Text of Senate Amendment 6283

On 2026-06-24, Senator David McCormick (R-PA) delivered a floor speech titled "Text Of Senate Amendment 6283" in the Senate.

Text of Senate Amendment 6283

Congressional Record, Volume 172 Issue 106 (Wednesday, June 24, 2026) [Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)] [Senate] [Pages S3432-S3433] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 6283. Mr. McCORMICK (for himself and Ms. Rosen) submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows: At the end of title X, add the following: Subtitle H--Stop Corrupt Iranian Oligarchs and Entities Act of 2026 SEC. 1099A. SHORT TITLE. This subtitle may be cited as the ``Stop Corrupt Iranian Oligarchs and Entities Act of 2026''. SEC. 1099B. APPROPRIATE CONGRESSIONAL COMMITTEES DEFINED. In this subtitle, the term ``appropriate congressional committees'' means-- (1) the Committee on the Judiciary, the Committee on Foreign Relations, and the Select Committee on Intelligence of the Senate; and (2) the Committee on the Judiciary, the Committee on Foreign Affairs, and the Permanent Select Committee on Intelligence of the House of Representatives. SEC. 1099C. REPORT ON OLIGARCHS AND CORRUPTION IN IRAN. (a) In General.--Not later than 180 days after the date of the enactment of this Act, the Secretary of State, in consultation with the Director of National Intelligence and other relevant Federal agencies, shall submit to the appropriate congressional committees a detailed report on oligarchs and corruption in Iran. (b) Elements.--The report required under subsection (a) shall include the following elements: (1) A description of senior foreign political figures and oligarchs in Iran, including the following: (A) An identification of the most significant senior foreign political figures and oligarchs in Iran, as determined by the closeness to the Government of Iran of each such figure and oligarch, and the estimated net worth of each such figure and oligarch. (B) An assessment of the relationship between the individuals identified under subparagraph (A) and President Masoud Pezeshkian or other members of the Iranian ruling elite. (C) An identification of any indices of corruption with respect to such individuals. (D) Known sources of income of such individuals (including through their family members (including spouses, children, parents, and siblings)), which should include information on relevant beneficial ownership. (E) An identification of the non-Iranian business affiliations of such individuals. (2) A description of Iranian parastatal entities, including an assessment of the following matters: (A) The emergence of Iranian parastatal entities and their role in the economy of Iran. (B) The leadership structures and beneficial ownership of such entities. (C) An identification of the non-Iranian business affiliations of such entities. (3) Information relating to the exposure of key economic sectors of the United States, including, at minimum, the banking, securities, insurance, and real estate sectors, to Iranian politically affiliated persons, Iranian parastatal entities, and Iranian State-owned enterprises. (4) Information relating to the likely effects of imposing debt and equity restrictions on Iranian parastatal entities. (5) Information relating to the potential impacts of imposing sanctions or debt and equity restrictions in addition to any such sanctions or restrictions in existence as of the date of the enactment of this Act on Iranian oligarchs, Iranian parastatal entities, or Iranian State- owned enterprises, including impacts on such oligarchs, entities, and enterprises and on the economy of Iran, as well as on the economies of the United States and United States allies. (c) Form.--The report required under subsection (a) shall be submitted in an unclassified form, but may contain a classified annex. (d) Definitions.--In this section: (1) Iranian parastatal entities.--The term ``Iranian parastatal entities'' means entities-- (A) in which Iranian State ownership is at least 25 percent; and (B) that had revenues in 2016 of approximately $2,000,000,000 or more. (2) Senior foreign political figure.--The term ``senior foreign political figure'' has the meaning given such term in section 1010.605 of title 31, Code of Federal Regulations. SEC. 1099D. IRAN KLEPTOCRACY INITIATIVE. (a) Establishment.--The Attorney General shall establish within the Department of Justice an ``Iran Kleptocracy Initiative'' (in this section referred to as the ``Initiative'') to investigate, expose, disrupt, and prosecute corruption, money laundering, and racketeering activities by Iranian government officials and their proxies, including those concealed through their family members, shell companies, or third-country intermediaries. (b) Responsibilities.--The Initiative shall-- (1) identify, trace, and catalog assets (including real property, financial accounts, luxury goods, and investments) held by or attributable to Iranian government officials and their proxies, including those concealed through their family members, shell companies, or third-country intermediaries; (2) develop and publish unclassified findings, reports, and public designations regarding corrupt practices within the Iranian regime, including case studies of asset concealment and sanctions evasion (consistent with national security and operational requirements); (3) coordinate with Federal, State, and international law enforcement agencies, including through joint task forces, to facilitate civil and criminal prosecutions, asset [[Page S3433]] recoveries, and extraditions under applicable United States laws, including chapters 46, 95, and 96 of title 18, United States Code, provisions of law imposing sanctions with respect to foreign countries or foreign persons; and (4) establish protocols for rewarding credible information leading to successful investigations, asset forfeitures, or prosecutions, in coordination with existing rewards programs. (c) Interagency Coordination.--The Secretary of State shall designate a Director of the Initiative who shall serve as the primary point of contact for coordination with relevant Federal agencies and the heads of appropriate Federal law enforcement agencies. The Director shall convene regular interagency meetings and share non-classified threat intelligence on Iranian kleptocracy networks. (d) Reporting.-- (1) In general.--Not later than 1 year after the date of enactment of this Act, and annually thereafter, the Attorney General shall submit to the appropriate congressional committees a report on the activities of the Initiative. (2) Elements.--Each report under paragraph (1) shall include-- (A) a summary of investigations initiated, ongoing, and concluded that are attributable to the Initiative, which shall include the number of indictments, convictions, and asset forfeitures attributable to such investigations; (B) an accounting of assets identified, frozen, seized, or repatriated in connection with such investigations, including the estimated values of such assets; (C) challenges encountered by the Initiative and recommendations for legislative or administrative improvements; and (D) metrics on international cooperation with and the public impact of the Initiative. (3) Form.--Each report required under paragraph (1) shall be submitted in unclassified form, but may include a classified annex. (e) Rule of Construction.--Nothing in this section shall be construed to limit the authority of any Federal agency to investigate or prosecute corruption or racketeering activities under other provisions of law. SEC. 1099E. SUNSET. This subtitle shall cease to have force or effect on the date that is 5 years after the date of enactment of this Act. ______