ICYMI: U.S. Congress Moves to Expose Iranian Oligarchs and Regime-Affiliated Companies

On January 13, 2025, Representatives David Kustoff (R-TN) and Josh Gottheimer (D-NJ) introduced a bipartisan bill aimed at shining a spotlight on Iran’s most powerful and wealthy individuals as well as regime-linked corporations. Officially titled the “Stop Corrupt Iranian Oligarchs and Entities Act”, the legislation calls for a comprehensive U.S. government report on the financial and political networks underpinning the Islamic Republic’s elite.

What the Bill Seeks

The bill directs the U.S. Treasury Department—working with the intelligence community and the State Department—to produce a detailed report within 180 days of the bill’s enactment. This report must identify:

1. Iran’s Senior Political Figures and Oligarchs

• The most significant political and economic figures tied closely to the regime.
• Their estimated net worth and business interests, both inside and outside Iran.
• Known corruption indicators and income sources for them and their families.
• Connections to Iranian President Masoud Pezeshkian or other top officials.

2. Parastatal Entities

• Major Iranian state-affiliated companies, including those with at least 25% government ownership and over $2 billion in revenue (as of 2016).
• Their leadership structures, non-Iranian business ties, and roles in the Iranian economy.

3. U.S. Exposure

•  An evaluation of how U.S. economic sectors—like banking, real estate, and insurance—may be exposed to Iranian regime-linked individuals or entities.

4. Potential Sanctions Impact

• A forecast of what could happen if the U.S. imposes new debt, equity, or sanctions restrictions on these Iranian oligarchs or entities.
• Impacts not just on Iran’s economy, but also on the U.S. and its allies.

Why It Matters

Iran’s economy is deeply entwined with semi-private networks often controlled by current or former regime officials. These “parastatal” entities—like those linked to the IRGC (Islamic Revolutionary Guard Corps)—act as extensions of state power while profiting from oil, construction, telecommunications, and more.

The bill’s backers argue that such financial networks enable the regime to evade sanctions, finance repression, and maintain control. By increasing transparency around these actors, the legislation aims to give policymakers tools to better target sanctions and limit Iran’s access to global financial systems.

Bipartisan and Strategic

The bill’s introduction in both the House Foreign Affairs Committee and the Financial Services Committee underscores its dual focus: foreign policy and financial security. It follows a broader U.S. trend of using financial pressure to counter hostile regimes without resorting to military conflict.

If passed, the findings from this report could be used to justify new designations under the U.S. Treasury’s Specially Designated Nationals (SDN) list—further restricting the global financial activities of Iranian elites.