INARA Reforms Act
Bill: H.R.8439 | Sponsor: Rep. Bacon, Don (R-NE)
Policy area: International Affairs

Summary:
INARA Reforms Act
This bill increases the amount of time Congress has to review U.S. agreements with Iran relating to the Iranian nuclear program. The bill also requires the Department of the Treasury to report to Congress on how an agreement impacts the Iranian economy and Iran's frozen currency reserves.

To modify the requirements of congressional review and oversight of 
                         agreements with Iran.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    The Act may be cited as the ``INARA Reforms Act''.

SEC. 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.''.
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