Block Iranian Access to U.S. Banks Act of 2020

To prohibit the Secretary of the Treasury from authorizing financial services by United States financial institutions to the Government of Iran, and for other purposes. 1. Short title This Act may be cited as the Block Iranian Access to U.S. Banks Act of 2020 2. Findings The Congress finds the following: (1) In 2019, the Department of the Treasury concluded that Iran is a jurisdiction of primary money laundering concern and imposed restrictions on correspondent accounts in the United States involving Iranian financial institutions. (2) In June 2019, the Financial Action Task Force ( FATF (3) According to the State Department’s Country Reports on Terrorism Iran is the world’s foremost state sponsor of terrorism. 3. Sense of Congress It is the sense of the Congress that the deposits of United States citizens held in United States financial institutions should not be used to finance the Government of Iran. 4. Prohibition on Iranian access to United States financial institutions (a) Prohibitions (1) In general The Secretary of the Treasury may not issue a license authorizing a United States financial institution to provide financial services, directly or indirectly, to the Government of Iran. (2) Definitions In this subsection: (A) United States financial institution The term United States financial institution U.S. financial institution (B) Government of Iran The term Government of Iran (b) Waiver (1) In general The President may waive the requirements of subsection (a) with respect to a license authorizing financial services after issuing a report reporting to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate stating that— (A) the financial services are required solely for the provision of medicines, medical equipment, agricultural commodities, or humanitarian assistance benefitting the people of Iran; or (B) the financial services are not provided in connection with a foreign person that engages in sanctionable activities. (2) Report Not later than 30 days after a report is submitted by the President under paragraph (1) with respect to a license, the Secretary of the Treasury shall transmit a copy of the license issued pursuant to the waiver to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (c) Sunset The provisions of this Act shall cease to have any force or effect on the earlier of— (1) the date that is 5 years after the date of enactment of this Act; or (2) the date that is 30 days after the Secretary of the Treasury reports in writing to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, and makes such report publicly available, that–— (A) Iran is not a jurisdiction of primary money laundering concern; (B) Iran has ceased providing support for acts of international terrorism; or (C) terminating the provisions of this Act is necessary to permit the United States to comply with a treaty ratified by the United States.

Summary: Block Iranian Access to U.S. Banks Act of 2020 This bill temporarily prohibits the Department of the Treasury from authorizing a U.S. financial institution to provide financial services, directly or indirectly, to Iran. The President may waive this prohibition after issuing a report that such financial services are (1) required solely for the provision of medicines, medical equipment, agricultural commodities or humanitarian assistance benefitting the people of Iran; or (2) not provided in connection with a foreign person that engages in sanctionable activities.