H.R. 8439 — Introduced in House

I 117th CONGRESS 2d Session H. R. 8439 IN THE HOUSE OF REPRESENTATIVES July 20, 2022Mr. Bacon introduced the following bill; which was referred to the Committee on Foreign Affairs, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To modify the requirements of congressional review and oversight of agreements with Iran. 1. Short title The Act may be cited as the INARA Reforms Act. 2. Modification of congressional review and oversight of agreements with Iran (a) Period for review Subsection (b) of section 135 of the Atomic Energy Act of 1954 (42 U.S.C. 2160e) is amended— (1) in paragraph (1), by striking 30 and inserting 60; and (2) by striking paragraph (2). (b) Congressional oversight Subsection (d) of such section is amended— (1) in paragraph (5), by adding at the end the following: (C) Department of the Treasury reports (i) Initial reports Not later than 15 days after submission of an agreement described in subsection (a), the Secretary of the Treasury shall submit to the appropriate congressional committees a report describing the estimated financial benefit to Iran from the agreement, including the immediate financial benefit to Iran in the form of access to frozen currency reserves, and an estimate of the one-year and five-year impacts to Iran’s economy as a result of sanctions lifted. This estimate should include a comparison of projected GDP growth broken down by government expenditures, export and import revenue, and investments. (ii) Subsequent reports Not later than 360 days after the submission of an agreement described in subsection (a) and annually thereafter for a period of five years, the Secretary of the Treasury, in coordination with the Secretary of State, shall submit to the appropriate congressional committees a report describing trends and changes in Iran’s government spending from the prior year. This report should include an unclassified estimate of Iran’s expenditures on the Islamic Revolution Guard Corps, the Basij, overall military spending, and aggregate support to military proxies including Hezbollah, Hamas, and Houthi militias. ; and (2) in paragraph (6), by inserting after After the review period provided in subsection (b), the following: and regardless of the United States’ participation in any such agreement described in this provision of law,. (c) Extension of legislative snapback window Subsection (e)(1)(A) of such section is amended by striking ‘‘60 calendar days’’ and inserting ‘‘90 calendar days’’. (d) Definitions Subsection (h)(1) of such section is amended by adding at the end the following: The term agreement shall be construed to mean an agreement regardless of whether a similar agreement has already been submitted to Congress subject to this provision of law or whether this agreement is seeking the re-implementation of a previous agreement..