Congressman Bob Latta (R-Bowling Green) joined his colleagues in passing two pieces of financial legislation that would deter Iranian-supported terrorism. The bills, H.R. 1638, the Iranian Leadership Asset Transparency Act, and H.R. 4324, the Strengthening Oversight of Iran’s Access to Finance Act, would provide more transparency and make funding sources for the Iranian regime public. Iran is the world’s largest state sponsor of terror.
“Iran is the largest state sponsor of terror, and the Iranian regime has a destabilizing effect on the Middle East,” said Latta. “It’s essential we make clear that financially supporting the bad behavior of the Iranian government will not be tolerated. While the Trump Administration reviews the Iran deal, these two pieces of bipartisan legislation will hold the ayatollahs accountable and protect U.S. financial institutions by shining a light on the regime’s financial backing.”
The Iranian Leadership Transparency Act publicizes the assets associated with Iran’s government and military leadership. Under the bill, the Department of Treasury would submit a report to Congress on assets under control, how the assets were acquired, and how they are used by top Iranian political and military leaders. Making this information public will help provide information for legitimate businesses that would prefer not to do business with Iran. The bill would also highlight corruption of Iranian leaders who steal from the Iranian citizens.
The Strengthening Oversight of Iran’s Access to Finance Act would combat the well-documented problem of Iran using civilian planes for military purposes. Iran Air has been known to use commercial planes to transport rockets, missiles, and other military cargo on behalf of the Islamic Revolutionary Guard Corps and Iran’s Defense Ministry. While the Department of Treasury had sanctioned the carrier in 2011, the Obama Administration lifted sanctions on Iran Air as part of the Iran nuclear deal. Iran Air has transported weapons to Syria, a site of civil conflict that has claimed 400,000 lives.
The bill would inform Congress on financial institutions that provide funding for the export or re-export of aircraft to Iran and require Treasury to certify whether or not this financing supports Iranian terrorism or military efforts.
