that it would 
be vetoed by the administration.
  I will read to you from one of the paragraphs in the veto message. He 
said, in addition: ``This bill's required public postings also may be 
perceived by Iran, and likely our Joint Comprehensive Plan of Action, 
JCPOA, partners as an attempt to undermine the fulfillment of our 
commitments, in turn, impacting the continued viability of this 
diplomatic arrangement that peacefully and verifiably prevents Iran 
from acquiring a nuclear weapon.''
  If the JCPOA were to fail on that basis, it would remove the 
unprecedented constraints on and monitoring of Iran's nuclear program, 
lead to the unraveling of the international sanctions regime against 
Iran, and deal a devastating blow to the credibility of America's 
leadership and our commitments to our closest allies.
  I think that is a very powerful statement. I do know that Iran is in 
compliance. We have a very strict and strong monitoring program, and 
they are in compliance.

                              {time}  1545

  So the questions become: If indeed they are in compliance, why would 
we interfere with the plan? Why would we jeopardize this plan that has 
been worked on with our strong allies in an attempt to try and find 
another way to say that Iran must be scrutinized?
  Everything in this plan has to do with discontinuing the development 
of nuclear capability. I think we should respect the work that we have 
done with our allies and discontinue all of these attempts to undermine 
the deal that we have entered in with and caused our allies to distrust 
us.
  Mr. Chairman, I reserve the balance of my time.
  Mr. HENSARLING. Mr. Chairman, I yield 3 minutes to the gentleman from 
New Jersey (Mr. Lance), a member of the House Energy and Commerce 
Committee.
  Mr. LANCE. Mr. Chairman, I rise in strong support of the Iranian 
Leadership Asset Transparency Act, and I thank Chairman Hensarling and 
Representative Poliquin for their leadership on this issue.
  We must be scrutinizing the financial dealings of senior Iranian 
political and military leaders. It is in the national security interest 
of the United States to understand the international web of finances 
that supports terror operations and other nefarious causes.
  I am pleased that this bill includes an amendment I proposed to 
target the head of the Atomic Energy Organization of Iran, a position 
currently held by Ali Akbar Salehi, to the list of Iranian leaders 
named in this legislation.
  Given Iran's violations of international law and its clear ties to 
international terrorism--it is, after all, the leading state sponsor of 
terrorism across the globe--we should be monitoring the finances of the 
head of its nuclear program to ensure compliance with sanctions and 
other laws.
  For years, the Iranian regime has been mired in institutionalized 
corruption, to the detriment of the people of that great country. In 
the nexus of nuclear weapons, state-sponsored terrorism, money 
laundering, secret financial agreements, and mass pilfering from the 
Iranian people is cause for great alarm. This legislation is a response 
to all of that. It is completely bipartisan in nature. It is the way we 
should act in the House of Representatives in a bipartisan capacity. 
The national security interests of the United States know no partisan 
bounds.
  Mr. Chairman, we need all of the tools at our disposal to investigate 
the finances of this terrorist regime.
  I urge a ``yes'' vote on Mr. Poliquin's legislation.
  Ms. MAXINE WATERS of California. Mr. Chairman, I continue to reserve 
the balance of my time.
  Mr. HENSARLING. Mr. Chairman, may I inquire how much time I have 
remaining on my side?
  The Acting CHAIR. The gentleman from Texas has 5\3/4\ minutes.
  Mr. HENSARLING. Mr. Chairman, I yield 2\1/2\ minutes again to the 
gentleman from Maine (Mr. Poliquin), the sponsor of the legislation.
  Mr. POLIQUIN. Mr. Chairman, I did want to respond to the gentlewoman 
from California and to other folks who are on the other side of this 
bill.
  First of all, I think it is very clear to the world that the Iranian 
Government has been cheating on the nuclear deal almost since day one. 
I think it was within months, Mr. Chairman, that they test-fired both 
medium-range and long-range ballistic missiles, in violation of an 8-
year ban on developing those conventional weapons.
  So I think it is kind of silly for us to be debating here about a 
government that sponsors terrorism and vows to wipe Israel off the face 
of the Earth and kill as many Americans as they can, as a leadership 
regime that is going to abide by this agreement when they have proven 
they are not.
  Second of all, as I have mentioned several times, my bill has nothing 
to do with this agreement. But, then again, someone on the other side 
of the aisle, Mr. Chairman, also said: Well, we think American 
officials, American leaders, should be responsible for disclosing that.
  Well, here is the difference: America does not sponsor terrorism. The 
Iranian Government does.
  That is exactly what we are trying to get at, Mr. Chairman. I am 
trying to understand what folks who will not support this bill are 
going to say when they go back home at Christmastime, when they had an 
opportunity to shed sunlight on the top political and military leaders 
in Iran who are ripping off the Iranian people and who are sponsoring 
terrorism, why it is a bad idea to make sure this information is public 
to the world as well as to the Iranian people. I would like to 
understand what they are going to say when they go back home and talk 
to their constituents.
  Mr. Chairman, I am grateful for this opportunity. This is a terrific 
bill. It does something very common sense: put pressure through 
sunlight, through transparency, on the chief sponsor of terrorism in 
the world--the Iranian regime.
  Ms. MAXINE WATERS of California. Mr. Chairman, I appreciate the 
information that is being shared by my colleague, Mr. Poliquin. I am 
going to yield more time to him to explain to me: The missiles that he 
is describing in Iran, that are not a part of the deal, of the plan, 
are they similar to the missiles that are being fired with nuclear 
warheads from North Korea.

[[Page H9874]]

  

  Mr. POLIQUIN. Will the gentlewoman yield?
  Ms. MAXINE WATERS of California. I yield to the gentleman from Maine.
  Mr. POLIQUIN. Mr. Chairman, can the gentlewoman repeat the question 
again? I didn't understand it.
  Ms. MAXINE WATERS of California. Mr. Chairman, I said: The missiles 
that he is referring to, that he is concerned about with Iran, that are 
not a part of the plan, are they similar to the ballistic missiles that 
are being fired from North Korea with nuclear warheads possibly on 
them?
  Mr. POLIQUIN. Mr. Chairman, the missiles that I was referring to are 
very clear to the gentlewoman from California. They deal specifically 
with the Iran nuclear deal, which is a dangerous deal for this world 
and for this country. It has nothing to do with any issue dealing with 
North Korea.

  Ms. MAXINE WATERS of California. Are they more dangerous than the 
missiles from North Korea?
  Mr. POLIQUIN. What difference does that have to do with the----
       Ms. MAXINE WATERS of California. Mr. Chairman, reclaiming 
     my time, I will tell Mr. Poliquin what difference it makes.
  Here we are with threats from North Korea and the President of the 
United States unwilling to be involved with diplomacy, who, rather, 
would like to basically mimic and mock the leader of North Korea by 
calling him ``Little Rocket Man,'' and by telling the Secretary of 
State: Don't talk to him. It is no use to talk with him.
  So here we have North Korea, who has already indicated that they have 
missiles that will reach us right here in the United States, anywhere 
in the United States, and Mr. Poliquin is telling me about his concern 
about missiles in Iran that are not a part of the nuclear deal.
  Mr. Chairman, I reserve the balance of my time.
  Mr. HENSARLING. Mr. Chairman, I have no other speakers, and I believe 
I have the right to close.
  Mr. Chairman, I reserve the balance of my time.
  Ms. MAXINE WATERS of California. Mr. Chairman, may I inquire as to 
how much time I have remaining?
  The Acting CHAIR. The gentlewoman from California has 6 minutes 
remaining.
  Ms. MAXINE WATERS of California. Mr. Chairman, I yield myself such 
time as I may consume.
  Mr. Chairman, I include in the Record a statement from J Street that 
is in opposition to this legislation.

                                                     J Street,

                                                December 12, 2017.
     Members of the U.S. House of Representatives,
     Washington, DC.
       Dear Members of Congress: J Street urges Members to oppose 
     H.R. 1638 and H.R. 4324, which would undermine or violate the 
     Joint Comprehensive Plan of Action (JCPOA) on Iran's nuclear 
     activities.
       J Street again urges Members to oppose the ``Iranian 
     Leadership Asset Transparency Act'' (H.R. 1638). As we noted 
     in our statement opposing the bill when it was introduced 
     last year, it risks harming the U.S. Government's ability to 
     ensure Iranian and third party compliance with the agreement 
     and to counter Iran's dangerous non-nuclear behavior by 
     redirecting and tying up the very USG personnel and resources 
     charged with those tasks.
       J Street also urges Members to oppose the so-called 
     ``Strengthening Oversight of Iran's Access to Finance Act'' 
     (H.R. 4324), which is clearly intended to lead to a U.S. 
     violation of the JCPOA.
       This bill would impose additional certification 
     requirements on the administration in order to carry out 
     current U.S. obligations related to commercial aircraft sales 
     under the JCPOA. These new obligations require the 
     administration to certify that Iran is not engaged in certain 
     non-nuclear activity, or issue a national security waiver 
     saying they'll allow the planes to be sold anyway. In other 
     words, it imposes new, unilateral terms for continuation of 
     the JCPOA that are unrelated to Iran's nuclear conduct.
       It has been widely reported in connection with the 
     president's recent refusal to make the necessary 
     certification to Congress under the Iran Nuclear Agreement 
     Review Act that the president resents having to undertake 
     official actions to keep the United States in compliance with 
     the JCPOA. Proponents of this legislation clearly hope to 
     make use of the president's apparent resistance to taking 
     such steps by adding a new certification requirement that 
     they hope he will also fail to meet--thereby blocking the 
     sale of commercial aircraft and forcing a U.S. violation of 
     the agreement.
       Anyone doubting that this is the point of the bill need 
     look no further than the first finding, which makes clear 
     that this bill is a gratuitously anti-Obama, anti-JCPOA 
     vehicle, and not a serious.

  Ms. MAXINE WATERS of California. Mr. Chairman, I also include in the 
Record a Statement of Administration Policy from the previous Obama 
administration, which I read a paragraph from.

                   Statement of Administration Policy


          H.R. 5461--Iranian Leadership Asset Transparency Act

       The Administration shares the Congress' goals of increasing 
     transparency and bringing Iran into compliance with 
     international standards in the global fight against terror 
     finance and money laundering. However, this bill would be 
     counterproductive toward those shared goals.
       The bill requires the U.S. Government to publicly report 
     all assets held by some of Iran's highest leaders and to 
     describe how these assets are acquired and used. Rather than 
     preventing terrorist financing and money laundering, this 
     bill would incentivize those involved to make their financial 
     dealings less transparent and create a disincentive for 
     Iran's banking sector to demonstrate transparency. These 
     onerous reporting requirements also would take critical 
     resources away from the U.S. Department of the Treasury's 
     important work to identify Iranian entities engaged in 
     sanctionable conduct. Producing this information could also 
     compromise intelligence sources and methods.
       One of our best tools for impeding destabilizing Iranian 
     activities has been to identify Iranian companies that are 
     controlled by the Islamic Revolutionary Guards Corps (IRGC) 
     or other Iranians on the list of Specially Designated 
     Nationals and Blocked Persons (SDN List) to non-U.S. 
     businesses, so that they can block assets or stop material 
     transfers. This process is labor-intensive and requires the 
     judicious use of our national intelligence assets. 
     Redirecting these assets to preparing this onerous public 
     report would be counterproductive and will not reduce 
     institutional corruption or promote transparency within 
     Iran's system.
       In addition, this bill's required public postings also may 
     be perceived by Iran and likely our Joint Comprehensive Plan 
     of Action (JCPOA) partners as an attempt to undermine the 
     fulfilment of our commitments, in turn impacting the 
     continued viability of this diplomatic arrangement that 
     peacefully and verifiably prevents Iran from acquiring a 
     nuclear weapon. If the JCPOA were to fail on that basis, it 
     would remove the unprecedented constraints on and monitoring 
     of Iran's nuclear program, lead to the unraveling of the 
     international sanctions regime against Iran, and deal a 
     devastating blow to the credibility of America's leadership 
     and our commitments to our closest allies.
       As we address our concerns with Iran's nuclear program 
     through implementation of the JCPOA, the Administration 
     remains clear-eyed regarding Iran's support for terrorism, 
     its ballistic missile program, human rights abuses, and 
     destabilizing activity in the region. The United States 
     should retain all of the tools needed to counter this 
     activity, ranging from powerful sanctions to our efforts to 
     disrupt and interdict illicit shipments of weapons and 
     proliferation-sensitive technologies. This bill would 
     adversely affect the U.S. Government's ability to wield these 
     tools, would undermine the very goals it purports to achieve, 
     and could even endanger our ability to ensure that Iran's 
     nuclear program is and remains exclusively peaceful.
       If the President were presented with H.R. 5461, his senior 
     advisors would recommend that he veto this bill.

  Ms. MAXINE WATERS of California. Mr. Chairman, we are opposed to this 
bill not because we are not concerned about the security of our country 
and security of our allies in the Middle East. The Members on the 
opposite side of the aisle don't care any more than we care, but we 
respect when our leadership and our country gets involved and 
negotiates with another country, such as they have done with Iran, and 
they come to some agreements. We would like our country to live up to 
the agreement.
  When we have included in that agreement a description of the 
monitoring that will be done, and when that monitoring is being carried 
out, and when it is represented to us by those that we have in charge 
of that monitoring that that country, Iran, is in compliance, we 
believe them. And when we trust our negotiators, when we trust our 
country, when we trust our leadership, and Iran is in compliance, there 
is no reason to try and undo the deal. There is no reason to come 
behind the agreement and what has been negotiated and begin to think of 
ways that they believe we ought to expand that agreement. We could, in 
the Congress of the United States, come up with a new idea every day. 
With all of the Members of this House, with all of the different 
thoughts and, possibly, ideas, and everybody thinking they are smarter 
than everybody else, we could come up with all kinds of plans to 
interfere with that agreement.

[[Page H9875]]

  But I would advise the Members of this House and the Members on the 
opposite side of the aisle that they do not need to do this. This is a 
bad idea. I would advise them to put faith in the negotiations that 
have gone on and to accept the representations about compliance that we 
are being given. We are being assured that not only is the monitoring 
taking place, but Iran is in compliance.
  So, again, I am so worried about our role in this country today and 
the fact that our leadership is being diminished day by day because of 
the way that our President and the White House is handling our 
relationships with other countries. As a matter of fact, we see a 
President that is endangering us and destroying relationships 
constantly.
  I mention that we have in this deal Russia, China, Germany, England, 
and France. I asked the question: What are our allies in this agreement 
saying about our attempts to interfere with the agreement? Do they 
agree with them? Are they consulted? Are they unhappy about what is 
being done?
  I suppose they could do the same in their countries every day. They 
could come up with new ways to interfere with the agreement. They could 
begin to ask questions about us and why we are doing what we are doing. 
They could even ask questions about why are we concerned about the 
assets of those who are not sanctionable when we are not concerned 
about the assets of our own President.
  Mr. Chairman, this is Mr. Poliquin's bill. He wants to know about the 
assets of leaders in Iran.
  Has he seen his President's tax returns? Does he know about his 
assets? Does he know about where they have come from? Does he know 
about how they are utilized?
  I don't think so.
  So I think it is very, very important for us to do everything that we 
can to have our allies trust us, to live up to the deals that we make, 
not to ask more of others than we are willing to do ourselves, no.
  We are not sponsors of terrorism. We are a people who have always 
tried to avoid war. Unfortunately, we have engaged in it, and we know 
that it is not the best answer to trying to deal with the problems that 
we encounter around the world. I do believe that we honestly try to 
avoid war and that we work for peace.
  This is working for peace, and peace in the Middle East is one of the 
most important goals that we should have. I see the opportunities for 
that eroding every day.
  So I would ask Mr. Poliquin to think about what he is doing. I 
believe that his intentions are good, but I think it is a bad bill.
  Mr. Chairman, I ask for a ``no'' vote on this bill. It is not needed. 
I think it creates problems with our allies, and they begin to wonder 
whether or not they can trust us. We are an honorable people and we are 
leaders in the world, even though it is being questioned more and more.
  Mr. Chairman, I ask Members to vote ``no'' on this bill, and I yield 
back the balance of my time.
  The Acting CHAIR (Mr. Rodney Davis of Illinois). The Chair reminds 
all Members to address their remarks to the Chair.
  Mr. HENSARLING. Mr. Chairman, may I inquire how much time I have 
remaining?
  The Acting CHAIR. The gentleman from Texas has 3\3/4\ minutes 
remaining.

                              {time}  1600

  Mr. HENSARLING. Mr. Chair, I yield myself such time as I may consume.
  Mr. Chairman, I find it fascinating how often the ranking member 
criticized our own President and didn't have one critical comment for 
the President of Iran, the nation which our State Department, including 
the Obama State Department, has labeled as the world's foremost state 
sponsor of terrorism. But yet, in the last almost hour we have not 
heard one single critical word.
  We hear much about the JCPOA, the Iran nuclear deal, perhaps one of 
the worst arrangements, international agreements that has ever been 
entered into by our country, but look as I may, in the legislation--and 
it is 9 pages long, not 900--you will not see the JCPOA in it.
  Mr. Poliquin's bill, the Iranian Leadership Asset Transparency Act, 
is just that. It is seeking to have greater international transparency 
for the leaders of this rogue nation, regardless of the JCPOA.
  Let's remember what the gentleman from Ohio reminded us, that it was 
because of information, including radio-free Europe, that went across 
the Iron Curtain that ultimately brought that curtain down and freed 
millions. We want to make sure the Iranian people know about their own 
leadership.
  Our own State Department has said the Iranian Islamic Revolutionary 
Guard Corps' Quds Force along with Iranian partners, allies, and 
proxies continue to play a destabilizing role in military conflicts in 
Iraq, Syria, and Yemen, but the ranking member says: Oh, let's not say 
anything about their leadership because we might hurt their feelings.
  The State Department goes on to say: Iran continued to recruit 
fighters from across the region to join Iranian-affiliated Shia militia 
forces engaged in conflicts in Syria and Iraq and has even offered a 
path to citizenship for those who heed this call. And yet the ranking 
member says let's not report on the leadership of this rogue regime 
because they are very sensitive people.
  The State Department goes on to say: Hezbollah continued to work 
closely with Iran in these conflict zones, playing a major role in 
supporting the Syrian Government's efforts to maintain control in the 
territory and providing training and a range of other support for 
Iranian-aligned groups in Iraq, Syria, and Yemen. Yet we continue to 
hear from the ranking member that we shouldn't learn anything about 
their leadership. Again, we might step on their toes after the JCPOA, 
and we wouldn't want to do that. We wouldn't want to be insensitive to 
international terrorists.
  In 2016, Hezbollah's leader, Hassan Nasrallah, boasted: ``We are open 
about the fact that Hezbollah's budget, its income, its expenses, 
everything it eats and drinks, its weapons and rockets are from the 
Islamic Republican of Iran.''
  I mean, how much more do we need to know? Why do we continue to have 
Members of the United States Congress come to the floor of this 
institution and somehow want to seemingly protect the leaders of this 
rogue regime?
  We want to know more information. We want to disseminate this 
information. We want the whole world to know about the leadership of 
the world's foremost state sponsor of terrorism. It is exactly what the 
gentleman from Maine is trying to. I salute him for his leadership.
  I encourage all Members to vote ``aye'' for his bill.
  Mr. Chair, I yield back the balance of my time.
  The Acting CHAIR. All time for general debate has expired.
  Pursuant to the rule, the bill shall be considered for amendment 
under the 5-minute rule.
  In lieu of the amendment in the nature of a substitute recommended by 
the Committee on Financial Services, printed in the bill, it shall be 
in order to consider as an original bill for the purpose of amendment 
under the 5-minute rule an amendment in the nature of a substitute 
consisting of the text of Rules Committee Print 115-47. That amendment 
in the nature of a substitute shall be considered as read.
  The text of the amendment in the nature of a substitute is as 
follows:

                               H.R. 1638

       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 ``Iranian Leadership Asset 
     Transparency Act''.

     SEC. 2. FINDINGS.

       The Congress finds the following:
       (1) Iran is characterized by high levels of official and 
     institutional corruption, and substantial involvement by 
     Iran's security forces, particularly the Islamic 
     Revolutionary Guard Corps (IRGC), in the economy.
       (2) Many members of Iran's senior political and military 
     leadership have acquired significant personal and 
     institutional wealth by using their positions to secure 
     control of significant portions of Iran's national economy.
       (3) Sanctions relief provided through the Joint 
     Comprehensive Plan of Action has resulted in the removal of 
     many Iranian entities that are tied to governmental 
     corruption from the list of entities sanctioned by the United 
     States.
       (4) The Department of Treasury in 2011 designated the 
     Islamic Republic of Iran's financial sector as a jurisdiction 
     of primary money laundering concern under section 311 of the 
     USA PATRIOT Act, stating ``Treasury has for the

[[Page H9876]]

     first time identified the entire Iranian financial sector; 
     including Iran's Central Bank, private Iranian banks, and 
     branches, and subsidiaries of Iranian banks operating outside 
     of Iran as posing illicit finance risks for the global 
     financial system.''.
       (5) Iran continues to be listed by the Financial Action 
     Task Force (FATF) among the ``Non-Cooperative Countries or 
     Territories''--countries which it perceived to be non-
     cooperative in the global fight against terror finance and 
     money laundering.
       (6) Iran and North Korea are the only countries listed by 
     the FATF as ``Non-Cooperative Countries or Territories'' 
     against which FATF countries should take measures.
       (7) The Transparency International index of perceived 
     public corruption ranks Iran 130th out of 168 countries 
     surveyed.
       (8) The State Department identified Iran as a ``major 
     money-laundering country'' in its International Narcotics 
     Control Strategy Report (INCSR) for 2016.
       (9) The State Department currently identifies Iran, along 
     with Sudan and Syria, as a state sponsor of terrorism, 
     ``having repeatedly provided support for acts of 
     international terrorism''.
       (10) The State Department's ``Country Reports on 
     Terrorism'', published last in July 2017, noted that ``Iran 
     continued to sponsor terrorist groups around the world, 
     principally through its Islamic Revolutionary Guard Corps-
     Qods Force (IRGC-QF). These groups included Lebanese 
     Hizballah, several Iraqi Shia militant groups, Hamas, and 
     Palestine Islamic Jihad. Iran, Hizballah, and other Shia 
     militia continued to provide support to the Asad regime, 
     dramatically bolstering its capabilities, prolonging the 
     civil war in Syria, and worsening the human rights and 
     refugee crisis there.''.
       (11) The Iranian Government's tolerance of corruption and 
     nepotism in business limits opportunities for foreign and 
     domestic investment, particularly given the significant 
     involvement of the IRGC in many sectors of Iran's economy.
       (12) The IRGC and the leadership-controlled bonyads 
     (foundations) control an estimated one-third of Iran's total 
     economy, including large portions of Iran's 
     telecommunications, construction, and airport and port 
     operations. These operations give the IRGC and bonyads vast 
     funds to support terrorist organizations such as Hezbollah 
     and Hamas.
       (13) By gaining control of major economic sectors, the IRGC 
     and bonyads have also served to further disadvantage the 
     average Iranian.

     SEC. 3. REPORT REQUIREMENT RELATING TO ASSETS OF IRANIAN 
                   LEADERS AND CERTAIN SENIOR POLITICAL FIGURES.

       (a) In General.--Not later than 270 days after the date of 
     enactment of this Act, and annually thereafter (or more 
     frequently if the Secretary of the Treasury determines it 
     appropriate based on new information received by the 
     Secretary) for the following 2 years, the Secretary of the 
     Treasury shall, in furtherance of the Secretary's efforts to 
     prevent the financing of terrorism, money laundering, or 
     related illicit finance and to make financial institutions' 
     required compliance with remaining sanctions more easily 
     understood, submit a report to the appropriate congressional 
     committees containing--
       (1) the estimated total funds or assets held in accounts at 
     U.S. and foreign financial institutions that are under direct 
     or indirect control by each natural person described in 
     subsection (b) and a description of such assets;
       (2) an identification of any equity stake such natural 
     person has in an entity on the Department of the Treasury's 
     list of Specially Designated Nationals or in any other 
     sanctioned entity;
       (3) a description of how such funds or assets or equity 
     interests were acquired, and how they have been used or 
     employed;
       (4) a description of any new methods or techniques 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 natural person described 
     in subsection (b);
       (5) recommendations for how U.S. economic sanctions against 
     Iran may be revised to prevent the funds or assets described 
     under this subsection from being used by the natural persons 
     described in subsection (b) to contribute to the continued 
     development, testing, and procurement of ballistic missile 
     technology by Iran;
       (6) a description of how the Department of the Treasury 
     assesses the impact and effectiveness of U.S. economic 
     sanctions programs against Iran; and
       (7) recommendations for improving the ability of the 
     Department of the Treasury to rapidly and effectively 
     develop, implement, and enforce additional economic sanctions 
     against Iran if so ordered by the President under the 
     International Emergency Economic Powers Act or other 
     corresponding legislation.
       (b) Persons Described.--The natural persons described in 
     this subsection are the following:
       (1) The Supreme Leader of Iran.
       (2) The President of Iran.
       (3) Members of the Council of Guardians.
       (4) Members of the Expediency Council.
       (5) The Minister of Intelligence and Security.
       (6) The Commander and the Deputy Commander of the IRGC.
       (7) The Commander and the Deputy Commander of the IRGC 
     Ground Forces.
       (8) The Commander and the Deputy Commander of the IRGC 
     Aerospace Force.
       (9) The Commander and the Deputy Commander of the IRGC 
     Navy.
       (10) The Commander of the Basij-e-Mostaz'afin.
       (11) The Commander of the Qods Force.
       (12) The Commander in Chief of the Police Force.
       (13) The head of the IRGC Joint Staff.
       (14) The Commander of the IRGC Intelligence.
       (15) The head of the IRGC Imam Hussein University.
       (16) The Supreme Leader's Representative at the IRGC.
       (17) The Chief Executive Officer and the Chairman of the 
     IRGC Cooperative Foundation.
       (18) The Commander of the Khatam-al-Anbia Construction Head 
     Quarter.
       (19) The Chief Executive Officer of the Basij Cooperative 
     Foundation.
       (20) The head of the Political Bureau of the IRGC.
       (21) The head of the Atomic Energy Organization of Iran.
       (c) Form of Report; Public Availability.--
       (1) Form.--The report required under subsection (a) shall 
     be submitted in unclassified form but may contain a 
     classified annex.
       (2) Public availability.--The unclassified portion of such 
     report shall be made available to the public and posted on 
     the website of the Department of the Treasury--
       (A) in English, Farsi, Arabic, and Azeri; and
       (B) in precompressed, easily downloadable versions that are 
     made available in all appropriate formats.
       (d) Sources of Information.--In preparing a report 
     described under subsection (a), the Secretary of the Treasury 
     may use any credible publication, database, web-based 
     resource, public information compiled by any government 
     agency, and any information collected or compiled by a 
     nongovernmental organization or other entity provided to or 
     made available to the Secretary, that the Secretary finds 
     credible.
       (e) Definitions.--For purposes of this section:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means the Committees 
     on Financial Services and Foreign Affairs of the House of 
     Representatives and the Committees on Banking, Housing, and 
     Urban Affairs and Foreign Relations of the Senate.
       (2) Funds.--The term ``funds'' means--
       (A) cash;
       (B) equity;
       (C) any other intangible asset whose value is derived from 
     a contractual claim, including bank deposits, bonds, stocks, 
     a security as defined in section 2(a) of the Securities Act 
     of 1933 (15 U.S.C. 77b(a)), or a security or an equity 
     security as defined in section 3(a) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a)); and
       (D) anything else that the Secretary determines 
     appropriate.

     SEC. 4. SENSE OF CONGRESS.

       It is the sense of Congress that in preparing the reports 
     required under section 3, the Secretary of the Treasury 
     should consider acquiring information from sources that--
       (1) collect and, if necessary, translate high-veracity, 
     official records; or
       (2) provide search and analysis tools that enable law 
     enforcement to have new insights into commercial and 
     financial relationships.

  The Acting CHAIR. No amendment to that amendment in the nature of a 
substitute shall be in order except those printed in part A of House 
Report 115-463. Each such amendment may be offered only in the order 
printed in the report, by a Member designated in the report, shall be 
considered as read, shall be debatable for the time specified in the 
report equally divided and controlled by the proponent and an opponent, 
shall not be subject to amendment, and shall not be subject to a demand 
for division of the question.


                Amendment No. 1 Offered by Mr. Schneider

  The Acting CHAIR. It is now in order to consider amendment No. 1 
printed in part A of House Report 115-463.
  Mr. SCHNEIDER. Mr. Chair, I have an amendment at the desk.
  The Acting CHAIR. The Clerk will designate the amendment.
  The text of the amendment is as follows:

       Page 5, line 23, strike ``to contribute to'' and all that 
     follows through ``by Iran;'' on page 5, line 25 and insert 
     the following: ``to contribute--''
       (A) to the continued development, testing, and procurement 
     of ballistic missile technology by Iran; and
       (B) to human rights abuses.

  The Acting CHAIR. Pursuant to House Resolution 658, the gentleman 
from Illinois (Mr. Schneider) and a Member opposed each will control 5 
minutes.
  The Chair recognizes the gentleman from Illinois.
  Mr. SCHNEIDER. Mr. Chair, I rise in support of this bipartisan 
amendment to H.R. 1638, the Iranian Leadership Asset Transparency Act.
  I would like to thank my colleague from Texas, Judge Poe, for joining 
me in this effort.
  Iran is a bad and dangerous actor in a volatile region of the world, 
which is why Congress has enacted sanctions in response to Tehran's 
dangerous ballistic missile program and support for terrorist proxy 
groups, including Hezbollah. We must hold senior Iranian leadership 
accountable for destabilizing actions in the region and around the 
world.
  The legislation on the floor today is an effort to shine a light and 
focus our

[[Page H9877]]

efforts on assets held by top Iranian officials, including the Supreme 
Leader, members of the Council of Guardians, members of the Expediency 
Council, and high-ranking military leaders.
  Specifically, the bill requires the Secretary of the Treasury to 
report to Congress information on the assets held by senior Iranian 
leaders. Included in this report are recommendations on how to improve 
the effectiveness of U.S. sanctions to prevent these assets and funding 
from being used by Iranian officials to further develop Iran's 
ballistic missile program.
  My amendment simply, but importantly, expands this requirement to 
include Iran's human rights abuses. We should be using every tool in 
our toolbox to make clear to Iran that its human rights abuses are 
unacceptable.
  The human rights situation in Iran is appalling, and abuses permeate 
many aspects of Iranian society. In Iran, repression and persecution of 
members of different religious faiths, including Sunni Muslims, 
Christians, and Baha'is is pervasive. The State Department's 
International Religious Freedom Report of 2016 cites at least 103 
members of minority religious groups imprisoned for their religious 
activities. Since 1979, Iran has executed more than 200 Baha'i leaders 
and, over the past 10 years, has conducted more than 850 arbitrary 
arrests of Baha'i individuals.
  Sexual orientation and gender identity are not protected categories 
from discrimination under Iranian law, and same-sex acts are punishable 
by flogging and possibly even death.
  Arbitrary and unlawful killings are numerous. The State Department's 
annual Human Rights Report says the Iranian Government announced 114 
executions by August of 2016 and that unofficial reports suggest a 
total of 469 executions by the end of that year. The U.N. puts this 
number even higher at 530 executions in 2016.
  Freedom of speech is limited, media is censored, and publications 
have been banned and closed by the government. Harassment and 
detainment of journalists continue, and Iran's citizens are not allowed 
to criticize the government, Supreme Leader, or official religion.
  The electoral system in Iran is neither free nor fair. In 2016, 79 
percent of the candidates running for the Assembly of Experts and 58 
percent running for the Islamic Consultative Assembly were disqualified 
by the Guardian Council.
  And we cannot forget about the Americans and other foreigners who 
Iran has unjustly detained and continues to hold on fabricated charges, 
including the following individuals whose family members testified 
before the House Foreign Affairs Committee earlier this year: Baquer 
and Siamak Namazi, Nizar Zakka, and, of course, Robert Levinson, who 
has been held for more than 10 years.
  These are just a handful of examples of egregious human rights abuses 
by the Iranian Government. This amendment helps ensure that funds held 
by senior Iranian leaders do not contribute to these human rights 
abuses and that U.S. sanctions are best positioned to improve Iran's 
human rights situation.
  I hope that my colleagues will join me in supporting this important 
amendment.
  Mr. Chair, I reserve the balance of my time.
  Mr. POE of Texas. Mr. Chair, I claim time in opposition to the 
amendment, although I am not opposed.
  The Acting CHAIR. Without objection, the gentleman from Texas is 
recognized for 5 minutes.
  There was no objection.
  Mr. POE of Texas. Mr. Chairman, I thank Mr. Schneider for bringing 
this amendment. I am glad to be a cosponsor of the amendment.
  Mr. Chair, the Iranians are a serious threat to the world, to 
international security. Iran's foreign policy is very clear. The 
Ayatollah has said it numerous times and continues to say that the 
foreign policy of Iran is: First, destroy Israel; second, destroy the 
United States. They have never wavered on this goal, and they are doing 
everything they can militarily to eventually try to reach those two 
goals.
  But the greatest victims of the mullah's regime in Tehran are the 
people of Iran. They have been held hostage by the Supreme Leader who 
obviously cares more about ballistic missiles and international 
terrorism than taking care of the livelihood of the people who live 
under this regime.
  The regime has become a notorious international leader in 
suppression, execution, torture, and inhumanity. The world knows about 
what is taking place in Iran, and the good people of Iran have no 
political space for expression or dissent. If they decide to dissent 
from the actions of the Ayatollah, well, it is off to jail or they are 
hung in the public square. We saw what the regime did to the protesters 
of the Green Movement in 2009.
  Despite what some people still try to say, the current government is 
not seeking any sort of moderation. Over 3,000 executions have taken 
place under the regime's so-called President Rouhani. Scores of human 
rights defenders and political activists are still in prison or under 
House arrest, and they haven't been charged with anything and, of 
course, they haven't been tried.
  The United States needs to prioritize elevating the voices of the 
Iranian people who are persecuted under oppression by this regime. 
These Iranians really represent the best of the Iranian civilization, 
and they are going to be the future of Iran.

  We should take note of what is happening to them. It should be the 
U.S. foreign policy to focus significant attention on the serious human 
rights violations taking place in Iran.
  I am happy to support and join Mr. Schneider in this amendment which 
will require the Treasury Department to issue recommendations as to how 
we can better prevent the mullahs from continuing the violent assault 
on human rights of the Iranian people. The United States must be at the 
forefront of this battle for human rights and decency for the Iranian 
people.
  We must call out the Ayatollah and the mullahs for what they are 
doing. They are persecuting, violating human rights of the Iranian 
people. The Iranian regime is the number one state sponsor of world 
terror, and it also rains down terror on its own people. We need to put 
the squeeze on them even if it hurts their little feelings.
  I urge support of this amendment, and I reserve the balance of my 
time.
  Mr. SCHNEIDER. Mr. Chair, I thank my colleague, Judge Poe, and I 
yield back the balance of my time.
  Mr. POE of Texas. Mr. Chair, I thank the gentleman once again for 
bringing this amendment to the floor. I gladly support it.
  And that is just the way it is.
  Mr. Chair, I yield back the balance of my time.
  The Acting CHAIR. The question is on the amendment offered by the 
gentleman from Illinois (Mr. Schneider).
  The amendment was agreed to.


                  Amendment No. 2 Offered by Ms. Meng

  The Acting CHAIR. It is now in order to consider amendment No. 2 
printed in part A of House Report 115-463.
  Ms. MENG. Mr. Chair, I have an amendment at the desk.
  The Acting CHAIR. The Clerk will designate the amendment.
  The text of the amendment is as follows:

       Page 6, line 3, strike ``and'' at the end.
       Page 6, after line 3, insert the following new paragraph 
     (and redesignate the subsequent paragraph accordingly):
       (7) an assessment of the impact and effectiveness of U.S. 
     economic sanctions programs against Iran; and

  The Acting CHAIR. Pursuant to House Resolution 658, the gentlewoman 
from New York (Ms. Meng) and a Member opposed each will control 5 
minutes.
  The Chair recognizes the gentlewoman from New York.
  Ms. MENG. Mr. Chair, I rise today to offer an amendment that I think 
every Member of this body can support, no matter how they intend to 
vote on final passage of H.R. 1638.
  This amendment simply seeks to insert a single new requirement into 
the report required by H.R. 1638, and that new requirement is as 
follows: ``an assessment of the impact and effectiveness of U.S. 
economic sanctions programs against Iran.''

                              {time}  1615

  Whether you voted for the Iran deal or against it, or whether you 
think economic sanctions are an effective diplomatic tool or something 
that sounds better than it is, I hope Members will support this 
amendment.
  We should make evidence-based policy decisions in this body, whenever

[[Page H9878]]

possible, and, toward that end, we should know whether or not the 
sanctions that we pass here work.
  If we are going to require a new report from the Treasury in this 
bill, and that report must include ``a description of how Treasury 
assesses the impact and effectiveness of U.S. economic sanctions 
programs against Iran,'' I think it is only appropriate to ask for the 
assessment itself; and that is what this amendment does.
  Let me put it another way. Understanding how we count votes in 
America is important, but at the end of an election, I want to know the 
final tally. Who won? Who lost? What did we learn?
  Similarly, I think it is important that if the Treasury is going to 
have to produce a new report on sanctions against Iran pursuant to H.R. 
1638, that we understand exactly how the Treasury intends to assess the 
impact and effectiveness of those sanctions.
  Even more importantly, though, I think this report should include the 
results of that assessment, particularly when it comes to sanctions we 
have authorized. That is all this amendment seeks to require, and I 
hope everyone in this body will support it.
  Mr. Chairman, I reserve the balance of my time.
  Mr. HENSARLING. Mr. Chairman, I claim the time in opposition to the 
amendment, although I am not opposed to it.
  The Acting CHAIR. Without objection, the gentleman from Texas is 
recognized for 5 minutes.
  There was no objection.
  Mr. HENSARLING. Mr. Chairman, I want to thank the gentlewoman from 
New York for her amendment. I note that she was a supporter of H.R. 
5461, a nearly identical bill that passed the House in the last 
Congress. I think that her amendment is a valuable addition to H.R. 
1638. Indeed, we should always know the effectiveness of the programs 
that we promote. In this case, we do need to understand how effective 
economic sanctions may be. So I appreciate her leadership.
  Mr. Chairman, I would urge all Members to vote ``aye'' on the 
amendment, and I yield back the balance of my time.
  Ms. MENG. Mr. Chairman, I yield back the balance of my time.
  The Acting CHAIR. The question is on the amendment offered by the 
gentlewoman from New York (Ms. Meng).
  The amendment was agreed to.
  The Acting CHAIR. The question is on the amendment in the nature of a 
substitute, as amended.
  The amendment was agreed to.
  The Acting CHAIR. Under the rule, the Committee rises.
  Accordingly, the Committee rose; and the Speaker pro tempore (Mr. Poe 
of Texas) having assumed the chair, Mr. Rodney Davis of Illinois, 
Acting Chair of the Committee of the Whole House on the state of the 
Union, reported that that Committee, having had under consideration the 
bill (H.R. 1638) 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, and, pursuant to 
House Resolution 658, he reported the bill back to the House with an 
amendment adopted in the Committee of the Whole.
  The SPEAKER pro tempore. Under the rule, the previous question is 
ordered.
  Is a separate vote demanded on any amendment to the amendment 
reported from the Committee of the Whole?
  If not, the question is on the amendment in the nature of a 
substitute, as amended.
  The amendment was agreed to.
  The SPEAKER pro tempore. The question is on the engrossment and third 
reading of the bill.
  The bill was ordered to be engrossed and read a third time, and was 
read the third time.
  The SPEAKER pro tempore. The question is on the passage of the bill.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. HENSARLING. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further 
proceedings on this question will be postponed.

                          ____________________