Vladimir Putin Transparency Act

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 1404) to strengthen the United States response to Russian interference by providing transparency on the corruption of Russian President Vladimir Putin, as amended.

Madam Speaker, I ask unanimous consent that Members have 5 legislative days in which to revise and extend their remarks and to include extraneous material on the bill under consideration.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, every American has the right to a secure democracy where their voice matters. As Members of Congress, our national security must be a top priority. We must investigate and expose Russia's financial networks and cut off any illegal funding that supports criminal attacks against the United States of America. This bipartisan legislation is a crucial first step to ensure that the rights of the American people matter more than dark and corrupt Russian money.

It has been said that money talks, but it is our job to keep it from speaking over the American people. Last week the House of Representatives passed H.R. 1, historic reforms to get big money out of politics. But we haven't done nearly enough to prevent foreign powers and foreign money from attacking our democracy.

Russia, the country that once had the ability to provide a decent life for its people, has chosen to strip their wealth as they watch their wealth disappear overseas into hidden accounts. These corrupt oligarchs are a cautionary tale on how working people can be cheated if left unchecked. These corrupt bands of individuals, led by Vladimir Putin, have mounted a massive asymmetric attack against the United States.

America has the greatest military in the world, but the Russians have figured out that if they have any chance at victory, they must fight us another way: undermine our elections, spread fear and unrest, and sow discord through racism and other divisive tactics.

What they don't understand, Madam Speaker, is that we take pride in our democracy. We may have policy differences, and we might have policy disagreements, sometimes quite strongly, but we all know that our democratic form of government, a government of the people, by the people, and for the people is our greatest strength and weapon against any foe. We do believe in this country that every voice matters.

Foreign nationals are banned from contributing to U.S. elections, but multiple Kremlin-connected Americans have funneled millions of dollars into political action, wielding massive influence in our democracy, and Vladimir Putin is the king of this corrupt money.

Putin's protests are generally delivered with a smirk and accusations of fake news, but his discomfort with revealing his assets is clearly simmering below the surface. It is telling that after Ms. Stefanik and I introduced this legislation, we were both attacked by Russian state media.

What is Putin afraid of?

Perhaps the former KGB operative is well-aware of the poor long-term prospects for gangsters and autocrats who are unmasked before their impoverished countrymen, or he fears uncovering his shadowy networks that prop up dictators and human rights abusers around the world in his quest to subvert world order. Likely, he and his cronies are desperate to obscure their billions in an attempt to shield themselves from sanctions.

But, Madam Speaker, no matter the root of his fear, our obligation is to shine a light on his illicit networks. It is time that we hold him accountable. This legislation will expose the corrupt finances being used to fund attacks against our democracy.

Madam Speaker, in closing, I call upon the words of our 35th President: ``Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe in order to assure the survival and the success of liberty.''

Madam Speaker, I urge the passage of this legislation, and I reserve the balance of my time.

House of Representatives,

Committee on Financial Services,

Washington, DC, March 8, 2019.

Hon. Adam Schiff,

Chairman, House Permanent Select Committee on Intelligence,

Washington, DC.

Dear Mr. Chairman: I am writing concerning H.R. 1404, the

``Vladimir Putin Transparency Act.'' As a result of your

having consulted with the Committee on Financial Services

concerning provisions in the bill that fall within our Rule X

jurisdiction, I agree to forgo action on the bill so that it

may proceed expeditiously to the House floor. The Committee

on Financial Services takes this action with our mutual

understanding that, by foregoing consideration of H.R. 1404

at this time, we do not waive any jurisdiction over the

subject matter contained in this or similar legislation, and

that our Committee will be appropriately consulted and

involved as this or similar legislation moves forward. Our

Committee also reserves the right to seek appointment of an

appropriate number of conferees to any House-Senate

conference involving this or similar legislation and request

your support for any such request.

Finally, I would appreciate your response to this letter

confirming this understanding with respect to H.R. 1404 and

would ask that a copy of our exchange of letters on this

matter be included in the Congressional Record.

Sincerely,

Maxine Waters,

Chairwoman.

Madam Speaker, in closing, H.R. 1404 will shine a light on Vladimir Putin's financial networks that have stripped the Russian Federation of its resources and left the Russian people in poverty. It will also empower Congress, the intelligence community, and our allies to crack down on cross-border corruption.

I want to thank my colleague on the Permanent Select Committee on Intelligence, Representative Stefanik, for joining me in this important legislation.

Additionally, I want to thank the hardworking staff on both sides of the aisle on the Permanent Select Committee on Intelligence and the Foreign Affairs Committee for their input on this critical legislation.

Madam Speaker, I yield back the balance of my time.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, today I rise in strong support of H.R. 1404, the Vladimir Putin Transparency Act.

According to the 2017 Intelligence Community Assessment produced by the CIA, NSA, the FBI, and an indictment issued by the Attorney General in 2018, it is clear that Russian actors conspired to interfere and influence U.S. political processes and the Presidential election in 2016. This assessment stated that ``Russian President Vladimir Putin ordered an influence campaign in 2016 aimed at the U.S. Presidential election. Russia's goals were to undermine public faith in the U.S. democratic process.''

Madam Speaker, the Russian Government has been known to employ a system of corruption and illicit financial ties as a tool for consolidating its domestic political control and projecting power abroad to weaken not only the United States but other democratic countries as well.

That is why I proudly co-sponsored H.R. 1404. The bill would require that within 180 days of enactment, the Director of National Intelligence, in coordination with the Secretary of the Treasury and the Secretary of State, shall submit a congressional report on the personal net worth and assets owned by Russian President Vladimir Putin.

The report would also include accounts, holdings, shell companies, and intermediaries, and identify senior Russian political figures and oligarchs who facilitate corrupt practices. Vladimir Putin and his corrupt allies seek to weaken democracies globally by consolidating political control through unethical means, and they must be brought to account for their actions.

This bipartisan legislation is an important step to ensuring the security of our elections and upholding democracy around the world. I urge my colleagues to support this commonsense bill. I also want to thank my colleague, Representative Val Demings, for her leadership on this issue. I am proud to work across the aisle with her to pass this important bill.

Madam Speaker, in closing, as I have noted in my remarks, this is important bipartisan legislation. It is about transparency, it is about accountability, and it is about standing up to the corrupt practices of Russian President Vladimir Putin. This is bipartisan, commonsense legislation, and I urge my colleagues to support this bill on the floor.

Madam Speaker, I yield back the balance of my time.