S.366 - Iran Transparency and Accountability Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Gillibrand, Kirsten E. [D-NY] (Introduced 02/16/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||02/16/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Notes:||For further action, see H.R.1905, which became Public Law 112-158 on 8/10/2012.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.366 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (02/16/2011)
Iran Transparency and Accountability Act of 2011 - Amends the Securities Exchange Act of 1934 to require securities issuers to disclose in their mandatory annual or quarterly reports to the Securities and Exchange Commission (SEC) whether they or their affiliates have: (1) engaged in certain activities relating to Iran, terrorism, and the proliferation of weapons of mass destruction; (2) knowingly engaged in specified activities, or knowingly violated certain regulations prescribed under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010; (3) knowingly conducted any transaction or dealing with a person whose property and interests in property are blocked by certain Executive Orders; or (4) knowingly conducted a transaction or dealing with any person listed in the Iranian Transactions Regulations.
Specifies the contents of mandatory disclosures.
Requires the President to: (1) initiate an investigation into the possible imposition of sanctions when the SEC receives a report that an issuer or its affiliate has engaged in the cited activities; and (2) determine within 180 days of initiating an investigation whether sanctions should be imposed on the issuer or the affiliate concerned.
Directs the SEC to make publicly available the information it has received, and to provide it to the President and to certain congressional committees.
Requires promulgation within 90 days after enactment of this Act of regulations governing financial institutions maintaining accounts for foreign financial institutions.