Two House Republicans again reminded the State Department that it must submit to Congress any new deal reached with Iran over its nuclear commitments, saying they are concerned the Biden administration may be trying to avoid this requirement (see 2106150029). House Minority Leader Kevin McCarthy, R-Calif., and Rep. Michael McCaul, R-Texas, said they fear the administration is “working through Russian intermediaries to finalize an Iran nuclear deal without submitting it for Congressional consideration.”
The Biden administration should close a sanctions “loophole” that allows Russian nationals to continue making “significant” deposits at U.S. banks and purchases of U.S. securities, Senate Foreign Relations Committee Chair Sen. Bob Menendez, D-N.J., said. He said the move would more closely align U.S. financial restrictions with those imposed by European allies and help cut off all access to the U.S. financial system for Russian elites who are “currently still able to keep sizable assets safe in the U.S. market.”
Democrats who lead the House Select Subcommittee on the Coronavirus Crisis are asking major carriers for extensive documents and proprietary information, saying they have the authority to investigate price gouging and profiteering connected to the pandemic.
China Tech Threat, a consultant-owned organization that advocates for stronger export controls, urged the Senate to speed up the confirmation process for Alan Estevez to lead the Bureau of Industry and Security. The group said Estevez will bring “extensive national security background to the role at a critical time as China’s ambitions to dominate emerging technology markets pose a serious threat to U.S. economic and national security interests.” The vacancy for BIS undersecretary leaves a “glaring hole in our export control regime,” the organization said, noting that it has been more than five years since the agency last had a confirmed undersecretary.
The U.S. should begin seizing the financial and physical assets of sanctioned Russian people and entities instead of just freezing them, said Sen. Rob Portman, R-Ohio. He said other countries have started seizing Russian vessels, such as France, which recently seized a car cargo ship in the English Channel with ties to the son of a former Russian spy chief, according to a Reuters report.
The Congressional Research Service recently issued two new reports detailing the U.S.’s and its allies’ response to Russia’s invasion of Ukraine and an overview of recent sanctions and export controls. The CRS said Western economies, including companies, are “likely” to be affected by the new trade measures and “many transactions will likely be disrupted,” especially in the energy sector.
Congress should make sure the Treasury Department has enough funding to fully target Russian oligarchs and sanctioned Russian companies Sen. Ron Wyden, D-Ore., said March 1. Wyden, chair of the Senate Finance Committee, applauded Treasury’s Russia sanctions work so far but said Congress may need to provide the agency with more resources.
The Ocean Shipping Reform Act, which has both passed the House and was included in the House version of a China package, is scheduled for a hearing in the Senate Commerce Committee next month. The hearing will be March 3.
House Republicans on the Ways and Means Committee told U.S. Trade Representative Katherine Tai that she needs to provide "a detailed analysis" of how China did or did not live up to the phase one trade deal. "We have great confidence in your abilities to address the many challenges China presents to the United States and other market economies, and we hope you will expand detailed communication on these matters so that Congress and the Administration can be partners in developing effective U.S. responses," they wrote Feb. 24.
The American Association of Port Authorities announced Feb. 23 that its legislative policy council endorsed the Senate version of the Ocean Shipping Reform Act, sponsored by Sens. Amy Klobuchar, D-Minn., and John Thune, R-S.D. (see 2202040009). AAPA CEO Chris Connor earlier this month said, "U.S. ports are moving more goods than ever -- to foreign markets, to American homes, to American businesses. As shovels start hitting the ground for port capacity expansion, thanks to the Bipartisan Infrastructure Law, the Klobuchar-Thune bill will further help the system by prioritizing cargo fluidity and increasing access for American businesses and consumers."