Title: Block Iranian Access to U.S. Banks Act of 2020
Policy area: International Affairs

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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6243 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6243

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2020

 Mr. Huizenga introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 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.

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

SEC. 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'') urged all jurisdictions to require increased 
        supervisory examination for branches and subsidiaries of 
        financial institutions based in Iran. The FATF later called 
        upon its members to introduce enhanced relevant reporting 
        mechanisms or systematic reporting of financial transactions, 
        and require increased external audit requirements, for 
        financial groups with respect to any of their branches and 
        subsidiaries located in Iran.
            (3) According to the State Department's ``Country Reports 
        on Terrorism'' in 2018, ``Iran is the world's foremost state 
        sponsor of terrorism.'' The regime has spent nearly one billion 
        dollars per year to support terrorist groups that serve as its 
        proxies and expand its malign influence across the globe. 
        Tehran has funded international terrorist groups such as 
        Hizballah, Hamas, and Palestinian Islamic Jihad.

SEC. 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.

SEC. 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'' has the meaning 
                given the term ``U.S. financial institution'' under 
                section 561.309 of title 31, Code of Federal 
                Regulations.
                    (B) Government of iran.--The term ``Government of 
                Iran'' has the meaning given that term under section 
                560.304 of title 31, Code of Federal Regulations.
    (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.
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