United States Financial System Protection Act of 2016

Bill: 114-hr-4992
Sponsor: Rep. Royce, Edward R. [R-CA-39]
Introduced: 2016-04-19 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Arms control and nonproliferation
Chemical and biological weapons
Congressional oversight
Currency
Foreign and international banking
Iran
Licensing and registrations
Middle East
Nuclear weapons
Presidents and presidential powers, Vice Presidents
Securities
Terrorism
War and emergency powers

Summary:
action_date: 2016-04-19
text: 

United States Financial System Protection Act of 2016

 
This bill applies to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the government of Iran, for a specified period only, the existing authorization for U.S. depository institutions and registered brokers or dealers in securities to process such a funds transfer if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license and does not involve debiting or crediting an Iranian account.
 
The period of application shall be from on or after January 1, 2016, until the President certifies to the appropriate congressional committees that the government of Iran has ceased:
 
 
supporting acts of international terrorism; and
 
developing nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology (and has dismantled existing ones).
 
 
The requirements of this bill shall also apply to foreign financial institutions and registered brokers or dealers in securities if the funds to be transferred are denominated in U.S. dollars.
 
The President may not, except for certain humanitarian purposes, issue any license under the International Emergency Economic Powers Act or take other action that permits a domestic or foreign depository institution or registered broker or dealer in securities to conduct an offshore U.S. dollar clearing system, or supply U.S. dollars for any such system conducted or overseen by a foreign government or financial institution, for transactions (including funds transfers) involving or for the benefit of the government of Iran or an Iranian person.
 
 The President may not rescind a preliminary draft rule or final rule authorizing designation of Iran as a jurisdiction of primary money laundering concern without first certifying to Congress that the government of Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.

action_date: 2016-07-14
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

United States Financial System Protection Act of 2016

 
(Sec. 3) This bill applies to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the government of Iran, for a specified period only, the existing authorization for U.S. depository institutions and registered brokers or dealers in securities to process such a funds transfer if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license and does not involve debiting or crediting an Iranian account.
 
The period of application shall be from on or after January 1, 2016, until the President certifies to the appropriate congressional committees that the government of Iran has ceased:
 
 
supporting acts of international terrorism; and
 
developing nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology (and has dismantled existing ones).
 
 
The requirements of this bill shall also apply to foreign financial institutions and registered brokers or dealers in securities if the funds to be transferred are denominated in U.S. dollars.
 
The President may not, except for certain humanitarian purposes, issue any license under the International Emergency Economic Powers Act or take other action that permits a domestic or foreign depository institution or registered broker or dealer in securities to conduct an offshore U.S. dollar clearing system, or supply U.S. dollars for any such system conducted or overseen by a foreign government or financial institution, for transactions (including funds transfers) involving or for the benefit of the government of Iran or an Iranian person.
 
 (Sec. 4) The President may not rescind a preliminary draft rule or final rule authorizing designation of Iran as a jurisdiction of primary money laundering concern without first certifying to Congress that the government of Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.


Legislative actions:
action_date: 2016-07-14
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-07-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-07-14
text: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478). (text: CR H4957-4958)
action_date: 2016-07-14
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478).(text: CR H4957-4958)
action_date: 2016-07-14
text: Considered as unfinished business. (consideration: CR H4973)
action_date: 2016-07-14
text: POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4992, the Chair put the question on passage of the bill and by voice vote announced that the ayes had prevailed. Mr. Royce demanded the yeas and nays, and the Chair postponed further proceedings on passage of the bill until later in the legislative day.
action_date: 2016-07-14
text: The previous question was ordered pursuant to the rule. (consideration: CR H4957)
action_date: 2016-07-14
text: DEBATE - The House proceeded with one hour of debate on H.R. 4992.
action_date: 2016-07-14
text: Rule provides for consideration of H.R. 4992, H.R. 5119 and H.R. 5631 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.
action_date: 2016-07-14
text: Considered under the provisions of rule H. Res. 819. (consideration: CR H4957-4964)
action_date: 2016-07-11
text: Rules Committee Resolution H. Res. 819 Reported to House. Rule provides for consideration of H.R. 4992, H.R. 5119 and H.R. 5631 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.
action_date: 2016-04-19
text: Referred to the House Committee on Financial Services.
action_date: 2016-04-19
text: Introduced in House
action_date: 2016-04-19
text: Introduced in House