Congressman Riggleman's First Bill Passes the House of Representatives with Unanimous Consent
WASHINGTON D.C. - Congressman Denver Riggleman's bill H.R. 1037 the Banking Transparency for Sectioned Persons Act of 2019, passed the House of Representatives with unanimous consent Tuesday evening. This is the first bill sponsored by Congressman Riggleman to be passed by the House.
The bill, H.R. 1037, requires the Department of the Treasury to report semiannually on financial services provided to benefit a state sponsor of terrorism or specified sanctioned persons.
"I am honored that my first legislation was passed unanimously though the House," said Congressman Riggleman. "This bill gives Congress the tools it needs to monitor the financial transactions of bad actors and sanction state sponsors of terrorism."
A full transcript of the Congressman's speech is provided below and you can view it in its entirety, here.
Mr. Speaker, I rise today in support of H.R. 1037, the Banking Transparency for Sanctioned Persons Act of 2019. I would like to thank the Chairwoman of the Committee, Ms. Waters, as well as Ranking Member McHenry, for their support and willingness to bring this legislation to the House Floor for a vote.
This bill requires the Department of the Treasury to report on financial services provided to a state sponsor of terrorism or sanctioned person.
This is a commonsense reporting requirement that will further assist Congress in its oversight functions, including financial sanctions against state sponsors of terrorism, human rights abusers, and other bad actors targeted with certain U.S. sanctions.
This legislation is simple, yet essential - it requires the Secretary of the Treasury to submit to Congress every 180 days a report with two sets of information: first, a list of the licenses it issues to financial institutions to provide services to countries and persons subject to certain U.S. sanctions.
This would include state sponsors of terrorism such as Iran, North Korea, or Syria.
Second, Treasury would have to provide a list of any foreign banks that conduct significant transactions for persons that have been sanctioned for human rights abuses or corruption.
This report will support Congress by ensuring that sanctions are being legally and appropriately applied across the board.
The information in these reports will inform Congress about how sanctioned states and individuals engage in financial transactions. Additionally, the increased transparency will help us understand the impacts of sanctions on targeted individuals.
With a clear idea of how certain foreign countries are undermining U.S. efforts to combat corruption and human rights atrocities, we can adjust our sanctions policies so they have the intended effects.
Finally, this bill will aide Congress and the Executive branch to tailor secondary sanctions on foreign financial institutions, as well as better determine how those sanctions should be effectively designed, and what the unintended consequences might be if any should exist.
This bill will be a useful oversight tool and a powerful disclosure requirement that can help Congress understand existing sanctions and design a more effective program for the future.
This bill unanimously passed the House in the 115th Congress, and I invite all of my colleagues to join me today and pass H.R. 1037.
Thank you Mr. Speaker and I yield the balance of my time.