I 

114TH CONGRESS 

2D SESSION H. R. 4995 

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 HOUSE OF REPRESENTATIVES 

APRIL 19, 2016 

Mr. ROSKAM (for himself, Mr. POMPEO, and Mr. ZELDIN) introduced the following bill; which was 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 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Preventing Iran’s Ac5 cess to United States Dollars Act of 2016’’. 


sradovich on DSK3TPTVN1PROD with BILLS
2 

•HR 4995 IH

1 SEC. 2. PROHIBITION ON FACILITATION OF CERTAIN 

2 TRANSACTIONS INVOLVING THE GOVERN3 MENT OF IRAN OR IRANIAN PERSONS. 

4 (a) IN GENERAL.—The President shall not issue any 

5 license under the International Emergency Economic Pow6 ers Act (50 U.S.C. 1701 et seq.) that permits a person— 

7 (1) to conduct an offshore United States dollar 

8 clearing system for transactions involving the Gov9 ernment of Iran or an Iranian person; or 

10 (2) to provide United States dollars for any off11 shore United States dollar clearing system conducted 

12 or overseen by a foreign government or a foreign fi13 nancial institution for transactions involving the 

14 Government of Iran or an Iranian person. 

15 (b) DEFINITIONS.—In this section: 

16 (1) ENTITY.—The term ‘‘entity’’ means a cor17 poration, business association, partnership, trust, so18 ciety, or any other entity. 

19 (2) FOREIGN FINANCIAL INSTITUTION.—The 

20 term ‘‘foreign financial institution’’ has the meaning 

21 of that term as determined by the Secretary of the 

22 Treasury pursuant to section 104(i) of the Com23 prehensive Iran Sanctions, Accountability, and Di24 vestment Act of 2010 (22 U.S.C. 8513(i)). 

25 (3) PERSON.—The term ‘‘person’’ means an in26 dividual or entity. 


sradovich on DSK3TPTVN1PROD with BILLS
3 

•HR 4995 IH

1 SEC. 3. REPORTS ON, AND AUTHORIZATION OF IMPOSITION 

2 OF SANCTIONS WITH RESPECT TO, OFF3 SHORE UNITED STATES DOLLAR CLEARING 

4 FOR TRANSACTIONS INVOLVING THE GOV5 ERNMENT OF IRAN OR IRANIAN PERSONS. 

6 (a) REPORTS REQUIRED.— 

7 (1) IN GENERAL.—Not later than 60 days after 

8 the date of the enactment of this Act, and not less 

9 frequently than once every 90 days thereafter, the 

10 Secretary of the Treasury shall submit to the appro11 priate congressional committees and publish in the 

12 Federal Register a report that contains— 

13 (A) a list of any financial institutions that 

14 the Secretary has identified as— 

15 (i) operating an offshore United 

16 States dollar clearing system that conducts 

17 transactions involving the Government of 

18 Iran or an Iranian person; or 

19 (ii) participating in a transaction de20 scribed in clause (i) through a system de21 scribed in that clause; and 

22 (B) a detailed assessment of the status of 

23 efforts by the Secretary to prevent the conduct 

24 of transactions described in subparagraph 

25 (A)(i) through systems described in that sub26 paragraph. 


sradovich on DSK3TPTVN1PROD with BILLS
4 

•HR 4995 IH

1 (2) FORM OF REPORT.—Each report submitted 

2 under paragraph (1) shall be submitted in unclassi3 fied form but may contain a classified annex. 

4 (b) IMPOSITION OF SANCTIONS.— 

5 (1) IN GENERAL.—The President shall, in ac6 cordance with the International Emergency Eco7 nomic Powers Act (50 U.S.C. 1701 et seq.), block 

8 and prohibit all transactions in all property and in9 terests in property of any financial institution speci10 fied in the most recent list submitted under sub11 section (a)(1)(A) if such property and interests in 

12 property are in the United States, come within the 

13 United States, or are or come within the possession 

14 or control of a United States person. 

15 (2) ADDITIONAL SANCTIONS.—The President 

16 may impose additional sanctions under the Inter17 national Emergency Economic Powers Act (50 

18 U.S.C. 1701 et seq.) with respect to a financial in19 stitution that is subject to sanctions under para20 graph (1). 

21 (c) APPROPRIATE CONGRESSIONAL COMMITTEES DE22 FINED.—In this section, the term ‘‘appropriate congres23 sional committees’’ has the meaning given that term in 

24 section 14 of the Iran Sanctions Act of 1996 (Public Law 

25 104–172; 50 U.S.C. 1701 note). 


sradovich on DSK3TPTVN1PROD with BILLS
5 

•HR 4995 IH

1 SEC. 4. CLARIFICATION THAT FREEZING OF ASSETS OF 

2 IRANIAN FINANCIAL INSTITUTIONS IN3 CLUDES ASSETS IN POSSESSION OR CON4 TROL OF A UNITED STATES PERSON PURSU5 ANT TO A U-TURN TRANSACTION. 

6 Section 1245(c) of the National Defense Authoriza7 tion Act for Fiscal Year 2012 (22 U.S.C. 8513a) is 

8 amended— 

9 (1) by striking ‘‘The President’’ and inserting 

10 ‘‘(1) IN GENERAL.—The President’’; and 

11 (2) by adding at the end the following: 

12 ‘‘(2) TREATMENT OF CERTAIN TRANS13 ACTIONS.— 

14 ‘‘(A) U-TURN TRANSACTIONS.—Property 

15 that comes within the possession or control of 

16 a United States person pursuant to a transfer 

17 of funds that arises from, and is ordinarily inci18 dent and necessary to give effect to, an under19 lying transaction shall be considered to come 

20 within the possession or control of that person 

21 for purposes of paragraph (1). 

22 ‘‘(B) BOOK TRANSFERS.—A transfer of 

23 funds or other property for the benefit of an 

24 Iranian financial institution that is made be25 tween accounts of the same financial institution 

26 shall be considered property or interests in 


sradovich on DSK3TPTVN1PROD with BILLS
6 

•HR 4995 IH

1 property of that Iranian financial institution for 

2 purposes of paragraph (1) even if that Iranian 

3 financial institution is not the direct recipient 

4 of the transfer.’’. 

Æ 


sradovich on DSK3TPTVN1PROD with BILLS