[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2752 Introduced in Senate (IS)]
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114th CONGRESS
2d Session
S. 2752
To prohibit the facilitation of certain financial transactions
involving the Government of Iran or Iranian persons and to impose
sanctions with respect to the facilitation of those transactions, and
for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 6, 2016
Mr. Rubio (for himself and Mr. Kirk) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To prohibit the facilitation of certain financial transactions
involving the Government of Iran or Iranian persons and to impose
sanctions with respect to the facilitation of those transactions, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Preventing Iran's Access to United
States Dollars Act of 2016''.
SEC. 2. PROHIBITION ON FACILITATION OF CERTAIN TRANSACTIONS INVOLVING
THE GOVERNMENT OF IRAN OR IRANIAN PERSONS.
(a) In General.--The President shall not issue any license under
the International Emergency Economic Powers Act (50 U.S.C. 1701 et
seq.) that permits a person--
(1) to conduct an offshore United States dollar clearing
system for transactions involving the Government of Iran or an
Iranian person; or
(2) to provide United States dollars for any offshore
United States dollar clearing system conducted or overseen by a
foreign government or a foreign financial institution for
transactions involving the Government of Iran or an Iranian
person.
(b) Definitions.--In this section:
(1) Entity.--The term ``entity'' means a corporation,
business association, partnership, trust, society, or any other
entity.
(2) Foreign financial institution.--The term ``foreign
financial institution'' has the meaning of that term as
determined by the Secretary of the Treasury pursuant to section
104(i) of the Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010 (22 U.S.C. 8513(i)).
(3) Person.--The term ``person'' means an individual or
entity.
SEC. 3. REPORTS ON, AND AUTHORIZATION OF IMPOSITION OF SANCTIONS WITH
RESPECT TO, OFFSHORE UNITED STATES DOLLAR CLEARING FOR
TRANSACTIONS INVOLVING THE GOVERNMENT OF IRAN OR IRANIAN
PERSONS.
(a) Reports Required.--
(1) In general.--Not later than 60 days after the date of
the enactment of this Act, and not less frequently than once
every 90 days thereafter, the Secretary of the Treasury shall
submit to the appropriate congressional committees and publish
in the Federal Register a report that contains--
(A) a list of any financial institutions that the
Secretary has identified as--
(i) operating an offshore United States
dollar clearing system that conducts
transactions involving the Government of Iran
or an Iranian person; or
(ii) participating in a transaction
described in clause (i) through a system
described in that clause; and
(B) a detailed assessment of the status of efforts
by the Secretary to prevent the conduct of transactions
described in subparagraph (A)(i) through systems
described in that subparagraph.
(2) Form of report.--Each report submitted under paragraph
(1) shall be submitted in unclassified form but may contain a
classified annex.
(b) Imposition of Sanctions.--
(1) In general.--The President shall, in accordance with
the International Emergency Economic Powers Act (50 U.S.C. 1701
et seq.), block and prohibit all transactions in all property
and interests in property of any financial institution
specified in the most recent list submitted under subsection
(a)(1)(A) if such property and interests in property are in the
United States, come within the United States, or are or come
within the possession or control of a United States person.
(2) Additional sanctions.--The President may impose
additional sanctions under the International Emergency Economic
Powers Act (50 U.S.C. 1701 et seq.) with respect to a financial
institution that is subject to sanctions under paragraph (1).
(c) Appropriate Congressional Committees Defined.--In this section,
the term ``appropriate congressional committees'' has the meaning given
that term in section 14 of the Iran Sanctions Act of 1996 (Public Law
104-172; 50 U.S.C. 1701 note).
SEC. 4. CLARIFICATION THAT FREEZING OF ASSETS OF IRANIAN FINANCIAL
INSTITUTIONS INCLUDES ASSETS IN POSSESSION OR CONTROL OF
A UNITED STATES PERSON PURSUANT TO A U-TURN TRANSACTION.
Section 1245(c) of the National Defense Authorization Act for
Fiscal Year 2012 (22 U.S.C. 8513a) is amended--
(1) by striking ``The President'' and inserting ``(1) In
general.--The President''; and
(2) by adding at the end the following:
``(2) Treatment of certain transactions.--
``(A) U-turn transactions.--Property that comes
within the possession or control of a United States
person pursuant to a transfer of funds that arises
from, and is ordinarily incident and necessary to give
effect to, an underlying transaction shall be
considered to come within the possession or control of
that person for purposes of paragraph (1).
``(B) Book transfers.--A transfer of funds or other
property for the benefit of an Iranian financial
institution that is made between accounts of the same
financial institution shall be considered property or
interests in property of that Iranian financial
institution for purposes of paragraph (1) even if that
Iranian financial institution is not the direct
recipient of the transfer.''.
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