On the recordJuly 25, 2017
I want to thank the chairman for yielding me this time, and I rise to applaud him for the hard work and the responsible actions that the chairman has taken, not only to ensure this piece of legislation is prepared, but bettered and ready to go back to the Senate. I think we have a forceful sanctions bill that is before the House today, and one that targets not only Iran and Russia, but also the North Korean regime. As you know, the bill that was passed by the Senate risked giving Russian energy firms a competitive advantage across the globe by inadvertently denying American companies access to neutral third-party energy markets where there would simply be a small or de minimis Russian presence. The bill before us today prevents Russia from being able to weaponize these sanctions against U.S. energy firms. I want to thank Chairman Royce for his hard work on this issue. I also want to ensure that we have an understanding of the definition of the word ``controlling'' in section 223(d) of H.R. 3364. For purposes of clarification and legislative intent, the term ``controlling'' means the power to direct, determine, or resolve fundamental, operational, and financial decisions of an oil project through the ownership of a majority of the voting interests of the oil project. Mr. Speaker, I would ask the gentleman, the young chairman, if he agrees with that definition.
