Iran Terror Finance Transparency Act

Bill: 114-hr-3662
Sponsor: Rep. Russell, Steve [R-OK-5]
Introduced: 2015-10-01 in the House
Policy area: International Affairs
Subjects: Administrative law and regulatory procedures
Arms control and nonproliferation
Bank accounts, deposits, capital
Congressional oversight
Currency
Foreign and international banking
Foreign property
Fraud offenses and financial crimes
Iran
Middle East
Nuclear weapons
Palestinians
Presidents and presidential powers, Vice Presidents
Sanctions
Terrorism

Summary:
action_date: 2015-10-01
text: 

Iran Terror Finance Transparency Act

 
This bill prohibits the President from removing certain foreign financial institutions, including an Iranian financial institution, from the list of designated nationals and blocked persons maintained by the Office of Foreign Asset Control of the Treasury until the President makes two certifications to Congress, the first of which is that the institution has not knowingly facilitated a significant transaction or transactions or provided significant financial services for or on behalf of:
 
 
Iran's Revolutionary Guard Corps or any of its agents or affiliates whose property or property interests are blocked pursuant to the International Emergency Economic Powers Act (IEEPA),
 
a foreign terrorist organization for or on behalf of a person whose property or property interests have been blocked pursuant to Executive Order 13224, and
 
a person whose property or property interests are blocked pursuant to the IEEPA in connection with Iran's proliferation of weapons of mass destruction.
 
 
The second certification shall be that the institution no longer knowingly engages in illicit or deceptive financial transactions or other activities.
 
The President may not remove specified foreign persons from the list of designated nationals and blocked persons maintained by the Office of Foreign Asset Control until the President certifies to Congress that the person has not knowingly: 
 
 
assisted in or provided financial, material, or technological support for terrorism or a terrorist organization; and 
 
engaged in significant activities or transactions that have materially contributed to Iran's proliferation of weapons of mass destruction or their means of delivery. 
 
 
The President may not remove Iran's designation as a jurisdiction of primary money laundering concern unless the President certifies to Congress that Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities. 
 
Certain agency rule making regarding Iran is subjected to congressional review requirements.
 
The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 is amended to prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that facilitates Iran's support for Hezbollah, Hamas, the Palestinian Islamic Jihad, and any affiliates or successors.

action_date: 2016-01-11
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Iran Terror Finance Transparency Act

 
(Sec. 2) This bill prohibits the President from removing certain foreign financial institutions, including an Iranian financial institution, from the list of designated nationals and blocked persons maintained by the Department of the Treasury's Office of Foreign Asset Control until the President makes two certifications to Congress, the first of which is that the institution has not knowingly facilitated a significant transaction or transactions or provided significant financial services for or on behalf of:
 
 
Iran's Revolutionary Guard Corps or any of its agents or affiliates whose property or property interests are blocked pursuant to the International Emergency Economic Powers Act (IEEPA),
 
a foreign terrorist organization for or on behalf of a person whose property or property interests have been blocked pursuant to Executive Order 13224, and
 
a person whose property or property interests are blocked pursuant to the IEEPA in connection with Iran's proliferation of weapons of mass destruction.
 
 
The second certification shall be that the institution no longer knowingly engages in illicit or deceptive financial transactions or other activities.
 
(Sec. 3) On or after July 19, 2015,the President may not remove specified foreign persons from the list of designated nationals and blocked persons maintained by the Office of Foreign Asset Control until the President certifies to Congress that the person has not knowingly: 
 
 
assisted in or provided financial, material, or technological support for terrorism or a terrorist organization; and 
 
engaged in significant activities or transactions that have materially contributed to Iran's proliferation of weapons of mass destruction or their means of delivery. 
 
 
(Sec. 4) The President may not remove Iran's designation as a jurisdiction of primary money laundering concern unless the President certifies to Congress that Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities. 
 
(Sec. 5) Any rule to amend or otherwise alter a covered regulatory provision regarding sanctions on Iran shall be subject to congressional review requirements.
 
 Applicable federal departments or agencies shall report to Congress on the operation of the licensing system under each covered regulatory provision for the preceding two-year period, including:
 
 
 the number and types of licenses applied for, and the number and types approved; 
 
 a summary of each license approved; 
 
a summary of transactions conducted pursuant to a general license; 
 
 the average amount of time from the date of filing for a license until the date of approval; and 
 
 the extent to which the licensing procedures were effectively implemented. 
 
 
(Sec. 6) The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 is amended to prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that facilitates Iran's support for Hezbollah, Hamas, the Palestinian Islamic Jihad, and any affiliates or successors.
 
(Sec. 7) Defines &quot;Joint Comprehensive Plan of Action&quot; as the Joint Comprehensive Plan of Action, signed at Vienna July 14, 2015, by Iran and by China, France, Germany, the Russian Federation, the United Kingdom and the United States, with the High Representative of the European Union for Foreign Affairs and Security Policy, and all related implementing materials and agreements, and transmitted by the President to Congress on July 19, 2015, pursuant to section 135(a) of the Atomic Energy Act of 1954, as amended by the Iran Nuclear Agreement Review Act of 2015.

action_date: 2016-02-02
text: 
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
 

Iran Terror Finance Transparency Act

 
(Sec. 2) This bill prohibits the President from removing certain foreign financial institutions, including an Iranian financial institution, from the list of designated nationals and blocked persons maintained by the Department of the Treasury's Office of Foreign Asset Control until the President makes two certifications to Congress, the first of which is that the institution has not knowingly facilitated a significant transaction or transactions or provided significant financial services for or on behalf of:
 
 
Iran's Revolutionary Guard Corps or any of its agents or affiliates whose property or property interests are blocked pursuant to the International Emergency Economic Powers Act (IEEPA),
 
a foreign terrorist organization for or on behalf of a person whose property or property interests have been blocked pursuant to Executive Order 13224, and
 
a person whose property or property interests are blocked pursuant to the IEEPA in connection with Iran's proliferation of weapons of mass destruction.
 
 
The second certification shall be that the institution no longer knowingly engages in illicit or deceptive financial transactions or other activities.
 
(Sec. 3) On or after July 19, 2015,the President may not remove specified foreign persons from the list of designated nationals and blocked persons maintained by the Office of Foreign Asset Control until the President certifies to Congress that the person has not knowingly: 
 
 
assisted in or provided financial, material, or technological support for terrorism or a terrorist organization; and 
 
engaged in significant activities or transactions that have materially contributed to Iran's proliferation of weapons of mass destruction or their means of delivery. 
 
 
(Sec. 4) The President may not remove Iran's designation as a jurisdiction of primary money laundering concern unless the President certifies to Congress that Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities. 
 
(Sec. 5) Any rule to amend or otherwise alter a covered regulatory provision regarding sanctions on Iran shall be subject to congressional review requirements.
 
 Applicable federal departments or agencies shall report to Congress on the operation of the licensing system under each covered regulatory provision for the preceding two-year period, including:
 
 
 the number and types of licenses applied for, and the number and types approved; 
 
 a summary of each license approved; 
 
a summary of transactions conducted pursuant to a general license; 
 
 the average amount of time from the date of filing for a license until the date of approval; and 
 
 the extent to which the licensing procedures were effectively implemented. 
 
 
(Sec. 6) The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 is amended to prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that facilitates Iran's support for Hezbollah, Hamas, the Palestinian Islamic Jihad, and any affiliates or successors.
 
(Sec. 7) Defines &quot;Joint Comprehensive Plan of Action&quot; as the Joint Comprehensive Plan of Action, signed at Vienna July 14, 2015, by Iran and by China, France, Germany, the Russian Federation, the United Kingdom and the United States, with the High Representative of the European Union for Foreign Affairs and Security Policy, and all related implementing materials and agreements, and transmitted by the President to Congress on July 19, 2015, pursuant to section 135(a) of the Atomic Energy Act of 1954, as amended by the Iran Nuclear Agreement Review Act of 2015.


Legislative actions:
action_date: 2016-02-03
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-02-02
text: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 54).
action_date: 2016-02-02
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-02-02
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 54).
action_date: 2016-02-02
text: Considered as unfinished business. (consideration: CR H482-483)
action_date: 2016-01-13
text: VACATING PROCEEDINGS ON ROLL CALL 44 - Mr. McCarthy asked unanimous consent that the vote on roll call 44 and the motion to reconsider thereon be vacated and that further proceedings on the question of passage of H.R. 3662 be postponed as though under clause 8 of rule 20 through the legislative day of January 26, 2016. Agreed to without objection. (consideration: CR H356)
action_date: 2016-01-13
text: Motion to reconsider laid on the table. Agreed to without objection.
action_date: 2016-01-13
text: On passage Passed by the Yeas and Nays: 0-0 (Roll no. 44). (text: CR H346-347)
action_date: 2016-01-13
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 0-0 (Roll no. 44).(text: CR H346-347)
action_date: 2016-01-13
text: The previous question was ordered pursuant to the rule. (consideration: CR H354)
action_date: 2016-01-13
text: DEBATE - The House proceeded with one hour of debate on H.R. 3662.
action_date: 2016-01-13
text: The resolution provides for consideration of H.R. 1644, S.J. Res. 22 and H.R. 3662. The resolution also provides for proceedings during the period from January 14, 2016, through January 22, 2016.
action_date: 2016-01-13
text: Considered under the provisions of rule H. Res. 583. (consideration: CR H346-356)
action_date: 2016-01-12
text: Rule H. Res. 583 passed House.
action_date: 2016-01-11
text: Rules Committee Resolution H. Res. 583 Reported to House. The resolution provides for consideration of H.R. 1644, S.J. Res. 22 and H.R. 3662. The resolution also provides for proceedings during the period from January 14, 2016, through January 22, 2016.
action_date: 2016-01-11
text: Placed on the Union Calendar, Calendar No. 296.
action_date: 2016-01-11
text: Committee on Financial Services discharged.
action_date: 2016-01-11
text: Committee on Financial Services discharged.
action_date: 2016-01-11
text: Reported by the Committee on Foreign Affairs. H. Rept. 114-393, Part I.
action_date: 2016-01-11
text: Reported by the Committee on Foreign Affairs. H. Rept. 114-393, Part I.
action_date: 2016-01-07
text: Ordered to be Reported by Voice Vote.
action_date: 2016-01-07
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-10-01
text: 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 concerned.
action_date: 2015-10-01
text: 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 concerned.
action_date: 2015-10-01
text: 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 concerned.
action_date: 2015-10-01
text: Introduced in House
action_date: 2015-10-01
text: Introduced in House