Texas House delegates supported a resolution to stop banks from financing the sale of Boeing and Airbus aircraft to Iran last week despite government analysis that it could violate a 1994 federal act.
House Resolution 5711 was passed 243-174 and drew along party lines. Only eight Democrats nationally supported the ban. In Texas, the line was along party lines. Twenty-five Republican representatives approved the measure while 11 Democrats opposed.
The resolution would impede agreements with Iran. Under the U.S. agreement economic sanctions against Iran would be lifted once it ends its nuclear-arms program.
U.S. Rep. Bill Huizenga of Michigan introduced the bill in July. It was referred to the House Finance Committee where it remained until the vote was taken Nov. 17. It advanced to the Senate where it died. President Obama vowed to veto it since it would violate the U.S. agreement with Iran. U.S. Rep. Brad Sherman of California co-sponsored the bill.
Regardless of the Iranian agreement, if enacted, the House measure would impose a private-sector mandate on banks. According to a fiscal analysis, the mandate falls under the definition imposed by the Unfunded Mandates Reform Act of 1994. That act was designed to avoid unfunded mandates on the private sector.
Since the 1994 act is triggered whenever a private sector expenses more than $100 million, banks that are involved in aircraft sales to Iran would fall under it. In July the Congressional Budget Office estimated that annual interest payments would reach $154 million in one year, which would be the amount banks would forgo under the House resolution.
Nonetheless, the CBO report shows the office is unsure what effect a ban would actually have within the next five years. Current restrictions make it unlikely that American private banks would engage in much transaction of this type and the structure and deal terms of them are uncertain.
In spite of the House vote, the Treasury Department granted Airbus’s request to sell 106 American-made aircraft to Iran, according to news reports. The resolution called to revoke any Treasury transaction related to it.
How Texas voted
|Yea||Gohmert, Louie||TX 1st|
|No Vote||Poe, Ted||TX 2nd|
|Yea||Johnson, Sam||TX 3rd|
|Yea||Ratcliffe, John||TX 4th|
|No Vote||Hensarling, Jeb||TX 5th|
|Yea||Barton, Joe||TX 6th|
|Yea||Culberson, John||TX 7th|
|Yea||Brady, Kevin||TX 8th|
|Nay||Green, Al||TX 9th|
|Yea||McCaul, Michael||TX 10th|
|Yea||Conaway, Michael||TX 11th|
|Yea||Granger, Kay||TX 12th|
|Yea||Thornberry, Mac||TX 13th|
|Yea||Weber, Randy||TX 14th|
|Nay||Hinojosa, Rubén||TX 15th|
|Nay||O’Rourke, Beto||TX 16th|
|Yea||Flores, Bill||TX 17th|
|Nay||Jackson Lee, Sheila||TX 18th|
|Yea||Neugebauer, Randy||TX 19th|
|Nay||Castro, Joaquin||TX 20th|
|Yea||Smith, Lamar||TX 21st|
|Yea||Olson, Pete||TX 22nd|
|Yea||Hurd, Will||TX 23rd|
|Yea||Marchant, Kenny||TX 24th|
|Yea||Williams, Roger||TX 25th|
|Yea||Burgess, Michael||TX 26th|
|Yea||Farenthold, Blake||TX 27th|
|Nay||Cuellar, Henry||TX 28th|
|Nay||Green, Gene||TX 29th|
|Nay||Johnson, Eddie||TX 30th|
|Yea||Carter, John||TX 31st|
|Yea||Sessions, Pete||TX 32nd|
|Nay||Veasey, Marc||TX 33rd|
|Yea||Vela, Filemon||TX 34th|
|Nay||Doggett, Lloyd||TX 35th|
|Yea||Babin, Brian||TX 36th|