No U.S. Financing for Iran Act of 2023

Bill: 118-hr-5921
Sponsor: Rep. Huizenga, Bill [R-MI-4]
Introduced: 2023-10-11 in the House
Policy area: Foreign Trade and International Finance
Subjects: Export-Import Bank of the United States
Foreign aid and international relief
International monetary system and foreign exchange
Iran
Middle East
Trade restrictions

Summary:
action_date: 2023-10-11
text: 

No U.S. Financing for Iran Act of 

2023

 
This bill prohibits certain actions related to exports, imports, and financing with respect to Iran.
 
Specifically, the bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions in connection with the importation from or exportation to Iran of goods, services, or technology. This prohibition does not apply to the sale of agricultural commodities, food, medicine, or medical devices benefitting the civilian population of Iran.
 
The bill requires Treasury to instruct U.S. representatives to the International Monetary Fund (IMF) to (1) oppose IMF financial assistance, and the allocation of Special Drawing Rights (SDR), to Iran; and (2) seek to ensure that IMF member countries prohibit the exchange of SDR held by Iran. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)
 
Further, the bill provides statutory authority for the prohibition on Export-Import Bank financing with respect to Iran.
 
The bill's provisions shall be in effect until the earlier of (1) 30 days after the President certifies to Congress that Iran has ceased providing support for acts of international terrorism and is not a jurisdiction of primary money laundering concern, or (2) 10 years after this bill's enactment.

action_date: 2023-12-19
text: 

No U.S. Financing for Iran Act of 

2023

 
This bill prohibits certain actions related to exports, imports, and financing with respect to Iran.
 
Specifically, the bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions in connection with the importation from or exportation to Iran of goods, services, or technology. This prohibition does not apply to the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran.
 
The bill requires Treasury to instruct U.S. representatives to the International Monetary Fund (IMF) to (1) oppose IMF financial assistance, and the allocation of Special Drawing Rights (SDR), to Iran; and (2) seek to ensure that IMF member countries prohibit the exchange of SDR held by Iran. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)
 
Further, the bill provides statutory authority for the prohibition on Export-Import Bank financing with respect to Iran.
 
The bill's provisions shall be in effect until the earlier of (1) 30 days after the President certifies to Congress that Iran has ceased providing support for acts of international terrorism and is not a jurisdiction of primary money laundering concern, or (2) 10 years after this bill's enactment.


Legislative actions:
action_date: 2024-04-16
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2024-04-15
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2024-04-15
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 294 - 105 (Roll no. 123). (text: CR H2376)
action_date: 2024-04-15
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 294 - 105 (Roll no. 123). (text: CR H2376)
action_date: 2024-04-15
text: Considered as unfinished business. (consideration: CR H2384-2385)
action_date: 2024-04-15
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2024-04-15
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5921.
action_date: 2024-04-15
text: Considered under suspension of the rules. (consideration: CR H2376-2378)
action_date: 2024-04-15
text: Mr. McHenry moved to suspend the rules and pass the bill, as amended.
action_date: 2023-12-19
text: Placed on the Union Calendar, Calendar No. 271.
action_date: 2023-12-19
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-332.
action_date: 2023-12-19
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-332.
action_date: 2023-11-14
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 34 - 12.
action_date: 2023-11-14
text: Committee Consideration and Mark-up Session Held
action_date: 2023-10-25
text: Referred to the House Committee on Financial Services.
action_date: 2023-10-11
text: Introduced in House
action_date: 2023-10-11
text: Introduced in House