Text of Senate Amendment 6607

On 2026-07-13, Senator David McCormick (R-PA) delivered a floor speech titled "Text Of Senate Amendment 6607" in the Senate.

Text of Senate Amendment 6607

Congressional Record, Volume 172 Issue 113 (Monday, July 13, 2026) [Congressional Record Volume 172, Number 113 (Monday, July 13, 2026)] [Senate] [Pages S3798-S3799] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 6607. 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 subtitle E of title X, add the following: SEC. 1049A. 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 [[Page S3799]] 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) Appropriate congressional committees defined.--The term ``appropriate congressional committees'' means-- (A) the Committee on the Judiciary, the Committee on Foreign Relations, and the Select Committee on Intelligence of the Senate; and (B) the Committee on the Judiciary, the Committee on Foreign Affairs, and the Permanent Select Committee on Intelligence of the House of Representatives. (2) 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. (3) 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. ______