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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions committees such as Committee on the Judiciary, members such as David Harold McCormick.
Issued
June 24, 2026
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Download official Senate Record PDFReturn to issue contextSA 6283. 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 title X, add the following:
Subtitle H—Stop Corrupt Iranian Oligarchs and Entities Act of 2026
SEC. 1099A. SHORT TITLE.
This subtitle may be cited as the “Stop Corrupt Iranian
Oligarchs and Entities Act of 2026”.
SEC. 1099B. APPROPRIATE CONGRESSIONAL COMMITTEES DEFINED.
In this subtitle, the term “appropriate congressional
committees” means—
(1) the Committee on the Judiciary, the Committee on
Foreign Relations, and the Select Committee on Intelligence
of the Senate; and
(2) the Committee on the Judiciary, the Committee on
Foreign Affairs, and the Permanent Select Committee on
Intelligence of the House of Representatives.
SEC. 1099C. 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 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) 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.
(2) 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.
SEC. 1099D. IRAN KLEPTOCRACY INITIATIVE.
(a) Establishment.—The Attorney General shall establish
within the Department of Justice an “Iran Kleptocracy
Initiative” (in this section referred to as the
“Initiative”) to investigate, expose, disrupt, and
prosecute corruption, money laundering, and racketeering
activities by Iranian government officials and their proxies,
including those concealed through their family members, shell
companies, or third-country intermediaries.
(b) Responsibilities.—The Initiative shall—
(1) identify, trace, and catalog assets (including real
property, financial accounts, luxury goods, and investments)
held by or attributable to Iranian government officials and
their proxies, including those concealed through their family
members, shell companies, or third-country intermediaries;
(2) develop and publish unclassified findings, reports, and
public designations regarding corrupt practices within the
Iranian regime, including case studies of asset concealment
and sanctions evasion (consistent with national security and
operational requirements);
(3) coordinate with Federal, State, and international law
enforcement agencies, including through joint task forces, to
facilitate civil and criminal prosecutions, asset
recoveries, and extraditions under applicable United States
laws, including chapters 46, 95, and 96 of title 18, United
States Code, provisions of law imposing sanctions with
respect to foreign countries or foreign persons; and
(4) establish protocols for rewarding credible information
leading to successful investigations, asset forfeitures, or
prosecutions, in coordination with existing rewards programs.
(c) Interagency Coordination.—The Secretary of State shall
designate a Director of the Initiative who shall serve as the
primary point of contact for coordination with relevant
Federal agencies and the heads of appropriate Federal law
enforcement agencies. The Director shall convene regular
interagency meetings and share non-classified threat
intelligence on Iranian kleptocracy networks.
(d) Reporting.—
(1) In general.—Not later than 1 year after the date of
enactment of this Act, and annually thereafter, the Attorney
General shall submit to the appropriate congressional
committees a report on the activities of the Initiative.
(2) Elements.—Each report under paragraph (1) shall
include—
(A) a summary of investigations initiated, ongoing, and
concluded that are attributable to the Initiative, which
shall include the number of indictments, convictions, and
asset forfeitures attributable to such investigations;
(B) an accounting of assets identified, frozen, seized, or
repatriated in connection with such investigations, including
the estimated values of such assets;
(C) challenges encountered by the Initiative and
recommendations for legislative or administrative
improvements; and
(D) metrics on international cooperation with and the
public impact of the Initiative.
(3) Form.—Each report required under paragraph (1) shall
be submitted in unclassified form, but may include a
classified annex.
(e) Rule of Construction.—Nothing in this section shall be
construed to limit the authority of any Federal agency to
investigate or prosecute corruption or racketeering
activities under other provisions of law.
SEC. 1099E. SUNSET.
This subtitle shall cease to have force or effect on the
date that is 5 years after the date of enactment of this Act.