By an overwhelming bipartisan majority, Rep. Mia Love’s bill to give Congress better oversight into the financial services provided to state sponsors of terrorism passed the House of Representatives.
It is the fifth Rep. Love-sponsored bill to pass the House this session of Congress.
The Banking Transparency for Sanctioned Persons Act of 2018, H.R. 6751 would require the Treasury Secretary to submit an annual report to Congress that would include:
- A copy of any license issued by the Secretary that authorizes a financial institution to provide financial services benefitting a state sponsor of terrorism (Iran, North Korea, Syria and Sudan);
- A list of any foreign financial institutions that knowingly conducted a significant transaction for a person sanctioned by the United States for serious human rights abuses and corruption.
“We need to know more about the transactions the Treasury is authorizing,” Rep. Love said. “In the fight against terror, it makes sense to share this kind of information with Congress since licenses represent exemptions to our sanctions programs.”
H.R. 6751 would require a list of institutions engaged in such activity, and puts foreign banks on alert that Congress will be watching their dealings with human rights abusers and corrupt officials.
Other Rep. Love Bills Passed this Congress:
- Juab County Conveyance Act (H.R. 3777), conveys just over two acres of land from the Forest Service to the county for a wildland fire protection headquarters.
- The Small Bank Holding Company Relief Act, (H.R. 4771), makes it easier for small banks to lend money in their communities.(Signed into law as part of S. 2155).
- STOP Taxpayer Obligations to Perpetrators of Sexual Harassment Act (H.R. 4674), stops the practice of making payments, funded with taxpayer dollars, to settle cases on behalf of members of Congress accused of sexual harassment. It also includes protection for victims, portions of which were adopted into a larger set of reforms in the Congressional Accountability Act of 1995 Reform Act (H.R. 4924)..
- Confirming State Land Grants for Education Act (H.R. 2582),allows the state of Utah to acquire land that will be dedicated to raising revenue for the benefit of Utah students.
