H.R.4995 - Preventing Iran's Access to United States Dollars Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Roskam, Peter J. [R-IL-6] (Introduced 04/19/2016)|
|Committees:||House - Foreign Affairs; Financial Services|
|Latest Action:||House - 04/19/2016 Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
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Summary: H.R.4995 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (04/19/2016)
Preventing Iran's Access to United States Dollars Act of 2016
This bill prohibits the President from issuing a license that permits a person to:
- conduct an offshore U.S. dollar clearing system for transactions involving the government of Iran or an Iranian person, or
- provide U.S. dollars for any offshore U.S. dollar clearing system conducted by a foreign government or a foreign financial institution for transactions involving the government of Iran or an Iranian person.
The Department of the Treasury shall report to Congress:
- a list of financial institutions operating or participating in an offshore U.S. dollar clearing system that conducts transactions involving the government of Iran or an Iranian person, and
- an assessment of Treasury efforts to prevent such transactions.
The President shall block and prohibit all transactions in property and property interests of any listed institution if the property and interests: (1) are in the United States, (2) come within the United States, or (3) are or come within the possession or control of a U.S. person. The President may impose additional sanctions pursuant to the International Emergency Economic Powers Act.
The National Defense Authorization Act for Fiscal Year 2012 is amended to subject to sanctions: (1) u-turn transactions (fund transfers from a foreign bank that pass through a U.S. financial institution and are then transferred to a second foreign bank), and (2) book transfers (fund transfers for the benefit of an Iranian financial institution made between accounts of the same financial institution).