Rep. Love Bill to Increase Congressional Oversight of Sanctions on State Sponsors of Terrorism

WASHINGTON D.C. – Congresswoman Mia Love has introduced a bill to give Congress better oversight into the financial services provided to state sponsors of terrorism and certain sanctioned persons.  Right now, Congress is limited in its ability to oversee the execution of sanctions on state sponsors of terrorism.

The Banking Transparency for Sanctioned Persons Act of 2018, H.R. 6751 would require the Treasury Secretary to submit a semiannual report to Congress that would include:

  • A copy of any license issued by the Secretary that authorizes a financial institution to provide financial services benefitting a state sponsor of terrorism (Iran, North Korea, Syria, and Sudan);
  • A list of any foreign financial institutions that knowingly conducted a significant transaction for a person sanctioned pursuant to the Sergei Magnitsky Act (victim of a fatal Russian imprisonment incident), the Global Magnitsky Act, or U.S. sanctions against human rights abusers and corrupt foreign officials.

Sharing this kind of information with Congress should be automatic, as licenses represent exemptions to our sanctions programs,” Rep. Love said.  “Congressional oversight of sanctions is limited without visibility into the transactions Treasury is authorizing.”

Even though U.S. banks are prohibited from doing business with a sanctioned person, banks in other countries can do so without penalty.  H.R. 6751 would require a list of institutions engaged in such activity, and puts foreign banks on alert that Congress will be watching their dealings with human rights abusers and corrupt officials.

On September 13, 2018, The Financial Services Committee in a bipartisan vote, advanced this bill unanimously, 48-0.



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    repName Mia Love  
    helpWithFedAgencyAddress Utah 4th District Office
    9067 South 1300 West Suite101
    West Jordan, UT 84088
    Phone: 801-996-8729
    Fax: 801-987-8631
    district 4th District of Utah  
    academyUSCitizenDate July 1, 2016  
    academyAgeDate July 1, 2016  
    academyApplicationDueDate October 30  
    repStateABBR UT  
    repDistrict 4  
    repState Utah  
    repDistrictText 4th  
    SponsoredBills Sponsored Bills  
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