SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) In an April 2016 forum at the Council on 
Foreign Relations, then-Secretary of the Treasury 
Jacob Lew stated that, under the Joint Comprehen-
sive Plan of Action (JCPOA), the United States 
committed to lifting its nuclear sanctions, ‘‘but the 
U.S. financial system is not open to Iran, and that 
is not something that is going to change’’. 
(2) In September 2016, however, the Depart-
ment of the Treasury’s Office of Foreign Assets 
Control (OFAC) issued licenses authorizing United 
States financial institutions ‘‘to engage in all trans-
actions necessary to provide financing or other fi-
nancial services’’ in order to effectuate the sale of 
aircraft to flagship state-owned carrier Iran Air. The 
Department had sanctioned Iran Air in 2011 for its 
use of commercial passenger aircraft to transport 
rockets, missiles, and other military cargo on behalf 
of the Islamic Revolutionary Guard Corps (IRGC) 
and Iran’s Ministry of Defense and Armed Forces 
Logistics, both of which had been sanctioned under 
Executive Order No. 13382 for weapons prolifera-
tion-related activities. In October 2017, the IRGC 
went on to be designated under Executive Order No. 
13224 for its support of the IRGC–Qods Force, 
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which has provided support to terrorist groups such 
as Hizballah, Hamas, and the Taliban. Iran Air had 
also delivered missile or rocket components to the 
Assad government in Syria, which like Iran is classi-
fied as a state sponsor of terrorism. 
(3) Iran remains classified by the Department 
of the Treasury as a jurisdiction of primary money 
laundering concern. In 2019, the Financial Crimes 
Enforcement Network (FinCEN) issued a final rule 
‘‘to prohibit the opening or maintaining of cor-
respondent accounts in the United States for, or on 
behalf of, Iranian financial institutions, and the use 
of foreign financial institutions’ correspondent ac-
counts at covered U.S. financial institutions to proc-
ess transactions involving Iranian financial institu-
tions’’. This measure, according to FinCEN, was re-
lated to important United States policy goals, 
‘‘namely to deny the Iranian regime resources to 
support terrorism, develop nuclear weapons and/or 
the proliferation of weapons of mass destruction, ad-
vance its ballistic missile program, oppress the Ira-
nian people, and fuel conflicts in Syria, Afghanistan, 
Yemen and elsewhere’’. At the time this measure 
was imposed, FinCEN stated that it ‘‘will further 
protect the U.S. financial system from Iran by en-
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suring that U.S. financial institutions are not ex-
posed to Iran’s ongoing illicit finance activities, in-
cluding its support for international terrorism’’. 
(4) In February 2020, the Financial Action 
Task Force (FATF) determined that Iran had not 
completed its action plan to address strategic defi-
ciencies in countering money laundering, terrorist fi-
nancing, and weapons proliferation. The FATF 
therefore returned Iran to its ‘‘black list’’ and re-
newed its call for countries to apply countermeasures 
against Iran in order to protect the international fi-
nancial system. 
SEC. 3. PROHIBITION ON AUTHORIZATIONS FOR UNITED 
STATES FINANCIAL INSTITUTIONS. 
The Secretary of the Treasury may not authorize a 
transaction by a U.S. financial institution (as defined 
under section 561.309 of title 31, Code of Federal Regula-
tions) in connection with the importation from or expor-
tation to the Islamic Republic of Iran of any goods, serv-
ices, or technology, other than the sale of agricultural 
commodities, food, medicine, or medical devices benefit-
ting the civilian population of Iran. 
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SEC. 4. OPPOSITION TO INTERNATIONAL MONETARY FUND 
ASSISTANCE. 
The Secretary of the Treasury shall instruct the 
United States Executive Director at the International 
Monetary Fund to— 
(1) oppose the provision of financial assistance 
by the Fund to the Islamic Republic of Iran, and the 
allocation to the Government of Iran of Special 
Drawing Rights; and 
(2) seek to ensure that member countries of the 
Fund prohibit the exchange of Special Drawing 
Rights held by the Government of Iran. 
SEC. 5. CODIFICATION OF EXPORT-IMPORT BANK PROHIBI-
TION WITH RESPECT TO IRAN. 
Section 2(b) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635(b)) is amended by adding at the end the 
following: 
‘‘(14) PROHIBITION ON FINANCING FOR IRAN.—The 
Bank may not guarantee, insure, or extend (or participate 
in an extension of) credit in connection with any trans-
action, with respect to which credit assistance from the 
Bank is first sought after the effective date of this para-
graph, for which a lender or obligor is the Government 
of Iran or an entity owned or controlled by the Govern-
ment of Iran.’’. 
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SEC. 6. SUNSET. 
This Act and the amendment made by this Act are 
hereby repealed effective on the earliest of— 
(1) the date that is 30 days after the date the 
President of the United States certifies to the Con-
gress that the Government of Iran— 
(A) has ceased providing support for acts 
of international terrorism; and 
(B) is not a jurisdiction of primary money 
laundering concern, as described under section 
5318A of title 31, United States Code; 
(2) the date that is 30 days after the date that 
the Secretary of the Treasury reports to the Con-
gress that terminating the provisions of this Act is 
necessary to permit the United States to comply 
with a treaty ratified by the United States; or 
(3) 10 years after the date of the enactment of 
this Act. 
Æ 
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