Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 2710, the Banking Transparency for Sanctioned Persons Act of 2021. This legislation requires the Secretary of the Treasury to report to Congress semiannually with a copy of any license Treasury issues in the preceding 180 days that authorizes a U.S. financial institution to provide services benefiting a state sponsor of terrorism and certain other sanctioned entities, including human rights abusers and corrupt officials. It would sunset 7 years after enactment of the act. I am supportive of the disclosure requirements in this bill because I believe that this after-the-fact reporting to congressional committees regarding these specific licenses can serve as a useful oversight tool. When the Office of Foreign Assets Control, or OFAC, issues a specific license, it allows a particular individual or entity to engage in a transaction that would otherwise be prohibited under a United States sanctions program. Typically, specific licenses are granted by OFAC when the person or entity requesting such a license makes clear that allowing for the permitted transactions serves a compelling public policy goal. But currently, Treasury does not release specific licenses granted to individuals or entities or any information about them.…”