Stop Evasion of Iran Sanctions Act of 2020

Bill: 116-hr-6015
Sponsor: full_name: Rep. Steil, Bryan [R-WI-1]
Introduced: 2020-02-28
Policy area: Finance and Financial Sector
Subjects: Alliances

Arms control and nonproliferation

Bank accounts, deposits, capital

Business records

Congressional oversight

Europe

Foreign and international banking

Iran

Middle East

Nuclear weapons

Sanctions
Latest action: action_date: 2020-02-28
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-02-28
action_desc: Introduced in House
text: <p><b>Stop Evasion of Iran Sanctions Act of 2020 </b></p> <p>This bill allows the Department of the Treasury to subject a financial institution to operating restrictions and reporting requirements if the institution is connected with the Instrument in Support of Trade Exchanges (INSTEX). INSTEX is an entity designed to facilitate trade between Iran and non-U.S. countries and was created in response to the renewal of certain U.S. sanctions against Iran. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6015 IN THE HOUSE OF REPRESENTATIVES February 28, 2020 Mr. Steil (for himself, Mr. Hill of Arkansas , Mr. Zeldin , Mr. Gooden , Mr. Riggleman , and Mr. Timmons ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To authorize the Secretary of the Treasury to require special measures for domestic financial institutions in connection with INSTEX, and for other purposes.

1. Short title This Act may be cited as the Stop Evasion of Iran Sanctions Act of 2020 . 2. Requirement of special measures at domestic financial institutions (a) In general The Secretary of the Treasury may require domestic financial institutions and domestic financial agencies to take one or more of the special measures described under section 5318A(b) of title 31, United States Code, with respect to a financial institution operating outside of the United States, if the Secretary determines that the financial institution operating outside of the United States knowingly conducts a significant transaction in connection with the Instrument in Support of Trade Exchanges (INSTEX), or any successor thereof, after issuing a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that contains— (1) a statement that the transaction facilitates the evasion or circumvention of United States sanctions; (2) a statement that the Secretary has consulted, and continues to consult, with European allies and partners on the implications of INSTEX, or any successor thereof, with respect to shared policy objectives, particularly as the objectives relate to the acquisition of nuclear weapons by Iran; (3) a statement that the requirement of a special measure is important to advance clear objectives with respect to the policies or the behavior of a financial institution operating outside of the United States, or of any other foreign person, with an explanation of the objectives; (4) an assessment of any significant adverse effects of the special measure, directly or indirectly, on the use of the United States dollar and the United States financial system by foreign persons, and a summary of efforts by the Secretary to mitigate such effects; and (5) a statement that the requirement of the special measure is in the national interest of the United States, with an explanation of the reasons therefor. (b) Sunset The provision of this section shall have no force or effect on the earlier of— (1) 7 years after the date of enactment of this Act; and (2) the date on which the President issues a written report to the Congress (and makes such report available to the public) stating that the termination of the authorities under this section is important to the national interest of the United States, with an explanation of the reasons therefor. (c) Definitions In this section, the terms domestic financial institution , domestic financial agency , and financial institution have the meaning given those terms, respectively, under section 5312 of title 31, United States Code.