Block Iranian Access to U.S. Banks Act of 2020
This bill temporarily prohibits the Department of the Treasury from authorizing a U.S. financial institution to provide financial services, directly or indirectly, to Iran.
The President may waive this prohibition after issuing a report that such financial services are (1) required solely for the provision of medicines, medical equipment, agricultural commodities or humanitarian assistance benefitting the people of Iran; or (2) not provided in connection with a foreign person that engages in sanctionable activities.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6243 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6243
To prohibit the Secretary of the Treasury from authorizing financial
services by United States financial institutions to the Government of
Iran, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 12, 2020
Mr. Huizenga introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To prohibit the Secretary of the Treasury from authorizing financial
services by United States financial institutions to the Government of
Iran, 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 ``Block Iranian Access to U.S. Banks
Act of 2020''.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) In 2019, the Department of the Treasury concluded that
Iran is a jurisdiction of primary money laundering concern and
imposed restrictions on correspondent accounts in the United
States involving Iranian financial institutions.
(2) In June 2019, the Financial Action Task Force
(``FATF'') urged all jurisdictions to require increased
supervisory examination for branches and subsidiaries of
financial institutions based in Iran. The FATF later called
upon its members to introduce enhanced relevant reporting
mechanisms or systematic reporting of financial transactions,
and require increased external audit requirements, for
financial groups with respect to any of their branches and
subsidiaries located in Iran.
(3) According to the State Department's ``Country Reports
on Terrorism'' in 2018, ``Iran is the world's foremost state
sponsor of terrorism.'' The regime has spent nearly one billion
dollars per year to support terrorist groups that serve as its
proxies and expand its malign influence across the globe.
Tehran has funded international terrorist groups such as
Hizballah, Hamas, and Palestinian Islamic Jihad.
SEC. 3. SENSE OF CONGRESS.
It is the sense of the Congress that the deposits of United States
citizens held in United States financial institutions should not be
used to finance the Government of Iran.
SEC. 4. PROHIBITION ON IRANIAN ACCESS TO UNITED STATES FINANCIAL
INSTITUTIONS.
(a) Prohibitions.--
(1) In general.--The Secretary of the Treasury may not
issue a license authorizing a United States financial
institution to provide financial services, directly or
indirectly, to the Government of Iran.
(2) Definitions.--In this subsection:
(A) United states financial institution.--The term
``United States financial institution'' has the meaning
given the term ``U.S. financial institution'' under
section 561.309 of title 31, Code of Federal
Regulations.
(B) Government of iran.--The term ``Government of
Iran'' has the meaning given that term under section
560.304 of title 31, Code of Federal Regulations.
(b) Waiver.--
(1) In general.--The President may waive the requirements
of subsection (a) with respect to a license authorizing
financial services after issuing a report reporting to the
Committee on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban Affairs of the
Senate stating that--
(A) the financial services are required solely for
the provision of medicines, medical equipment,
agricultural commodities, or humanitarian assistance
benefitting the people of Iran; or
(B) the financial services are not provided in
connection with a foreign person that engages in
sanctionable activities.
(2) Report.--Not later than 30 days after a report is
submitted by the President under paragraph (1) with respect to
a license, the Secretary of the Treasury shall transmit a copy
of the license issued pursuant to the waiver to the Committee
on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate.
(c) Sunset.--The provisions of this Act shall cease to have any
force or effect on the earlier of--
(1) the date that is 5 years after the date of enactment of
this Act; or
(2) the date that is 30 days after the Secretary of the
Treasury reports in writing to the Committee on Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate, and makes
such report publicly available, that---
(A) Iran is not a jurisdiction of primary money
laundering concern;
(B) Iran has ceased providing support for acts of
international terrorism; or
(C) terminating the provisions of this Act is
necessary to permit the United States to comply with a
treaty ratified by the United States.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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