WASHINGTON, DC— Today, Congressman Bryan Steil (WI-01) announced his legislation to increase transparency of U.S. sanctions on foreign adversaries passed the House unanimously.
“We need a government that’s accountable, especially when it comes to dealing with rogue nations like Iran and Russia. Time and again, the Biden Administration has skirted Congress, weakening the United States credibility on the world stage. This bill ensures the Executive Branch must tell Congress if it will be waiving any sanctions that let our enemies use our financial system. Sanctions are a critical tool in our toolkit and we need to keep them viable.”
Steil led debate on the legislation on the House Floor. To watch the clip, click here.
H.R. 2710, the Banking Transparency for Sanctioned Persons Act requires the U.S. Treasury Department to regularly report to Congress any sanctions waivers provided to allow transactions between financial institutions and targeted individuals while also supporting the use of these licenses for humanitarian purposes. The Treasury Department routinely issues general and specific licenses to permit transactions that may involve sanctioned individuals. These licenses typically allow for the facilitation of trade in humanitarian (e.g. medicines and medical devices) and agricultural (e.g. food and farming supplies) goods.
Members of both parties support the use of these licenses for humanitarian purposes, and the House has previously voted to pass legislation to improve transparency over the license-granting process. Congress should continue to improve the transparency of the license process to ensure that the Executive Branch’s foreign policy actions align with Congressional intent.
This is the second bill Steil has introduced that has passed the U.S. House of Representatives and the third sanctions-related bill introduced by Steil in the 117th Congress. Additional sanctions bills include H.R. 733, the Stop Evasion of Iran Sanctions Act which prevents those trying to avoid U.S. sanctions against the Iranian regime by using a mechanism known as INSTEX and H.R. 901, the No Sanctions Relief for Terrorists Act which prevents the administration from providing sanctions relief to individuals and entities in Iran sanctioned for terrorism unless the President could certify to Congress that Iran was no longer sponsoring terrorism.
Steil is a member of the House Financial Services Committee and serves on the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets.
The legislation passed the House by unanimous consent. To read the full text of the bill, click here.