Strengthening Oversight of Iran's Access to Finance Act

Bill: 115-hr-4324
Sponsor: Rep. Williams, Roger [R-TX-25]
Introduced: 2017-11-09 in the House
Policy area: Foreign Trade and International Finance
Subjects: Arms control and nonproliferation
Aviation and airports
Congressional oversight
Foreign and international banking
Foreign property
Fraud offenses and financial crimes
Human rights
Iran
Middle East
Nuclear weapons
Presidents and presidential powers, Vice Presidents
Sanctions
Syria
Terrorism
Trade restrictions
War and emergency powers

Summary:
action_date: 2017-11-09
text: 

Strengthening Oversight of Iran's Access to Finance Act

 
This bill directs the Department of the Treasury, not later than 30 days after authorizing a U. S. or foreign financial institution to export or re-export a commercial passenger aircraft to Iran (or, for an authorization made after January 16, 2016, but before the enactment of this bill, not later than 60 days after such enactment) and every 180 days thereafter for the duration of the authorization, to submit to Congress a report containing: 
 
 
 a list of financial institutions that have, since January 16, 2016, conducted transactions authorized in connection with such export or re-export; and either
 
 a certification that such transaction does not pose a significant money laundering or terrorism financing risk to the U. S. financial system and will not benefit an Iranian person who for the one year preceding the certification has knowingly transported weapons of mass destruction or has knowingly provided transportation services or material support to terrorists, and that any such institution had appropriate policies, procedures, and processes in place to avoid engaging in sanctionable activities; or 
 
a statement that the Treasury is unable to make such a certification and will, within 60 days after such determination, issue a report on non-certification to Congress.
 
 
The President may waive the requirements of this bill for up to one year at a time upon certifying to Congress that: 
 
 
the Government of Iran has made substantial progress toward combating money laundering and terrorism financing risk emanating from Iran or has significantly reduced its destabilizing activities in the region or material support for terrorist groups; or
 
such waiver is important to U.S. national interests.
 

action_date: 2017-12-07
text: 

Strengthening Oversight of Iran's Access to Finance Act

 
This bill sets forth reporting requirements with respect to the export of commercial passenger aircrafts to Iran. The Department of the Treasury must report on financial institutions conducting transactions regarding such exports. Additionally, Treasury must determine if such transactions pose a risk relating to money laundering, terrorism, or other sanctionable activities.
 
 
The President may waive the requirements of this bill under certain circumstances. 
 

action_date: 2017-12-14
text: 

Strengthening Oversight of Iran's Access to Finance Act

 
(Sec. 3) This bill sets forth reporting requirements with respect to the export of commercial passenger aircrafts to Iran. The Department of the Treasury must report on financial institutions conducting transactions regarding such exports. Additionally, Treasury must determine if such transactions pose a risk relating to money laundering, terrorism, or other sanctionable activities. 

The President may waive the requirements of this bill under certain circumstances. 
 


Legislative actions:
action_date: 2017-12-18
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-12-14
text: The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 4324.
action_date: 2017-12-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-12-14
text: On passage Passed by the Yeas and Nays: 252 - 167 (Roll no. 684).
action_date: 2017-12-14
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 252 - 167 (Roll no. 684).
action_date: 2017-12-14
text: On motion to recommit with instructions Failed by the Yeas and Nays: 188 - 233 (Roll no. 683).
action_date: 2017-12-14
text: Considered as unfinished business. (consideration: CR H9916-9918)
action_date: 2017-12-13
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on the motion and by voice vote, announced that the noes had prevailed. Mr. Swalwell demanded the yeas and nays and the Chair postponed further proceedings on the motion until a time to be announced.
action_date: 2017-12-13
text: The previous question on the motion to recommit with instructions was ordered without objection.
action_date: 2017-12-13
text: DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to prohibit financial institutions participating in certain transactions from engaging in business with a foreign entity that has been found by the Secretary, in consultation with the Director of National Intelligence, to have engaged in or authorized cyber-attacks targeting any election held in the United States.
action_date: 2017-12-13
text: Mr. Swalwell (CA) moved to recommit with instructions to the Committee on Financial Services. (text: CR H9890)
action_date: 2017-12-13
text: DEBATE - Pursuant to the provisions of H.Res. 658, the House proceeded with 10 minutes of debate on the Gaetz amendment No. 1.
action_date: 2017-12-13
text: DEBATE - The House proceeded with one hour of debate on H.R. 4324.
action_date: 2017-12-13
text: Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate on each bill. It also makes in order specified amendments for the bills.
action_date: 2017-12-13
text: Considered under the provisions of rule H. Res. 658. (consideration: CR H9880-9891; text of amendment in the nature of a substitute: CR H9880-9881)
action_date: 2017-12-13
text: Rule H. Res. 658 passed House.
action_date: 2017-12-12
text: Rules Committee Resolution H. Res. 658 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate on each bill. It also makes in order specified amendments for the bills.
action_date: 2017-12-07
text: Placed on the Union Calendar, Calendar No. 334.
action_date: 2017-12-07
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-452.
action_date: 2017-12-07
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-452.
action_date: 2017-11-14
text: Ordered to be Reported by the Yeas and Nays: 38 - 21.
action_date: 2017-11-14
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-11-09
text: Referred to the House Committee on Financial Services.
action_date: 2017-11-09
text: Introduced in House
action_date: 2017-11-09
text: Introduced in House