No U.S. Financing for Iran Act of 2023

No U.S. Financing for Iran Act of 2023

This bill prohibits certain actions related to exports, imports, and financing with respect to Iran.

Specifically, the bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions in connection with the importation from or exportation to Iran of goods, services, or technology. This prohibition does not apply to the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran.

The bill requires Treasury to instruct U.S. representatives to the International Monetary Fund (IMF) to (1) oppose IMF financial assistance, and the allocation of Special Drawing Rights (SDR), to Iran; and (2) seek to ensure that IMF member countries prohibit the exchange of SDR held by Iran. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)

Further, the bill provides statutory authority for the prohibition on Export-Import Bank financing with respect to Iran.

The bill's provisions shall be in effect until the earlier of (1) 30 days after the President certifies to Congress that Iran has ceased providing support for acts of international terrorism and is not a jurisdiction of primary money laundering concern, or (2) 10 years after this bill's enactment.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5921 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5921

  To prohibit the Secretary of the Treasury from authorizing certain 
  transactions by a United States financial institution in connection 
 with Iran, to prevent the International Monetary Fund from providing 
 financial assistance to Iran, to codify prohibitions on Export-Import 
   Bank financing for the Government of Iran, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 11, 2023

Mr. Huizenga (for himself, Mrs. Wagner, Mr. Meuser, Mr. Posey, Mr. Nunn 
of Iowa, Mr. Loudermilk, Mr. Williams of Texas, Mr. Reschenthaler, Mr. 
   McCormick, Ms. Salazar, Mr. Feenstra, Mr. Luetkemeyer, Mr. Scott 
Franklin of Florida, Mr. Smith of New Jersey, Mr. James, Mr. Self, Mr. 
   Rutherford, Mr. Barr, and Mr. Ogles) introduced the following bill

                            October 25, 2023

            Referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To prohibit the Secretary of the Treasury from authorizing certain 
  transactions by a United States financial institution in connection 
 with Iran, to prevent the International Monetary Fund from providing 
 financial assistance to Iran, to codify prohibitions on Export-Import 
   Bank financing for 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 ``No U.S. Financing for Iran Act of 
2023''.

SEC. 2. PROHIBITION ON AUTHORIZATIONS FOR UNITED STATES FINANCIAL 
              INSTITUTIONS.

    The Secretary of the Treasury may not authorize a transaction by a 
U.S. financial institution (as defined in section 561.309 of title 31, 
Code of Federal Regulations) in connection with the importation from or 
exportation to the Islamic Republic of Iran of any goods, services, or 
technology, other than the sale of agricultural commodities, food, 
medicine, or medical devices benefitting the civilian population of 
Iran.

SEC. 3. OPPOSITION TO INTERNATIONAL MONETARY FUND ASSISTANCE.

    The Secretary of the Treasury shall instruct the United States 
Executive Director at the International Monetary Fund to--
            (1) oppose the provision of financial assistance by the 
        Fund to the Islamic Republic of Iran, and the allocation to the 
        Government of Iran of Special Drawing Rights; and
            (2) seek to ensure that member countries of the Fund 
        prohibit the exchange of Special Drawing Rights held by the 
        Government of Iran.

SEC. 4. CODIFICATION OF EXPORT-IMPORT BANK PROHIBITION WITH RESPECT TO 
              IRAN.

    Section 2(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)) is amended by adding at the end the following:
            ``(14) Prohibition on financing for iran.--The Bank may not 
        guarantee, insure, or extend (or participate in an extension 
        of) credit in connection with any transaction, with respect to 
        which credit assistance from the Bank is first sought after the 
        effective date of this paragraph, for which a lender or obligor 
        is the Government of Iran or an entity owned or controlled by 
        the Government of Iran.''.

SEC. 5. SUNSET.

    This Act and the amendment made by this Act are hereby repealed 
effective on the earliest of--
            (1) the date that is 30 days after the date the President 
        of the United States certifies to the Congress that the 
        Government of Iran--
                    (A) has ceased providing support for acts of 
                international terrorism; and
                    (B) is not a jurisdiction of primary money 
                laundering concern, as described under section 5318A of 
                title 31, United States Code; or
            (2) 10 years after the date of the enactment of this Act.
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