[Congressional Record Volume 165, Number 44 (Tuesday, March 12, 2019)]
[House]
[Pages H2662-H2664]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1300
                    VLADIMIR PUTIN TRANSPARENCY ACT

  Mrs. DEMINGS. Madam Speaker, I move to suspend the rules and pass the 
bill (H.R. 1404) to strengthen the United States response to Russian 
interference by providing transparency on the corruption of Russian 
President Vladimir Putin, as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 1404

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Vladimir Putin Transparency 
     Act''.

     SEC. 2. FINDINGS.

       Congress finds the following:
       (1) According an Intelligence Community Assessment dated 
     January 6, 2017, ``Russian President Vladimir Putin ordered 
     an influence campaign in 2016 aimed at the US presidential 
     election. Russia's goals were to undermine public faith in 
     the US democratic process . . . Moscow's influence campaign 
     followed a Russian messaging strategy that blends covert 
     intelligence operations--such as cyber activity--with overt 
     efforts by Russian Government agencies, state-funded media, 
     third-party intermediaries, and paid social media users or 
     `trolls.' ''.
       (2) According to the Washington Post, official, public 
     reports from the Russian government put Putin's average 
     annual income between 2011 and 2016 at approximately 
     $112,000. But outside experts nevertheless have alleged that 
     Putin's true net worth is in the billions--suggesting his 
     extensive corruption and connection to money laundering and 
     other activities undertaken order to enrich Putin unjustly 
     and to hide his true financial condition from the public.

     SEC. 3. ASSESSMENT EXPOSING THE CORRUPTION OF VLADIMIR PUTIN.

       (a) Sense of Congress.--It is the sense of Congress that 
     the United States should do more to expose the corruption of 
     Vladimir Putin, whose ill-gotten wealth is perhaps the most 
     powerful global symbol of his dishonesty and his persistent 
     efforts to undermine the rule of law and democracy in the 
     Russian Federation.
       (b) Assessment.--Not later than 180 days after the date of 
     the enactment of this Act, the Director of National 
     Intelligence, in coordination with the Secretary of Treasury 
     and the Secretary of State, shall submit to the appropriate 
     congressional committees an assessment, based on all sources 
     of intelligence, on the net worth and financial and other 
     assets of Russian President Vladimir Putin and his family 
     members, legitimate as well as illegitimate, including--
       (1) the estimated net worth of Vladimir Putin and his 
     family members;
       (2) a description of their legitimately and illegitimately 
     obtained assets, including all real, personal and 
     intellectual property,

[[Page H2663]]

     bank or investment or similar accounts, and any other 
     financial or business interests or holdings, including those 
     outside of Russia;
       (3) the details of the legitimately and illegitimately 
     obtained assets, including real, personal and intellectual 
     property, bank or investment or similar accounts, and any 
     other financial or business interests or holdings, including 
     those outside of Russia, that are owned or controlled by, 
     accessible to, or otherwise maintained for the benefit of 
     Vladimir Putin, including their nature, location, manner of 
     acquisition, value, and publicly named owner (if other than 
     Vladimir Putin);
       (4) the methods used by Vladimir Putin or others acting at 
     his direction, with his knowledge, or for his benefit, to 
     conceal Putin's interest in his accounts, holdings, or other 
     assets, including the establishment of ``front'' or shell 
     companies and the use of intermediaries; and
       (5) an identification of the most significant senior 
     Russian political figures, oligarchs, and any other persons 
     who have engaged in activity intended to conceal the true 
     financial condition of Vladimir Putin.
       (c) Form.--The assessment required under subsection (b) 
     shall be submitted either--
       (1) in unclassified form to the extent consistent with the 
     protection of intelligence sources and methods, and may 
     include a classified annex; or
       (2) simultaneously as both an unclassified version and a 
     classified version.
       (d) Appropriate Congressional Committees Defined.--In this 
     section, the term ``appropriate congressional committees'' 
     means--
       (1) the Select Committee on Intelligence, the Committee on 
     Foreign Relations, the Committee on Banking, Housing, and 
     Urban Affairs, and the Committee on Finance of the Senate; 
     and
       (2) the Permanent Select Committee on Intelligence, 
     Committee on Foreign Affairs, the Committee on Financial 
     Services, and the Committee on Ways and Means of the House of 
     Representatives.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
Florida (Mrs. Demings) and the gentlewoman from New York (Ms. Stefanik) 
each will control 20 minutes.
  The Chair recognizes the gentlewoman from Florida.


                             General Leave

  Mrs. DEMINGS. Madam Speaker, I ask unanimous consent that Members 
have 5 legislative days in which to revise and extend their remarks and 
to include extraneous material on the bill under consideration.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Florida?
  There was no objection.
  Mrs. DEMINGS. Madam Speaker, I yield myself such time as I may 
consume.
  Madam Speaker, every American has the right to a secure democracy 
where their voice matters. As Members of Congress, our national 
security must be a top priority. We must investigate and expose 
Russia's financial networks and cut off any illegal funding that 
supports criminal attacks against the United States of America. This 
bipartisan legislation is a crucial first step to ensure that the 
rights of the American people matter more than dark and corrupt Russian 
money.
  It has been said that money talks, but it is our job to keep it from 
speaking over the American people. Last week the House of 
Representatives passed H.R. 1, historic reforms to get big money out of 
politics. But we haven't done nearly enough to prevent foreign powers 
and foreign money from attacking our democracy.
  Russia, the country that once had the ability to provide a decent 
life for its people, has chosen to strip their wealth as they watch 
their wealth disappear overseas into hidden accounts. These corrupt 
oligarchs are a cautionary tale on how working people can be cheated if 
left unchecked. These corrupt bands of individuals, led by Vladimir 
Putin, have mounted a massive asymmetric attack against the United 
States.
  America has the greatest military in the world, but the Russians have 
figured out that if they have any chance at victory, they must fight us 
another way: undermine our elections, spread fear and unrest, and sow 
discord through racism and other divisive tactics.
  What they don't understand, Madam Speaker, is that we take pride in 
our democracy. We may have policy differences, and we might have policy 
disagreements, sometimes quite strongly, but we all know that our 
democratic form of government, a government of the people, by the 
people, and for the people is our greatest strength and weapon against 
any foe. We do believe in this country that every voice matters.
  Foreign nationals are banned from contributing to U.S. elections, but 
multiple Kremlin-connected Americans have funneled millions of dollars 
into political action, wielding massive influence in our democracy, and 
Vladimir Putin is the king of this corrupt money.
  Putin's protests are generally delivered with a smirk and accusations 
of fake news, but his discomfort with revealing his assets is clearly 
simmering below the surface. It is telling that after Ms. Stefanik and 
I introduced this legislation, we were both attacked by Russian state 
media.
  What is Putin afraid of?
  Perhaps the former KGB operative is well-aware of the poor long-term 
prospects for gangsters and autocrats who are unmasked before their 
impoverished countrymen, or he fears uncovering his shadowy networks 
that prop up dictators and human rights abusers around the world in his 
quest to subvert world order. Likely, he and his cronies are desperate 
to obscure their billions in an attempt to shield themselves from 
sanctions.
  But, Madam Speaker, no matter the root of his fear, our obligation is 
to shine a light on his illicit networks. It is time that we hold him 
accountable. This legislation will expose the corrupt finances being 
used to fund attacks against our democracy.
  Madam Speaker, in closing, I call upon the words of our 35th 
President: ``Let every nation know, whether it wishes us well or ill, 
that we shall pay any price, bear any burden, meet any hardship, 
support any friend, oppose any foe in order to assure the survival and 
the success of liberty.''
  Madam Speaker, I urge the passage of this legislation, and I reserve 
the balance of my time.

                                         House of Representatives,


                              Committee on Financial Services,

                                    Washington, DC, March 8, 2019.
     Hon. Adam Schiff,
     Chairman, House Permanent Select Committee on Intelligence, 
         Washington, DC.
       Dear Mr. Chairman: I am writing concerning H.R. 1404, the 
     ``Vladimir Putin Transparency Act.'' As a result of your 
     having consulted with the Committee on Financial Services 
     concerning provisions in the bill that fall within our Rule X 
     jurisdiction, I agree to forgo action on the bill so that it 
     may proceed expeditiously to the House floor. The Committee 
     on Financial Services takes this action with our mutual 
     understanding that, by foregoing consideration of H.R. 1404 
     at this time, we do not waive any jurisdiction over the 
     subject matter contained in this or similar legislation, and 
     that our Committee will be appropriately consulted and 
     involved as this or similar legislation moves forward. Our 
     Committee also reserves the right to seek appointment of an 
     appropriate number of conferees to any House-Senate 
     conference involving this or similar legislation and request 
     your support for any such request.
       Finally, I would appreciate your response to this letter 
     confirming this understanding with respect to H.R. 1404 and 
     would ask that a copy of our exchange of letters on this 
     matter be included in the Congressional Record.
           Sincerely,
                                                    Maxine Waters,
     Chairwoman.
                                  ____

                                         House of Representatives,


                                 Committee on Foreign Affairs,

                                   Washington, DC, March 12, 2019.
     Hon. Adam Schiff,
     Chairman, House Permanent Select Committee on Intelligence, 
         Washington, DC.
       Dear Mr. Chairman: This is to advise you that the Committee 
     on Foreign Affairs has now had an opportunity to review H.R. 
     1404, the ``Vladimir Putin Transparency Act,'' which falls 
     within our shared Rule X jurisdiction. I appreciate that you 
     have consulted with us on this legislation. The Foreign 
     Affairs Committee has no objection to considering this bill 
     on the House floor. To expedite that consideration, the 
     Foreign Affairs Committee is willing to waive referral, with 
     the understanding that we do not thereby waive any future 
     jurisdictional claim over the legislation or its subject 
     matter.
       In the event a House-Senate conference on this or similar 
     legislation is convened, the Foreign Affairs Committee 
     reserves the right to request an appropriate number of 
     conferees to address any concerns with this bill or related 
     provisions that may arise in conference.
       Please place this letter into the Congressional Record 
     during consideration of the measure on the House floor. Thank 
     you for the cooperation spirit in which you have worked 
     regarding this matter and others between our committees.
           Sincerely,

                                               Eliot L. Engel,

                                                         Chairman,
                               House Committee on Foreign Affairs.

[[Page H2664]]

     
                                  ____
         Permanent Select Committee on Intelligence, House of 
           Representatives,
                                                    March 8, 2019.
     Hon. Maxine Waters,
     Chairwoman, Committee on Financial Services,
     House of Representatives, Washington, DC.
     Hon. Eliot Engel,
     Chairman, Committee on Foreign Affairs,
     House of Representatives, Washington, DC.
       Dear Chairwoman Waters and Chairman Engel: I write in reply 
     to your letters regarding H.R. 1404, the Vladimir Putin 
     Transparency Act. I appreciate your willingness to work 
     cooperatively on this legislation.
       I acknowledge that provisions of the bill fall within the 
     jurisdiction of the Committees on Financial Services and 
     Foreign Affairs; and that your Committees will not take up 
     H.R. 1404 formally. I further agree that your Committees' 
     inaction regarding the bill will not waive any future 
     jurisdictional claims over matters addressed in H.R. 1404 
     which fall within your Committees' jurisdiction under Rule X 
     of the Rules of Procedure for the House of Representatives 
     for the 116th Congress.
       At your request, I lastly will ensure that our exchange of 
     letters is included in the Congressional Record during floor 
     consideration of the bill. Thank you again for your 
     cooperation regarding the legislation. I look forward to 
     continuing to work with both of you as the measure moves 
     through the legislative process.
           Sincerely,
                                                   Adam B. Schiff,
                                                         Chairman.

  Ms. STEFANIK. Madam Speaker, I yield myself such time as I may 
consume.
  Madam Speaker, today I rise in strong support of H.R. 1404, the 
Vladimir Putin Transparency Act.
  According to the 2017 Intelligence Community Assessment produced by 
the CIA, NSA, the FBI, and an indictment issued by the Attorney General 
in 2018, it is clear that Russian actors conspired to interfere and 
influence U.S. political processes and the Presidential election in 
2016. This assessment stated that ``Russian President Vladimir Putin 
ordered an influence campaign in 2016 aimed at the U.S. Presidential 
election. Russia's goals were to undermine public faith in the U.S. 
democratic process.''
  Madam Speaker, the Russian Government has been known to employ a 
system of corruption and illicit financial ties as a tool for 
consolidating its domestic political control and projecting power 
abroad to weaken not only the United States but other democratic 
countries as well.
  That is why I proudly co-sponsored H.R. 1404. The bill would require 
that within 180 days of enactment, the Director of National 
Intelligence, in coordination with the Secretary of the Treasury and 
the Secretary of State, shall submit a congressional report on the 
personal net worth and assets owned by Russian President Vladimir 
Putin.
  The report would also include accounts, holdings, shell companies, 
and intermediaries, and identify senior Russian political figures and 
oligarchs who facilitate corrupt practices. Vladimir Putin and his 
corrupt allies seek to weaken democracies globally by consolidating 
political control through unethical means, and they must be brought to 
account for their actions.
  This bipartisan legislation is an important step to ensuring the 
security of our elections and upholding democracy around the world. I 
urge my colleagues to support this commonsense bill. I also want to 
thank my colleague, Representative Val Demings, for her leadership on 
this issue. I am proud to work across the aisle with her to pass this 
important bill.
  Madam Speaker, in closing, as I have noted in my remarks, this is 
important bipartisan legislation. It is about transparency, it is about 
accountability, and it is about standing up to the corrupt practices of 
Russian President Vladimir Putin. This is bipartisan, commonsense 
legislation, and I urge my colleagues to support this bill on the 
floor.
  Madam Speaker, I yield back the balance of my time.
  Mrs. DEMINGS. Madam Speaker, in closing, H.R. 1404 will shine a light 
on Vladimir Putin's financial networks that have stripped the Russian 
Federation of its resources and left the Russian people in poverty. It 
will also empower Congress, the intelligence community, and our allies 
to crack down on cross-border corruption.
  I want to thank my colleague on the Permanent Select Committee on 
Intelligence, Representative Stefanik, for joining me in this important 
legislation.
  Additionally, I want to thank the hardworking staff on both sides of 
the aisle on the Permanent Select Committee on Intelligence and the 
Foreign Affairs Committee for their input on this critical legislation.
  Madam Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Florida (Mrs. Demings) that the House suspend the 
rules and pass the bill, H.R. 1404, as amended.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

                          ____________________