Preventing Iran's Access to United States Dollars Act of 2016

Summary

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).

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Timeline

1. 19 April 2016

   Introduced

   Introduced in House

   Source: IntroReferral

2. 19 April 2016

   Introduced

   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.

   Source: IntroReferral

3. 19 April 2016

   Introduced

   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.

   Source: IntroReferral

4. 19 April 2016

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 April 2016 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 April 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 April 2016

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 April 2016

  Open at official source

Sponsors

• Peter Roskam · R · Sponsor
• Mike Pompeo · R · Sponsor
• Lee Zeldin · R · Sponsor
• · hsba00 · Standing
• · hsfa00 · Standing

Related records

• related to → Preventing Iran's Access to United States Dollars Act of 2016