This week's Taxpayer's Tab focused on H.R. 3638, Act for the 99%, which left us with some additional material that we're highlighting here. This week's "Most Friended" bill is H.R. 1905, the Iran Threat Reduction Act of 2011.
Annualized Cost: $3 million ($13 million over five years)
Number of Cosponsors: 364 Congressmen
Congresswoman Ileana Ros-Lehtinen (R-FL) sponsored the Iran Threat Reduction Act to compel Iran to abandon its pursuit of nuclear weapons. In order to achieve that goal, H.R. 1905 would expand existing sanctions.
The bill calls for the President to coordinate with other nations to place additional pressure on Iran to give up it efforts to obtain or develop a nuclear weapon or systems that would deliver a nuclear bomb. The U.S. would lobby the United Nations Security Council to impose new sanctions and would work to limit to whom Iran could sell its petroleum products.
The President would also be authorized to impose sanctions on individuals or companies investing in, buying from, or selling Iranian petroleum. The trade of restricted nuclear or other weapons of mass destruction technologies is also prohibited. The U.S. would also reserve the right to cancel any transaction or transfer of goods, services, or money between Iran and anyone that is subject to the jurisdiction of the U.S. government. Iranian assets would remain frozen. Fewer Iranians would be granted visas to enter the U.S. The sanctions would be terminated when, and if, it is verified that Iran is no longer perusing a nuclear weapon, supporting international terrorism, and “poses no threat to the national security, interests, or allies of the United States.”
Federal funds would also go toward supporting democratic change in Iran. The Secretary of State would be required to develop a strategy of promoting Internet freedom and access to information in Iran.
According to a CBO estimate, H.R. 1905 would result in $13 million in new spending over the next five years. New regulations and financial tracking would lead to increased administrative expenses however, the sanctions would not result in any new spending or increased revenues.
Cosponsors include 148 Democrats and 216 Republicans in the House.