Michael S. Barr: “I authored an amendment on this issue that was included in the Safe Banking Act, which the House passed in September.”

The bank did respond to regulator citations but those responses were insufficient.

The answer is that the Biden Administration allowed this to happen by pursuing a policy of weakness and appeasement that allowed Iran to finance this invasion.

Community banks are exempt from this proposal. It only covers the top 37 banks in the country.

I think congressional oversight is absolutely essential, but I would not pursue the particular legislation that you have described.