Banking Transparency for Sanctioned Persons Act of 2021

Floor Speech

I thank the Chairwoman of the Financial Services Committee, the gentlewoman from California (Ms. Waters), for bringing the bill to the floor today.

I rise in strong support of H.R. 2710, the Banking Transparency for Sanctioned Persons Act. This bill that I authored represents an important step forward for oversight of the Treasury Department's sanctions program.

Under current law, Treasury may issue licenses through its Office of Foreign Assets Control, authorizing U.S. financial institutions to engage in transactions that would otherwise be prohibited. These licenses typically allow for the facilitation of trade in humanitarian and agricultural goods such as medicines and food.

H.R. 2710 requires the administration to inform Congress that certain financial services-related licenses have been improved when they involve state sponsors of terrorism or others sanctioned for human rights abuses.

While OFAC may have good reasons to issue a license, it is essential for Congress to be aware of bad actors' access to our financial system. Though some OFAC licenses are made public, others are not disclosed or even their existence may be unknown to Congress.

By requiring a semiannual report on these licenses, my bill would make the disclosure of OFAC's actions more consistent with congressional notification procedures for other sanctions waivers. Without this knowledge, Congress is limited in its ability to oversee the implementation of sanctions.

I am pleased to note that our colleagues on the other side of the aisle have long supported this oversight, and they have provided helpful input as we have developed this important legislation.

Mr. Speaker, let me conclude by noting that our majority support for this measure is reflective of a strong spirit of bipartisanship on the Committee on Financial Services when it comes to safeguarding our national security.

While we may not agree on everything, our Members have been extremely productive in advancing our national security interests while maintaining a vibrant financial system. It is important to have a government that is accountable, and this bill brings needed accountability to our sanctions enforcement efforts.

Mr. Speaker, I urge my colleagues to support H.R. 2710, and I reserve the balance of my time.

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Mr. STEIL. Mr. Speaker, I simply close by urging my colleagues to support this bill, and I yield back the balance of my time.

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