S.1001 - Iran Export Embargo Act113th Congress (2013-2014)
|Sponsor:||Sen. Cornyn, John [R-TX] (Introduced 05/21/2013)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||05/21/2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1001 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (05/21/2013)
Iran Export Embargo Act - Amends the Iran Freedom and Counter-Proliferation Act of 2012 to direct the President to prohibit all transactions in property and property interests of a person (as defined in this Act) if such property and property interests are in the United States or within the possession or control of a U.S. individual.
Directs the President to prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that has knowingly conducted or facilitated a significant transaction with respect to the importation, sale, or transfer of goods or services from Iran on behalf of a described person.
Directs the President to impose sanctions pursuant to the International Emergency Economic Powers Act with respect to an individual that knowingly: (1) imports, purchases, or transfers goods or services from a described person; and (2) provides underwriting services or insurance or reinsurance to a described person.
Describes a "person" as: (1) the state and the government of Iran, or any political subdivision, agency, or instrumentality of such government, including the Central Bank of Iran; (2) any person owned or controlled by, or acting for or on behalf of, such government; or (3) any other person determined by the President to be described in clauses (1) or (2).