H.R. 2619: No Paydays for Hostage-Takers Act

This bill is titled the "No Paydays for Hostage-Takers Act" and aims to address the issue of hostage-taking, particularly focusing on actions taken by the Government of Iran regarding United States nationals. Here’s a summary of the key provisions of the bill:

Objectives

The primary objective of this legislation is to deter hostage-taking and wrongful detention of U.S. citizens by implementing strict policies and requiring various reports and certifications related to the financial activities of the Iranian government.

Reporting Requirements

• The President is required to submit a report about $6 billion in funds transferred from Iranian accounts in South Korea to Qatar. This report must detail the usage of these funds and certify whether they have been used for humanitarian purposes or have instead financed defense, intelligence, or hostile activities.
• Every 180 days for six years after the bill is enacted, reports are to be provided regarding the financial transactions involving these funds.

Review of Hostage Cases

The President must conduct an annual review of all hostage-taking and unlawful detention cases involving U.S. nationals in Iran over the past ten years. This includes identifying any foreign individuals or entities complicit in these actions, and reporting on sanctions imposed against them.

Visa Restrictions for Iranian Diplomats

To enhance national security, the bill directs that travel for Iranian diplomats to the United Nations may be restricted, especially for those involved in espionage or terrorist activities. Additionally, the bill suggests that the U.S. Secretary of State should declare U.S. passports invalid for travel to Iran due to potential threats.

Blocked Assets Reporting

The legislation mandates a report identifying Iranian assets that have been blocked under sanctions, detailing their valuation and any changes in status over the prior two years.

International Coordination

It expresses the need for coordinated international efforts to track and freeze assets of individuals involved in Iran's destabilizing activities, including hostage-taking and violations of human rights.

Strategy to Prevent Hostage-Taking

The bill requires the President to develop a strategy aimed at preventing hostage-taking that includes identifying punishments for such actions and outlining a policy against ransom payments.

Definitions

The bill includes definitions critical for understanding terms such as "foreign person," "U.S. national," and details regarding who constitutes the appropriate congressional committees for oversight.

Relevant Companies

• GS: Goldman Sachs - Might be impacted as financial institutions are involved in transactions with restricted Iranian funds.
• JPM: JPMorgan Chase - Similarly, this bank may be affected through its international dealings and compliance with new reporting requirements.
• BA: The Boeing Company - As a company that has previously engaged in transactions with Iran, it could be affected by sanctions or changes in policy regarding export and defense sectors.