Congressman Andy Barr (R-KY) today voted for H.R. 3662, the Iran Terror Finance Transparency Act.  The bill provides for enhanced Congressional oversight over U.S. economic and trade sanctions, particularly over Iranian terrorism financiers.

“As a member of the Task Force to Investigate Terrorism Financing, I know that we must remain vigilant to stop the flow of funds to terrorist groups, prevent attacks, and keep the American people safe,” said Congressman Barr.  “By advancing its missile program in violation of international agreements and by detaining U.S. sailors, Iran continues to demonstrate why they should not be trusted.  That is why we passed this legislation to expand our oversight and leverage over sanctions against Iran, the world’s leading state sponsor of terrorism.”

Specifically, the Iran Terror Finance Transparency Act would:

  • Block the President from offering sanctions relief to an individual or bank until certifying that such entity has not conducted a significant transaction with a terrorist organization, the Islamic Revolutionary Guard Corps, or in support of either Iran’s ballistic missile or its conventional weapons programs.
  • Prohibit the Administration from lifting Iran’s designation as a “Jurisdiction of Primary Money Laundering Concern” until it certifies that the Government of Iran is no longer supporting terrorism, pursuing weapons of mass destruction and their means of delivery, or engaging in illicit financial activities.
  • Provide Congress greater insight into how the Treasury Department licenses specific U.S. companies to do business in Iran.
  • Apply the Congressional Review Act to provide Congress the ability to disapprove of Iran related changes to the Code of Federal Regulations.
  • Clarify that Iran’s proxies—Hezbollah, Hamas, and the Palestinian Islamic Jihad—are included in the definition of terrorist organizations for the purposes of financial sanctions against Iran.