The treasury secretary would be required to report to Congress financial transactions related Iran’s purchase of commercial passenger aircraft from U.S. manufacturers under a bill that the House of Representatives approved on Thursday.
Under the Obama administration’s nuclear agreement with Iran, the Treasury Department’s Office of Foreign Assets Control (OFAC) authorized U.S. aircraft manufacturers to begin negotiations with Iran in March 2016. Since then, OFAC has permitted the sale of more than 200 aircraft.
Because OFAC licenses authorize U.S. financial institutions to take part in these transactions, U.S. citizens’ savings and investments can be used to finance Iran’s aircraft purchases. U.S. Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, called that prospect “deeply troubling.”
As a result, U.S. Rep. Roger Williams (R-TX) introduced the Strengthening Oversight of Iran’s Access to Finance Act, H.R. 4324. The bill aims to bring transparency and oversight to financial transactions related to Iranian aircraft purchases.
“This commonsense legislation will improve the much needed Congressional oversight on aircraft sales licensed by the U.S. Treasury Department to Iran while protecting the national security interests of the American people,” Williams said. “I thank Chairman Hensarling for his support on this critical legislation, and to my House colleagues for casting a vote to put America first.”