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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Passed House

United States Financial System Protection Act of 2016

Short Titles as Introduced

United States Financial System Protection Act of 2016

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To codify regulations relating to transfers of funds involving Iran, and for other purposes.


Actions Overview (2)

Date
07/14/2016Passed/agreed to in House: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478).(text: CR H4957-4958)
04/19/2016Introduced in House

All Actions (12)

Date Chamber
07/14/2016SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
07/14/2016-1:57pmHouseMotion to reconsider laid on the table Agreed to without objection.
07/14/2016-1:57pmHouseOn passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478). (text: CR H4957-4958)
07/14/2016-1:50pmHouseConsidered as unfinished business. (consideration: CR H4973)
07/14/2016-12:31pmHousePOSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4992, the Chair put the question on passage of the bill and by voice vote announced that the ayes had prevailed. Mr. Royce demanded the yeas and nays, and the Chair postponed further proceedings on passage of the bill until later in the legislative day.
07/14/2016-12:31pmHouseThe previous question was ordered pursuant to the rule. (consideration: CR H4957)
07/14/2016-11:31amHouseDEBATE - The House proceeded with one hour of debate on H.R. 4992.
07/14/2016-11:31amHouseRule provides for consideration of H.R. 4992, H.R. 5119 and H.R. 5631 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.
07/14/2016-11:31amHouseConsidered under the provisions of rule H. Res. 819. (consideration: CR H4957-4964)
07/11/2016-10:03pmHouseRules Committee Resolution H. Res. 819 Reported to House. Rule provides for consideration of H.R. 4992, H.R. 5119 and H.R. 5631 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.
04/19/2016HouseReferred to the House Committee on Financial Services.
04/19/2016HouseIntroduced in House

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services04/19/2016 Referred to
Senate Banking, Housing, and Urban Affairs07/14/2016 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Latest Summary (2)

There are 2 summaries for H.R.4992. View summaries

Shown Here:
Passed House without amendment (07/14/2016)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

United States Financial System Protection Act of 2016

(Sec. 3) This bill applies to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the government of Iran, for a specified period only, the existing authorization for U.S. depository institutions and registered brokers or dealers in securities to process such a funds transfer if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license and does not involve debiting or crediting an Iranian account.

The period of application shall be from on or after January 1, 2016, until the President certifies to the appropriate congressional committees that the government of Iran has ceased:

  • supporting acts of international terrorism; and
  • developing nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology (and has dismantled existing ones).

The requirements of this bill shall also apply to foreign financial institutions and registered brokers or dealers in securities if the funds to be transferred are denominated in U.S. dollars.

The President may not, except for certain humanitarian purposes, issue any license under the International Emergency Economic Powers Act or take other action that permits a domestic or foreign depository institution or registered broker or dealer in securities to conduct an offshore U.S. dollar clearing system, or supply U.S. dollars for any such system conducted or overseen by a foreign government or financial institution, for transactions (including funds transfers) involving or for the benefit of the government of Iran or an Iranian person.

(Sec. 4) The President may not rescind a preliminary draft rule or final rule authorizing designation of Iran as a jurisdiction of primary money laundering concern without first certifying to Congress 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.