Iran Financial Sanctions Improvement Act of 2012

Bill: 112-hr-4179
Sponsor: Rep. Sherman, Brad [D-CA-27]
Introduced: 2012-03-08 in the House
Policy area: International Affairs
Subjects: Arms control and nonproliferation
Business records
Congressional oversight
Corporate finance and management
Credit and credit markets
Financial services and investments
Foreign and international banking
Government information and archives
Government lending and loan guarantees
Insurance industry and regulation
International monetary system and foreign exchange
Iran
Middle East
Nuclear weapons
Public contracts and procurement
Sanctions
Terrorism
Trade restrictions
Visas and passports

Summary:
action_date: 2012-03-08
text: 
Iran Financial Sanctions Improvement Act of 2012 - Directs the Comptroller General to submit to Congress a list of all known entities that provide services to, or facilitate service access for, the Central Bank of Iran or any Iranian financial institution. 
 
Directs the Secretary of the Treasury to report to Congress on efforts to ensure that the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Clearstream, and other similar entities have terminated the provision of services to, and the facilitation of service access for, the Central Bank of Iran and other Iranian financial institutions. 
 
Authorizes the President to impose specified sanctions on an entity that has not terminated any such relationship. 
 
Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to require each foreign financial institution that maintains a U.S. correspondent account or a payable-through account to report to the Secretary of the Treasury regarding any financial dealings with an Iranian financial institution during the preceding 180 days. Directs the Secretary to make such reports public.
 
Amends the National Defense Authorization Act for Fiscal Year 2012 to include as a sanctionable activity the maintenance of funds or accounts for, or on behalf of, the Central Bank of Iran or another Iranian financial institution.
 
Applies specified sanctions with respect to a foreign financial institution owned or controlled by the government of a foreign country (including a central bank of a foreign country) to the same extent and in the same manner as such sanctions apply to other foreign financial institutions. 
 
Directs the President to impose specified sanctions against a person that knowingly provided underwriting services or reinsurance: (1) for any activity regarding Iran for which sanctions have been imposed, or (2) to or for any person on which sanctions have been imposed for engaging in an activity with respect to Iran or any person designated for the imposition of sanctions in connection with Iran's proliferation of weapons of mass destruction or support for international terrorism.
 
Includes among such sanctions export and procurement sanctions, and visa, property, banking, loan, and foreign exchange prohibitions.


Legislative actions:
action_date: 2012-04-26
text: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
action_date: 2012-04-26
text: Referred to the Subcommittee on International Monetary Policy and Trade.
action_date: 2012-03-15
text: Referred to the Subcommittee on Immigration Policy and Enforcement.
action_date: 2012-03-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, the Judiciary, and Oversight and Government Reform, 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.
action_date: 2012-03-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, the Judiciary, and Oversight and Government Reform, 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.
action_date: 2012-03-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, the Judiciary, and Oversight and Government Reform, 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.
action_date: 2012-03-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, the Judiciary, and Oversight and Government Reform, 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.
action_date: 2012-03-08
text: Introduced in House
action_date: 2012-03-08
text: Introduced in House