[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.
                                 ______