Washington, November 15, 2017 – This week, the Financial Services Committee approved 23 bills largely aimed at ensuring that the US economy is working for all working Americans. Since January, the committee has approved 63 bills.
Chairman Hensarling (R-TX) said some of the bills before the committee this week “will foster greater accountability and transparency at the Federal Reserve and restore congressional accountability for the Fed’s emergency lending” as well as legislation “to better protect our financial system by holding the regime of Iran – the world’s leading state-sponsor of terrorism – accountable for its illicit activities” and “make sure Congress can exercise effective oversight over any links between that regime and the U.S. financial system.”
H.R. 1638, Iranian Leadership Asset Transparency Act
Introduced by Representative Bruce Poliquin (R-ME), the “Iranian Leadership Asset Transparency Act”, requires the Secretary of the Treasury to 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. The Treasury Department would publish a public version of the report on its website, in English and in the major languages used within Iran. A classified version, if necessary, would be available to Congress. The legislation also contains a “Sense of Congress” urging the Secretary of the Treasury to seek information for the report from sources that search and if necessary translate publicly available “high-veracity official records” overseas, and provide methods to search and analyze such data in ways useful to law enforcement.