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Bill115th CongressFiled Mar 20, 2017International Affairs
H.R. 1638

Iranian Leadership Asset Transparency Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Dec 13, 2017)

Iranian Leadership Asset Transparency Act

(Sec. 3) This bill requires the Department of the Treasury, in furtherance of efforts to prevent terrorism financing, money laundering, or illicit finance and to make financial institutions' sanctions compliance more easily understood, to report to Congress within 270 days and annually thereafter for the next two years regarding:

  • the funds or assets held in U.S. and foreign financial institutions that are controlled by specified Iranian officials;
  • any equity stake such official has in an entity on Treasury's list of Specially Designated Nationals or in any other sanctioned entity;
  • how such funds, assets, or equity interests were acquired and used;
  • new methods used to evade anti-money laundering and related laws, including recommendations to improve techniques to combat illicit uses of the U.S. financial system by each such official;
  • recommendations for revising U.S. economic sanctions against Iran to prevent Iranian officials from using funds or assets to develop and procure ballistic missile technology;
  • how Treasury assesses the effectiveness of U.S. economic sanctions against Iran; and
  • recommendations for improving Treasury's ability to develop and enforce additional economic sanctions against Iran.

The unclassified portion of the report shall be made available to the public and posted on Treasury's website in downloadable English, Farsi, Arabic, and Azeri versions.

(Sec. 4) It is the sense of Congress that in preparing the reports pursuant to this bill Treasury should consider acquiring information from sources that: (1) collect high-veracity official records; or (2) provide search and analysis tools that enable law enforcement to have new insights into commercial and financial relationships.

What just happenedDec 14, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Poliquin, Bruce [R-ME-2](R-ME)Sponsor
Read on Congress.gov
3committees30actions2amendments2related bills13subjects
  1. Dec 14, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Dec 13, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Dec 13, 2017FloorH37100

    On passage Passed by the Yeas and Nays: 289 - 135 (Roll no. 680).

  4. Dec 13, 2017Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 289 - 135 (Roll no. 680).

  5. Dec 13, 2017FloorH30000

    Considered as unfinished business. (consideration: CR H9879-9880)

  6. Dec 13, 2017FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 1638, the Chair put the question on passage and by voice vote announced that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.

  7. Dec 13, 2017FloorH34400

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H9875-9876)

  8. Dec 13, 2017FloorH35000

    The previous question was ordered pursuant to the rule.

  9. Dec 13, 2017FloorH32600

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1638.

  10. Dec 13, 2017FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 658, the Committee of the Whole proceeded with 10 minutes of debate on the Meng Part A amendment No. 2.

  11. Dec 13, 2017FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 658, the Committee of the Whole proceeded with 10 minutes of debate on the Schneider Part A amendment No. 1.

  12. Dec 13, 2017FloorH8D000

    GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1638.

  13. Dec 13, 2017FloorH32020

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 658 and Rule XVIII.

  14. Dec 13, 2017FloorH32400

    The Speaker designated the Honorable Paul Mitchell to act as Chairman of the Committee.

  15. Dec 13, 2017FloorH8D000

    Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate on each bill. It also makes in order specified amendments for the bills.

  16. Dec 13, 2017FloorH30000

    Considered under the provisions of rule H. Res. 658. (consideration: CR H9868-9878)

  17. Dec 12, 2017FloorH1L210

    Rules Committee Resolution H. Res. 658 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate on each bill. It also makes in order specified amendments for the bills.

  18. Dec 7, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 335.

  19. Dec 7, 2017DischargeH12300

    Committee on Foreign Affairs discharged.

    Foreign Affairs Committee
  20. Dec 7, 2017Committee5500

    Committee on Foreign Affairs discharged.

    Foreign Affairs Committee
  21. Dec 7, 2017CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-453, Part I.

    Financial Services Committee
  22. Dec 7, 2017Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-453, Part I.

    Financial Services Committee
  23. Nov 14, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 43 - 16.

    Financial Services Committee
  24. Nov 14, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  25. May 18, 2017Committee

    Referred to the Subcommittee on Middle East and North Africa.

    Middle East, North Africa, and Central Asia Subcommittee
  26. Mar 20, 2017IntroReferralH11100

    Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Foreign Affairs Committee
  27. Mar 20, 2017IntroReferralH11100-A

    Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  28. Mar 20, 2017IntroReferralH11100

    Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Financial Services Committee
  29. Mar 20, 2017IntroReferralIntro-H

    Introduced in House

  30. Mar 20, 2017IntroReferral1000

    Introduced in House

Passed House amendedDec 13, 201736

Iranian Leadership Asset Transparency Act

(Sec. 3) This bill requires the Department of the Treasury, in furtherance of efforts to prevent terrorism financing, money laundering, or illicit finance and to make financial institutions' sanctions compliance more easily understood, to report to Congress within 270 days and annually thereafter for the next two years regarding:

  • the funds or assets held in U.S. and foreign financial institutions that are controlled by specified Iranian officials;
  • any equity stake such official has in an entity on Treasury's list of Specially Designated Nationals or in any other sanctioned entity;
  • how such funds, assets, or equity interests were acquired and used;
  • new methods used to evade anti-money laundering and related laws, including recommendations to improve techniques to combat illicit uses of the U.S. financial system by each such official;
  • recommendations for revising U.S. economic sanctions against Iran to prevent Iranian officials from using funds or assets to develop and procure ballistic missile technology;
  • how Treasury assesses the effectiveness of U.S. economic sanctions against Iran; and
  • recommendations for improving Treasury's ability to develop and enforce additional economic sanctions against Iran.

The unclassified portion of the report shall be made available to the public and posted on Treasury's website in downloadable English, Farsi, Arabic, and Azeri versions.

(Sec. 4) It is the sense of Congress that in preparing the reports pursuant to this bill Treasury should consider acquiring information from sources that: (1) collect high-veracity official records; or (2) provide search and analysis tools that enable law enforcement to have new insights into commercial and financial relationships.

Introduced in HouseMar 20, 2017

Iranian Leadership Asset Transparency Act

This bill requires the Department of the Treasury, in furtherance of 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, to submit within 270 days and annually thereafter for the next two years a report regarding:

  • the funds or assets held in U.S. and foreign financial institutions that are directly or indirectly controlled by specified Iranian officials;
  • any equity stake such official has in an entity on Treasury's list of Specially Designated Nationals or in any other sanctioned entity;
  • how such funds, assets, or equity interests were acquired and used;
  • new methods used to evade anti-money laundering and related laws, including recommendations to improve techniques to combat illicit uses of the U.S. financial system by each such official;
  • recommendations for revising U.S. economic sanctions against Iran to prevent Iranian officials from using funds or assets to develop and procure ballistic missile technology;
  • how Treasury assesses the effectiveness of U.S. economic sanctions against Iran; and
  • recommendations for improving Treasury's ability to develop and enforce additional economic sanctions against Iran if so ordered by the President.

The unclassified portion of the report shall be made available to the public and posted on Treasury's website in downloadable English, Farsi, Arabic, and Azeri versions.

Iranian Leadership Asset Transparency Act — Informed