No U.S. Financing for Iran Act

Bill: 114-hr-5711
Sponsor: full_name: Rep. Huizenga, Bill [R-MI-2]
Introduced: 2016-07-11
Policy area: Finance and Financial Sector
Subjects: Aviation and airports

Iran

Middle East

Trade restrictions
Latest action: action_date: 2016-11-28
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2016-07-11
action_desc: Introduced in House
text: <p>This bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions incident to the export or re-export of commercial passenger aircraft to the Islamic Republic of Iran.</p>

action_date: 2016-11-14
action_desc: Reported to House with amendment(s)
text: <p>(Sec. 1) This bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions incident to the export or re-export of commercial passenger aircraft to the Islamic Republic of Iran.</p> <p>(Sec. 2) Any transaction authorized by Treasury before enactment of this bill is revoked.</p>

action_date: 2016-11-17
action_desc: Passed House amended
text: <p><b>No U.S. Financing for Iran Act</b></p> <p>TITLE I--IRAN FINANCING PROHIBITION</p> <p>(Sec. 101) This bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions in connection with the export or re-export of commercial passenger aircraft to the Islamic Republic of Iran.</p> <p>(Sec. 102) Any transaction authorized by Treasury before enactment of this bill is revoked.</p> <p>TITLE II--NO EX-IM ASSISTANCE FOR TERRORISM </p> <p><em>No Ex-Im Assistance for Terrorism Act</em></p> <p>(Sec. 202) This bill amends the Export-Import Bank Act of 1945 to prohibit the Export-Import Bank from guaranteeing, insuring, extending credit, or participating in the extension of credit in connection with the export of U.S. goods or services sought by:</p> <ul> <li>the Government of Iran, an entity owned or controlled by it, an entity created under Iranian law, or a foreign subsidiary of such an entity; <li>an entity involving the Government of Iran, owned or controlled by the Government of Iran, created under Iranian law, or a foreign subsidiary of such an entity; or <li>a non-U.S. entity that, in the last five-years, has leased or sold aircraft to the Government of Iran, or a subsidiary or controlling parent of such a non-U.S. entity. </li> </ul> <p>The Bank must cancel approved financing if it finds that such financing has facilitated the export, sale, or lease of an aircraft to the Government of Iran or a related entity and must seek immediate recovery of any amount it has provided in connection with the transaction. </p> <p>TITLE III--SUNSET</p> <p>(Sec. 301) This bill shall cease to be effective 30 days after the President certifies to Congress that the Government of Iran has ceased support for acts of international terrorism.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5711 IN THE HOUSE OF REPRESENTATIVES July 11, 2016 Mr. Huizenga of Michigan (for himself and Mr. Sherman ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To prohibit the Secretary of the Treasury from authorizing certain transactions by a U.S. financial institution in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.

1. Prohibition The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined under section 561.309 of title 31, Code of Federal Regulations) that is ordinarily incident to the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.

tv_txt: I 114th CONGRESS 2d Session H. R. 5711 IN THE HOUSE OF REPRESENTATIVES AN ACT To prohibit the Secretary of the Treasury from authorizing certain transactions by a U.S. financial institution in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.

1. Short title This Act may be cited as the No U.S. Financing for Iran Act . I Iran financing prohibition 101. Prohibition The Secretary of the Treasury may not authorize a transaction by a United States financial institution (as defined under section 561.309 of title 31, Code of Federal Regulations) in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran. 102. Revocation of prior authorizations If the Secretary of the Treasury authorized any transaction described under section 101 before the date of the enactment of this title, such authorization is hereby revoked. II No Ex-Im Assistance for Terrorism 201. Short title This title may be cited as the No Ex-Im Assistance for Terrorism Act . 202. Prohibition on Export-Import Bank financing that would benefit Iran Section 2(b) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635(b) ) is amended by adding at the end the following: (14) Prohibition on financing that would benefit Iran (A) Direct financing The Bank shall not guarantee, insure, or extend (or participate in an extension of) credit in connection with any transaction with respect to which credit assistance from the Bank is first sought after the effective date of this paragraph by— (i) the Government of Iran or an entity owned or controlled by the Government of Iran; or (ii) an entity created under Iranian law, or a foreign subsidiary of such an entity. (B) Indirect financing The Bank shall not guarantee, insure, or extend (or participate in an extension of) credit in connection with any transaction with respect to which credit assistance from the Bank is first sought after the effective date of this paragraph involving— (i) an entity for the purpose of a transaction involving the Government of Iran or an entity referred to in subparagraph (A); or (ii) a non-United States entity that, in the 5-year period ending with the date of the enactment of this paragraph, has leased or sold aircraft to the Government of Iran or an entity referred to in subparagraph (A) in contravention of United States law, or a subsidiary or controlling parent of such a non-United States entity. (C) Cancellation of approved financing The Bank shall cease the provision of financial assistance approved by the Bank in connection with a transaction with respect to which credit assistance from the Bank is approved after the effective date of this paragraph, on finding that the assistance has facilitated the export, sale, or lease of an aircraft to an entity referred to in subparagraph (A), and shall seek immediate recovery of any amount provided by the Bank in connection with the transaction. . III Sunset 301. Sunset This Act and the amendment made by this Act shall cease to be effective on the date that is 30 days after the date on which the President certifies to Congress that the Government of Iran has ceased providing support for acts of international terrorism.

Passed the House of Representatives November 17, 2016. Karen L. Haas, Clerk.

tv_txt: IIB 114th CONGRESS 2d Session H. R. 5711 IN THE SENATE OF THE UNITED STATES November 28, 2016 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To prohibit the Secretary of the Treasury from authorizing certain transactions by a U.S. financial institution in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.

1. Short title This Act may be cited as the No U.S. Financing for Iran Act . I Iran financing prohibition 101. Prohibition The Secretary of the Treasury may not authorize a transaction by a United States financial institution (as defined under section 561.309 of title 31, Code of Federal Regulations) in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran. 102. Revocation of prior authorizations If the Secretary of the Treasury authorized any transaction described under section 101 before the date of the enactment of this title, such authorization is hereby revoked. II No Ex-Im Assistance for Terrorism 201. Short title This title may be cited as the No Ex-Im Assistance for Terrorism Act . 202. Prohibition on Export-Import Bank financing that would benefit Iran Section 2(b) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635(b) ) is amended by adding at the end the following: (14) Prohibition on financing that would benefit Iran (A) Direct financing The Bank shall not guarantee, insure, or extend (or participate in an extension of) credit in connection with any transaction with respect to which credit assistance from the Bank is first sought after the effective date of this paragraph by— (i) the Government of Iran or an entity owned or controlled by the Government of Iran; or (ii) an entity created under Iranian law, or a foreign subsidiary of such an entity. (B) Indirect financing The Bank shall not guarantee, insure, or extend (or participate in an extension of) credit in connection with any transaction with respect to which credit assistance from the Bank is first sought after the effective date of this paragraph involving— (i) an entity for the purpose of a transaction involving the Government of Iran or an entity referred to in subparagraph (A); or (ii) a non-United States entity that, in the 5-year period ending with the date of the enactment of this paragraph, has leased or sold aircraft to the Government of Iran or an entity referred to in subparagraph (A) in contravention of United States law, or a subsidiary or controlling parent of such a non-United States entity. (C) Cancellation of approved financing The Bank shall cease the provision of financial assistance approved by the Bank in connection with a transaction with respect to which credit assistance from the Bank is approved after the effective date of this paragraph, on finding that the assistance has facilitated the export, sale, or lease of an aircraft to an entity referred to in subparagraph (A), and shall seek immediate recovery of any amount provided by the Bank in connection with the transaction. . III Sunset 301. Sunset This Act and the amendment made by this Act shall cease to be effective on the date that is 30 days after the date on which the President certifies to Congress that the Government of Iran has ceased providing support for acts of international terrorism.

Passed the House of Representatives November 17, 2016. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 634 114th CONGRESS 2d Session H. R. 5711 [Report No. 114–810] IN THE HOUSE OF REPRESENTATIVES July 11, 2016 Mr. Huizenga of Michigan (for himself and Mr. Sherman ) introduced the following bill; which was referred to the Committee on Financial Services November 14, 2016 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Insert the part printed in italic A BILL To prohibit the Secretary of the Treasury from authorizing certain transactions by a U.S. financial institution in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.

1. Prohibition The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined under section 561.309 of title 31, Code of Federal Regulations) that is ordinarily incident to the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran. 2. Revocation of prior authorizations If the Secretary of the Treasury authorized any transaction described under section 1 before the date of the enactment of this Act, such authorization is hereby revoked.

November 14, 2016 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed