Section 1 Short title
The Act may be cited as the “INARA Reforms Act”.
INARA Reforms Act
A BILL
To modify the requirements of congressional review and oversight of agreements with Iran.
Sec. 2 Modification of congressional review and oversight of agreements with Iran
Period for review— Subsection (b) of section 135 of the Atomic Energy Act of 1954 (42 U.S.C. 2160e) is amended—
in paragraph (1), by striking “30” and inserting “60”; and
by striking paragraph (2).
Congressional oversight— Subsection (d) of such section is amended—
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.”
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,”.
Extension of legislative snapback window— Subsection (e)(1)(A) of such section is amended by striking ‘‘60 calendar days’’ and inserting ‘‘90 calendar days’’.
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.”.