United States Financial System Protection Act of 2016

Summary

United States Financial System Protection Act of 2016 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. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 April 2016

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 19 April 2016

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 April 2016

   Introduced

   Introduced in House

   Source: IntroReferral

4. 11 July 2016

   Reported

   Rules 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.

   Source: Floor

5. 14 July 2016

   Introduced

   Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

6. 14 July 2016

   Passed

   Motion to reconsider laid on the table Agreed to without objection.

   Source: Floor

7. 14 July 2016

   Vote

   On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478). (text: CR H4957-4958)

   Source: Floor

8. 14 July 2016

   Vote

   Passed/agreed to in House: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478).(text: CR H4957-4958)

   Source: Floor

9. 14 July 2016

   Floor

   Considered under the provisions of rule H. Res. 819. (consideration: CR H4957-4964)

   Source: Floor

10. 14 July 2016

    Floor

    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.

    Source: Floor

11. 14 July 2016

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H4957)

    Source: Floor

Votes

No vote records are attached yet.

Versions

• Engrossed in House · 14 July 2016 · Download file
• Referred in Senate · 14 July 2016 · Download file
• Introduced in House · 19 April 2016 · Download file

Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 14 July 2016

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• Referred in Senate (PDF)

  Referred in Senate · EN · 14 July 2016

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• Engrossed in House (text)

  Engrossed in House · EN · 14 July 2016

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• Engrossed in House (PDF)

  Engrossed in House · EN · 14 July 2016

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• Passed House without amendment

  summary · EN · 14 July 2016

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• Introduced in House (text)

  Introduced in House · EN · 19 April 2016

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• Introduced in House (PDF)

  Introduced in House · EN · 19 April 2016

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  Vertaal document

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• Introduced in House

  summary · EN · 19 April 2016

  Open at official source

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Sponsors

• Rep. Royce, Edward R. [R-CA-39] · R · Sponsor
• Rep. Ros-Lehtinen, Ileana [R-FL-27] · R · Cosponsor
• Rep. Costello, Ryan A. [R-PA-6] · R · Cosponsor
• Rep. Nunes, Devin [R-CA-22] · R · Cosponsor
• Rep. Frelinghuysen, Rodney P. [R-NJ-11] · R · Cosponsor
• Rep. Aderholt, Robert B. [R-AL-4] · R · Cosponsor
• Rep. Guthrie, Brett [R-KY-2] · R · Cosponsor
• Rep. LoBiondo, Frank A. [R-NJ-2] · R · Cosponsor
• Rep. Brat, Dave [R-VA-7] · R · Cosponsor
• Rep. Hartzler, Vicky [R-MO-4] · R · Cosponsor
• Rep. Fitzpatrick, Michael G. [R-PA-8] · R · Cosponsor
• Rep. Lance, Leonard [R-NJ-7] · R · Cosponsor
• Rep. Sessions, Pete [R-TX-17] · R · Cosponsor
• Rep. Gibson, Christopher P. [R-NY-19] · R · Cosponsor
• Rep. Miller, Candice S. [R-MI-10] · R · Cosponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to ← Providing for consideration of the bill (H.R. 4992) to codify regulations relating to transfers of funds involving Iran, and for other purposes; providing for consideration of the bill (H.R. 5119) to prohibit the obligation or expenditure of funds available to any Federal department or agency for any fiscal year to purchase or issue a license for the purchase of heavy water produced in Iran; and providing for consideration of the bill (H.R. 5631) to hold Iran accountable for its state sponsorship of terrorism and other threatening activities and for its human rights abuses, and for other purposes.
• related to ← Keeping Aircraft Away from Terrorists Act of 2016