Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the President to: (1) prohibit the opening or maintaining in the United States of a correspondent or payable-through account by a foreign financial institution that has knowingly conducted any financial transaction with the Central Bank of Iran; and (2) freeze and prohibit all property and property interest transactions of such institution if the property and property interests are in the United States, come within the United States, or come within the possession or control of a U.S. person.
Prohibits such sanctions' imposition if the transaction was for the sale of food, medicine, or medical devices to Iran.
Applies such provisions to: (1) financial transactions begun on or after the date of the enactment of this Act, and (2) financial transactions for petroleum or petroleum product purchases through the Bank begun 180 days or more after the date of the enactment of this Act.
Authorizes the President to waive such sanctions for reasons of national security.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3508 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3508
To require the President to impose sanctions on foreign financial
institutions that conduct transactions with the Central Bank of Iran.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 22, 2011
Mr. Flake (for himself and Mr. McIntyre) introduced the following bill;
which was referred to the Committee on Foreign Affairs, and in addition
to the Committee on Financial Services, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To require the President to impose sanctions on foreign financial
institutions that conduct transactions with the Central Bank of Iran.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. IMPOSITION OF SANCTIONS ON FOREIGN FINANCIAL INSTITUTIONS
THAT CONDUCT TRANSACTIONS WITH THE CENTRAL BANK OF IRAN.
Section 104 of the Comprehensive Iran Sanctions, Accountability,
and Divestment Act of 2010 (22 U.S.C. 8513) is amended--
(1) by redesignating subsections (h) and (i) as subsections
(i) and (j), respectively; and
(2) by inserting after subsection (g) the following new
subsection:
``(h) Imposition of Sanctions on Foreign Financial Institutions
That Conduct Transactions With the Central Bank of Iran.--
``(1) In general.--Subject to paragraphs (2), (3), and (4),
not later than 30 days after the date of the enactment of this
subsection, the President shall--
``(A) prohibit the opening or maintaining in the
United States of a correspondent account or a payable-
through account by a foreign financial institution that
the President determines has knowingly conducted any
financial transaction with the Central Bank of Iran;
and
``(B) freeze and prohibit all transactions in all
property and interests in property of each such foreign
financial institution if such property and interests in
property are in the United States, come within the
United States, or are or come within the possession or
control of a United States person.
``(2) Exception for sales of food, medicine, and medical
devices.--The President may not impose sanctions under
paragraph (1) on a foreign financial institution for engaging
in a transaction with the Central Bank of Iran for the sale of
food, medicine, or medical devices to Iran.
``(3) Applicability.--
``(A) In general.--Except as provided in
subparagraph (B), paragraph (1) applies with respect to
financial transactions commenced on or after the date
of the enactment of this subsection.
``(B) Petroleum transactions.--Paragraph (1)
applies with respect to financial transactions for the
purchase of petroleum or petroleum products through the
Central Bank of Iran commenced on or after the date
that is 180 days after the date of the enactment of
this subsection.
``(4) Waiver.--
``(A) In general.--The President may waive the
application of paragraph (1) with respect to a foreign
financial institution for a period of not more than 60
days, and may renew that waiver for additional periods
of not more than 60 days, if the President determines
and reports to the appropriate congressional committees
every 60 days that the waiver is necessary to the
national security interest of the United States.
``(B) Form.--A report submitted pursuant to
subparagraph (A) shall be submitted in unclassified
form, but may contain a classified annex.
``(5) Foreign financial institution.--For purposes of this
subsection, the term `foreign financial institution' includes a
financial institution owned or controlled by a foreign
government.''.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on International Monetary Policy and Trade.
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