I
119THCONGRESS
1
STSESSION H. R. 348
To require a report on oligarchs and parastatal entities of Iran, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY13, 2025
Mr. K
USTOFF(for himself and Mr. GOTTHEIMER) introduced the following
bill; which was referred to the Committee on Foreign Affairs, and in ad-
dition to the Committee on Financial Services, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
A BILL
To require a report on oligarchs and parastatal entities of
Iran, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Stop Corrupt Iranian 4
Oligarchs and Entities Act’’. 5
SEC. 2. REPORT ON OLIGARCHS AND PARASTATAL ENTI-6
TIES OF IRAN. 7
(a) I
NGENERAL.—Not later than 180 days after the 8
date of the enactment of this Act, the Secretary of the 9
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•HR 348 IH
Treasury, in consultation with the Director of National In-1
telligence and the Secretary of State, shall submit to the 2
appropriate congressional committees a detailed report on 3
the following: 4
(1) Senior foreign political figures and oligarchs 5
in Iran, including the following: 6
(A) An identification of the most signifi-7
cant senior foreign political figures and 8
oligarchs in Iran, as determined by the close-9
ness to the Iranian Government of each such 10
figure and oligarch, and the estimated net 11
worth of each such figure and oligarch. 12
(B) An assessment of the relationship be-13
tween the individuals identified under subpara-14
graph (A) and President Masoud Pezeshkian or 15
other members of the Iranian ruling elite. 16
(C) An identification of any indices of cor-17
ruption with respect to such individuals. 18
(D) Known sources of income of such indi-19
viduals and their family members (including 20
spouses, children, parents, and siblings), includ-21
ing relevant beneficial ownership information. 22
(E) An identification of the non-Iranian 23
business affiliations of such individuals. 24
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•HR 348 IH
(2) Iranian parastatal entities, including an as-1
sessment of the following: 2
(A) The emergence of Iranian parastatal 3
entities and their role in the economy of Iran. 4
(B) The leadership structures and bene-5
ficial ownership of such entities. 6
(C) An identification of the non-Iranian 7
business affiliations of such entities. 8
(3) Information relating to the exposure of key 9
economic sectors of the United States, including, at 10
minimum, the banking, securities, insurance, and 11
real estate sectors, to Iranian politically affiliated 12
persons, Iranian parastatal entities, and Iranian 13
State-owned enterprises. 14
(4) Information relating to the likely effects of 15
imposing debt and equity restrictions on Iranian 16
parastatal entities, as well as the anticipated effects 17
of adding Iranian parastatal entities to the list of 18
Specially Designated Nationals maintained by the 19
Office of Foreign Assets Control of the Department 20
of the Treasury. 21
(5) Information relating to the potential im-22
pacts of imposing sanctions or debt and equity re-23
strictions in addition to any such sanctions or re-24
strictions in existence as of the date of the enact-25
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•HR 348 IH
ment of this Act on Iranian oligarchs, Iranian 1
parastatal entities, or Iranian State-owned enter-2
prises, including impacts on such oligarchs, entities, 3
and enterprises and on the economy of Iran, as well 4
as on the economies of the United States and United 5
States allies. 6
(b) F
ORM.—The report required under subsection (a) 7
shall be submitted in an unclassified form, but may con-8
tain a classified annex. 9
(c) D
EFINITIONS.—In this section: 10
(1) A
PPROPRIATE CONGRESSIONAL COMMIT -11
TEES.—The term ‘‘appropriate congressional com-12
mittees’’ means— 13
(A) the Committee on Foreign Affairs, the 14
Committee on Financial Services, and the Com-15
mittee on Ways and Means of the House of 16
Representatives; and 17
(B) the Committee on Banking, Housing, 18
and Urban Affairs, the Committee on Foreign 19
Relations, and the Committee on Finance of the 20
Senate. 21
(2) I
RANIAN PARASTATAL ENTITIES .—The term 22
‘‘Iranian parastatal entities’’ means entities— 23
(A) in which Iranian State ownership is at 24
least 25 percent; and 25
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•HR 348 IH
(B) that had 2016 revenues of approxi-1
mately $2,000,000,000 or more. 2
(3) S
ENIOR FOREIGN POLITICAL FIGURE .—The 3
term ‘‘senior foreign political figure’’ has the mean-4
ing given such term in section 1010.605 of title 31, 5
Code of Federal Regulations (or any corresponding 6
similar regulation or ruling). 7
Æ
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