H.R.5711 - No U.S. Financing for Iran Act114th Congress (2015-2016)
|Sponsor:||Rep. Huizenga, Bill [R-MI-2] (Introduced 07/11/2016)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 114-810|
|Latest Action:||11/28/2016 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.5711 — 114th Congress (2015-2016)All Bill Information (Except Text)
Passed House amended (11/17/2016)
No U.S. Financing for Iran Act
TITLE I--IRAN FINANCING PROHIBITION
(Sec. 101) This bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions in connection with the export or re-export of commercial passenger aircraft to the Islamic Republic of Iran.
(Sec. 102) Any transaction authorized by Treasury before enactment of this bill is revoked.
TITLE II--NO EX-IM ASSISTANCE FOR TERRORISM
No Ex-Im Assistance for Terrorism Act
(Sec. 202) This bill amends the Export-Import Bank Act of 1945 to prohibit the Export-Import Bank from guaranteeing, insuring, extending credit, or participating in the extension of credit in connection with the export of U.S. goods or services sought by:
- the Government of Iran, an entity owned or controlled by it, an entity created under Iranian law, or a foreign subsidiary of such an entity;
- an entity involving the Government of Iran, owned or controlled by the Government of Iran, created under Iranian law, or a foreign subsidiary of such an entity; or
- a non-U.S. entity that, in the last five-years, has leased or sold aircraft to the Government of Iran, or a subsidiary or controlling parent of such a non-U.S. entity.
The Bank must cancel approved financing if it finds that such financing has facilitated the export, sale, or lease of an aircraft to the Government of Iran or a related entity and must seek immediate recovery of any amount it has provided in connection with the transaction.
(Sec. 301) This bill shall cease to be effective 30 days after the President certifies to Congress that the Government of Iran has ceased support for acts of international terrorism.