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 fol-
lowing 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 con-
cerned 
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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Preventing Iran’s Ac-
cess to United States Dollars Act of 2016’’. 
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SEC. 2. PROHIBITION ON FACILITATION OF CERTAIN 
TRANSACTIONS INVOLVING THE GOVERN-
MENT OF IRAN OR IRANIAN PERSONS. 
(a) IN GENERAL.—The President shall not issue any 
license under the International Emergency Economic Pow-
ers 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 Gov-
ernment of Iran or an Iranian person; or 
(2) to provide United States dollars for any off-
shore United States dollar clearing system conducted 
or overseen by a foreign government or a foreign fi-
nancial institution for transactions involving the 
Government of Iran or an Iranian person. 
(b) DEFINITIONS.—In this section: 
(1) ENTITY.—The term ‘‘entity’’ means a cor-
poration, business association, partnership, trust, so-
ciety, 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 Com-
prehensive Iran Sanctions, Accountability, and Di-
vestment Act of 2010 (22 U.S.C. 8513(i)). 
(3) PERSON.—The term ‘‘person’’ means an in-
dividual or entity. 
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SEC. 3. REPORTS ON, AND AUTHORIZATION OF IMPOSITION 
OF SANCTIONS WITH RESPECT TO, OFF-
SHORE UNITED STATES DOLLAR CLEARING 
FOR TRANSACTIONS INVOLVING THE GOV-
ERNMENT 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 appro-
priate 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 de-
scribed in clause (i) through a system de-
scribed 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 sub-
paragraph. 
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(2) FORM OF REPORT.—Each report submitted 
under paragraph (1) shall be submitted in unclassi-
fied form but may contain a classified annex. 
(b) IMPOSITION OF SANCTIONS.— 
(1) IN GENERAL.—The President shall, in ac-
cordance with the International Emergency Eco-
nomic Powers Act (50 U.S.C. 1701 et seq.), block 
and prohibit all transactions in all property and in-
terests in property of any financial institution speci-
fied in the most recent list submitted under sub-
section (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 Inter-
national Emergency Economic Powers Act (50 
U.S.C. 1701 et seq.) with respect to a financial in-
stitution that is subject to sanctions under para-
graph (1). 
(c) APPROPRIATE CONGRESSIONAL COMMITTEES DE-
FINED.—In this section, the term ‘‘appropriate congres-
sional 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). 
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SEC. 4. CLARIFICATION THAT FREEZING OF ASSETS OF 
IRANIAN 
FINANCIAL 
INSTITUTIONS 
IN-
CLUDES ASSETS IN POSSESSION OR CON-
TROL OF A UNITED STATES PERSON PURSU-
ANT TO A U-TURN TRANSACTION. 
Section 1245(c) of the National Defense Authoriza-
tion 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
TRANS-
ACTIONS.— 
‘‘(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 inci-
dent and necessary to give effect to, an under-
lying 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 be-
tween accounts of the same financial institution 
shall be considered property or interests in 
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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.’’. 
Æ 
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