(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
Iran Terror Finance Transparency Act
(Sec. 2) This bill prohibits the President from removing certain foreign financial institutions, including an Iranian financial institution, from the list of designated nationals and blocked persons maintained by the Department of the Treasury's Office of Foreign Asset Control until the President makes two certifications to Congress, the first of which is that the institution has not knowingly facilitated a significant transaction or transactions or provided significant financial services for or on behalf of:
The second certification shall be that the institution no longer knowingly engages in illicit or deceptive financial transactions or other activities.
(Sec. 3) On or after July 19, 2015,the President may not remove specified foreign persons from the list of designated nationals and blocked persons maintained by the Office of Foreign Asset Control until the President certifies to Congress that the person has not knowingly:
(Sec. 4) The President may not remove Iran's designation as a jurisdiction of primary money laundering concern unless the President certifies to Congress that Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.
(Sec. 5) Any rule to amend or otherwise alter a covered regulatory provision regarding sanctions on Iran shall be subject to congressional review requirements.
Applicable federal departments or agencies shall report to Congress on the operation of the licensing system under each covered regulatory provision for the preceding two-year period, including:
(Sec. 6) The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 is amended to prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that facilitates Iran's support for Hezbollah, Hamas, the Palestinian Islamic Jihad, and any affiliates or successors.
(Sec. 7) Defines "Joint Comprehensive Plan of Action" as the Joint Comprehensive Plan of Action, signed at Vienna July 14, 2015, by Iran and by China, France, Germany, the Russian Federation, the United Kingdom and the United States, with the High Representative of the European Union for Foreign Affairs and Security Policy, and all related implementing materials and agreements, and transmitted by the President to Congress on July 19, 2015, pursuant to section 135(a) of the Atomic Energy Act of 1954, as amended by the Iran Nuclear Agreement Review Act of 2015.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3662 Introduced in House (IH)]
<DOC>
114th CONGRESS
1st Session
H. R. 3662
To enhance congressional oversight over the administration of sanctions
against certain Iranian terrorism financiers, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 1, 2015
Mr. Russell (for himself, Mr. Brat, Mr. Westerman, Mrs. Black, Mr. Hurd
of Texas, Mr. Rouzer, Mr. Meehan, Mr. Yoho, Mr. Graves of Louisiana,
Mrs. Brooks of Indiana, Mr. Graves of Missouri, Mr. Hardy, Mr. Jody B.
Hice of Georgia, Mr. Burgess, Mr. Fitzpatrick, Mr. DesJarlais, Mr.
DeSantis, Mr. Gibbs, Ms. Jenkins of Kansas, Mr. Messer, and Mr.
Loudermilk) 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 enhance congressional oversight over the administration of sanctions
against certain Iranian terrorism financiers, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Iran Terror Finance Transparency
Act''.
SEC. 2. CERTIFICATION REQUIREMENT FOR REMOVAL OF FOREIGN FINANCIAL
INSTITUTIONS, INCLUDING IRANIAN FINANCIAL INSTITUTIONS,
FROM THE LIST OF SPECIALLY DESIGNATED NATIONALS AND
BLOCKED PERSONS.
(a) In General.--On or after July 19, 2015, the President may not
remove a foreign financial institution, including an Iranian financial
institution, described in subsection (b) from the list of specially
designated nationals and blocked persons maintained by the Office of
Foreign Asset Control of the Department of the Treasury unless and
until the President submits to the appropriate congressional committees
a certification described in subsection (c) with respect to the foreign
financial institution.
(b) Covered Institutions.--A foreign financial institution,
including an Iranian financial institution, described in this
subsection is a foreign financial institution listed in Attachment 3 or
Attachment 4 to Annex II of the Joint Comprehensive Plan of Action.
(c) Certification.--The President may remove a foreign financial
institution, including an Iranian financial institution, described in
subsection (b) from the list of specially designated nationals and
blocked persons maintained by the Office of Foreign Asset Control of
the Department of the Treasury if the President submits to the
appropriate congressional committees a certification that the foreign
financial institution--
(1) has not knowingly, directly or indirectly, facilitated
a significant transaction or transactions or provided
significant financial services for or on behalf of--
(A) Iran's Revolutionary Guard Corps or any of its
agents or affiliates whose property or interests in
property are blocked pursuant to the International
Emergency Economic Powers Act (50 U.S.C. 1701 et seq.);
(B) a foreign terrorist organization for or on
behalf of a person whose property or interests in
property have been blocked pursuant to Executive Order
13224 (66 Fed. Reg. 49079; relating to blocking
property and prohibiting transactions with persons who
commit, threaten to commit, or support terrorism); and
(C) a person whose property or interests in
property are blocked pursuant to the International
Emergency Economic Powers Act in connection with Iran's
proliferation of weapons of mass destruction or
delivery systems for weapons of mass destruction, or to
further Iran's development of ballistic missiles and
destabilizing types and amounts of conventional
weapons; and
(2) no longer knowingly engages in illicit or deceptive
financial transactions or other activities.
(d) Form.--A certification described in subsection (c) shall be
submitted in unclassified form, but may contain a classified annex.
(e) Definitions.--In this section:
(1) Foreign financial institution.--The term ``foreign
financial institution'' has the meaning given such term in
section 1010.605 of title 31, Code of Federal Regulations.
(2) Foreign terrorist organization.--The term ``foreign
terrorist organization'' means any organization designated by
the Secretary of State as a foreign terrorist organization in
accordance with section 219(a) of the Immigration and
Nationality Act (8 U.S.C. 1189(a)).
(3) Iranian financial institution.--The term ``Iranian
financial institution'' has the meaning given the term in
section 104A(d)(3) of the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 (22 U.S.C.
8513b(d)(3)).
SEC. 3. CERTIFICATION REQUIREMENT FOR REMOVAL OF CERTAIN FOREIGN
PERSONS FROM THE LIST OF SPECIALLY DESIGNATED NATIONALS
AND BLOCKED PERSONS.
(a) In General.--On or after July 19, 2015, the President may not
remove a foreign person described in subsection (b) from the list of
specially designated nationals and blocked persons maintained by the
Office of Foreign Asset Control of the Department of the Treasury until
the President submits to the appropriate congressional committees a
certification described in subsection (c) with respect to the foreign
person.
(b) Covered Persons and Entities.--A foreign person described in
this subsection is a foreign person listed in Attachment 3 or
Attachment 4 to Annex II of the Joint Comprehensive Plan of Action.
(c) Certification.--The President may remove a foreign person
described in subsection (b) from the list of specially designated
nationals and blocked persons maintained by the Office of Foreign Asset
Control of the Department of the Treasury if the President submits to
the appropriate congressional committees a certification that the
foreign person--
(1) has not knowingly assisted in, sponsored, or provided
financial, material, or technological support for, or financial
or other services to or in support of terrorism or a terrorist
organization; and
(2) has not knowingly engaged in significant activities or
transactions that have materially contributed to the Government
of Iran's proliferation of weapons of mass destruction or their
means of delivery (including missiles capable of delivering
such weapons), including any efforts to manufacture, acquire,
possess, develop, transport, transfer, or use such item.
(d) Form.--A certification described in subsection (c) shall be
submitted in unclassified form, but may contain a classified annex.
(e) Definitions.--In this section:
(1) Foreign person.--The term ``foreign person''--
(A) means--
(i) an individual who is not a United
States person;
(ii) a corporation, partnership, or other
nongovernmental entity which is not a United
States person; or
(iii) any representative, agent or
instrumentality of, or an individual working on
behalf of a foreign government; but
(B) does not include a foreign financial
institution, including an Iranian financial
institution, described in section 2(b).
(2) United states person.--The term ``United States
person'' means--
(A) a United States citizen or an alien lawfully
admitted for permanent residence to the United States;
or
(B) an entity organized under the laws of the
United States or of any jurisdiction within the United
States, including a foreign branch of such an entity.
SEC. 4. CERTIFICATION REQUIREMENT FOR REMOVAL OF DESIGNATION OF IRAN AS
A JURISDICTION OF PRIMARY MONEY LAUNDERING CONCERN.
(a) In General.--The President may not remove the designation of
Iran as a jurisdiction of primary money laundering concern pursuant to
section 5318A of title 31, United States Code, unless the President
submits to the appropriate congressional committees a certification
described in subsection (b) with respect to Iran.
(b) Certification.--The President may remove the designation of
Iran as a jurisdiction of primary money laundering concern if the
President submits to the appropriate congressional committees a
certification that the Government of Iran is no longer engaged in
support for terrorism, pursuit of weapons of mass destruction, and any
illicit and deceptive financial activities.
(c) Form.--The certification described in subsection (b) shall be
submitted in unclassified form, but may contain a classified annex.
(d) Definition.--In this section, the term ``appropriate
congressional committees'' means--
(1) the Committee on Foreign Affairs and the Committee on
Financial Services of the House of Representatives; and
(2) the Committee on Banking, Housing, and Urban Affairs of
the Senate.
SEC. 5. APPLICABILITY OF CONGRESSIONAL REVIEW OF CERTAIN AGENCY
RULEMAKING RELATING TO IRAN.
(a) In General.--Notwithstanding any other provision of law, any
rule to amend or otherwise alter a covered regulatory provision as
defined in subsection (c) that is published on or after the date of the
enactment of this Act shall be deemed to be a rule or major rule (as
the case may be) for purposes of chapter 8 of title 5, United States
Code, and shall be subject to all applicable requirements of chapter 8
of title 5, United States Code.
(b) Quarterly Reports.--Not later than 60 days after the date of
the enactment of this Act, and every 90 days thereafter, the head of
the applicable department or agency of the Federal Government shall
submit to the appropriate congressional committees a report on the
operation of the licensing system under each covered regulatory
provision as defined in subsection (c) for the preceding 2-year period,
including--
(1) the number and types of licenses applied for;
(2) the number and types of licenses approved;
(3) a summary of each license approved;
(4) a summary of transactions conducted pursuant to a
general license;
(5) the average amount of time elapsed from the date of
filing of a license application until the date of its approval;
(6) the extent to which the licensing procedures were
effectively implemented; and
(7) a description of comments received from interested
parties about the extent to which the licensing procedures were
effective, after the applicable department or agency holds a
public 30-day comment period.
(c) Definition.--In this section, the term ``covered regulatory
provision'' means any provision of part 535, 560, 561, or 1060 of title
31, Code of Federal Regulations, as such part was in effect on June 1,
2015.
SEC. 6. PROHIBITIONS AND CONDITIONS WITH RESPECT TO CERTAIN ACCOUNTS
HELD BY FOREIGN FINANCIAL INSTITUTIONS.
Section 104(c)(2)(A)(ii) of the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 (22 U.S.C.
8513(c)(2)(A)(ii)) is amended by adding at the end before the semicolon
the following: ``, including Hezbollah, Hamas, the Palestinian Islamic
Jihad, and any affiliates or successors thereof''.
SEC. 7. DEFINITIONS.
In this Act:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' has the meaning given
the term in section 14(2) of the Iran Sanctions Act of 1996
(Public Law 104-172; 50 U.S.C. 1701 note).
(2) Joint comprehensive plan of action.--The term ``Joint
Comprehensive Plan of Action'' means the Joint Comprehensive
Plan of Action, signed at Vienna July 14, 2015, by Iran and by
the People's Republic of China, France, Germany, the Russian
Federation, the United Kingdom and the United States, with the
High Representative of the European Union for Foreign Affairs
and Security Policy, and all implementing materials and
agreements related to the Joint Comprehensive Plan of Action,
and transmitted by the President to Congress on July 19, 2015,
pursuant to section 135(a) of the Atomic Energy Act of 1954, as
amended by the Iran Nuclear Agreement Review Act of 2015
(Public Law 114-17; 129 Stat. 201).
<all>
Reported by the Committee on Foreign Affairs. H. Rept. 114-393, Part I.
Reported by the Committee on Foreign Affairs. H. Rept. 114-393, Part I.
Committee on Financial Services discharged.
Committee on Financial Services discharged.
Placed on the Union Calendar, Calendar No. 296.
Rules Committee Resolution H. Res. 583 Reported to House. The resolution provides for consideration of H.R. 1644, S.J. Res. 22 and H.R. 3662. The resolution also provides for proceedings during the period from January 14, 2016, through January 22, 2016.
Rule H. Res. 583 passed House.
Considered under the provisions of rule H. Res. 583. (consideration: CR H346-356)
The resolution provides for consideration of H.R. 1644, S.J. Res. 22 and H.R. 3662. The resolution also provides for proceedings during the period from January 14, 2016, through January 22, 2016.
DEBATE - The House proceeded with one hour of debate on H.R. 3662.
The previous question was ordered pursuant to the rule. (consideration: CR H354)
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Passed/agreed to in House: On passage Passed by the Yeas and Nays: 0-0 (Roll no. 44).(text: CR H346-347)
Roll Call #44 (House)On passage Passed by the Yeas and Nays: 0-0 (Roll no. 44). (text: CR H346-347)
Roll Call #44 (House)Motion to reconsider laid on the table. Agreed to without objection.
VACATING PROCEEDINGS ON ROLL CALL 44 - Mr. McCarthy asked unanimous consent that the vote on roll call 44 and the motion to reconsider thereon be vacated and that further proceedings on the question of passage of H.R. 3662 be postponed as though under clause 8 of rule 20 through the legislative day of January 26, 2016. Agreed to without objection. (consideration: CR H356)
Considered as unfinished business. (consideration: CR H482-483)
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 54).
Roll Call #54 (House)Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 54).
Roll Call #54 (House)Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.