H.R. 348 — Stop Corrupt Iranian Oligarchs and Entities Act

This section directs the Secretary of the Treasury, in consultation with the Director of National Intelligence and the Secretary of State, to submit to the appropriate congressional committees a report on Iranian senior foreign political figures and oligarchs, parastatal entities, U.S. economic sector exposure to such persons and entities, and potential effects of debt/equity restrictions and sanctions, not later than 180 days after enactment of this Act. The report, which must be unclassified but may include a classified annex, requires assessments of (1) the most significant Iranian figures and oligarchs (based on government closeness and net worth), their ties to President Masoud Pezeshkian or other elites, corruption indicators, family income sources, and non-Iranian business affiliations; (2) Iranian parastatal entities (i.e., those with at least 25% Iranian state ownership and 2016 revenues of $2 billion or more), including their economic role, leadership, ownership, and non-Iranian affiliations; (3) exposure of U.S. banking, securities, insurance, and real estate sectors to Iranian politically affiliated persons, parastatals, and state-owned enterprises; (4) effects of debt/equity restrictions on parastatals and their addition to the Specially Designated Nationals list; and (5) impacts of additional sanctions or restrictions on such oligarchs, entities, Iran's economy, the U.S. economy, and U.S. allies.