No U.S. Financing for Iran Act of 2023

Bill: 118-hr-5921
Sponsor: full_name: Rep. Huizenga, Bill [R-MI-4]
Introduced: 2023-10-11
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
Latest action: action_date: 2024-04-16
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-10-11
action_desc: Introduced in House
text: <p><strong>No U.S. Financing for Iran Act of </strong><b>2023</b></p> <p>This bill prohibits certain actions related to exports, imports, and financing with respect to Iran.</p> <p>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.</p> <p>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.)</p> <p>Further, the bill provides statutory authority for the prohibition on Export-Import Bank financing with respect to Iran.</p> <p>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.</p>

action_date: 2023-12-19
action_desc: Reported to House
text: <p><strong>No U.S. Financing for Iran Act of </strong><b>2023</b></p> <p>This bill prohibits certain actions related to exports, imports, and financing with respect to Iran.</p> <p>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.</p> <p>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.)</p> <p>Further, the bill provides statutory authority for the prohibition on Export-Import Bank financing with respect to Iran.</p> <p>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.</p>

tv_txt: IIB 118th CONGRESS 2d Session H. R. 5921 IN THE SENATE OF THE UNITED STATES April 16, 2024 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 United States financial institution in connection with Iran, to prevent the International Monetary Fund from providing financial assistance to Iran, to codify prohibitions on Export-Import Bank financing for the Government of Iran, and for other purposes.

1. Short title This Act may be cited as the No U.S. Financing for Iran Act of 2023 . 2. Prohibition on authorizations for United States financial institutions The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined in section 561.309 of title 31, Code of Federal Regulations) in connection with the importation from or exportation to the Islamic Republic of Iran of any goods, services, or technology, other than the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran. 3. Opposition to IMF assistance The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to— (1) oppose the provision of financial assistance by the Fund to the Islamic Republic of Iran, and the allocation to the Government of Iran of Special Drawing Rights; and (2) seek to ensure that member countries of the Fund prohibit the exchange of Special Drawing Rights held by the Government of Iran. 4. Codification of export-import bank prohibition with respect to 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 for Iran The Bank may 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, for which a lender or obligor is the Government of Iran or an entity owned or controlled by the Government of Iran. . 5. Sunset This Act and the amendment made by this Act are hereby repealed effective on the earliest of— (1) the date that is 30 days after the date the President of the United States certifies to the Congress that the Government of Iran— (A) has ceased providing support for acts of international terrorism; and (B) is not a jurisdiction of primary money laundering concern, as described under section 5318A of title 31, United States Code; or (2) 10 years after the date of the enactment of this Act.

Passed the House of Representatives April 15, 2024. Kevin F. McCumber, Clerk.

tv_txt: IB 118th CONGRESS 2d Session H. R. 5921 IN THE HOUSE OF REPRESENTATIVES AN ACT To prohibit the Secretary of the Treasury from authorizing certain transactions by a United States financial institution in connection with Iran, to prevent the International Monetary Fund from providing financial assistance to Iran, to codify prohibitions on Export-Import Bank financing for the Government of Iran, and for other purposes.

1. Short title This Act may be cited as the No U.S. Financing for Iran Act of 2023 . 2. Prohibition on authorizations for United States financial institutions The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined in section 561.309 of title 31, Code of Federal Regulations) in connection with the importation from or exportation to the Islamic Republic of Iran of any goods, services, or technology, other than the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran. 3. Opposition to IMF assistance The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to— (1) oppose the provision of financial assistance by the Fund to the Islamic Republic of Iran, and the allocation to the Government of Iran of Special Drawing Rights; and (2) seek to ensure that member countries of the Fund prohibit the exchange of Special Drawing Rights held by the Government of Iran. 4. Codification of export-import bank prohibition with respect to 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 for Iran The Bank may 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, for which a lender or obligor is the Government of Iran or an entity owned or controlled by the Government of Iran. . 5. Sunset This Act and the amendment made by this Act are hereby repealed effective on the earliest of— (1) the date that is 30 days after the date the President of the United States certifies to the Congress that the Government of Iran— (A) has ceased providing support for acts of international terrorism; and (B) is not a jurisdiction of primary money laundering concern, as described under section 5318A of title 31, United States Code; or (2) 10 years after the date of the enactment of this Act.

Passed the House of Representatives April 15, 2024. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 271 118th CONGRESS 1st Session H. R. 5921 [Report No. 118–332] IN THE HOUSE OF REPRESENTATIVES October 11, 2023 Mr. Huizenga (for himself, Mrs. Wagner , Mr. Meuser , Mr. Posey , Mr. Nunn of Iowa , Mr. Loudermilk , Mr. Williams of Texas , Mr. Reschenthaler , Mr. McCormick , Ms. Salazar , Mr. Feenstra , Mr. Luetkemeyer , Mr. Scott Franklin of Florida , Mr. Smith of New Jersey , Mr. James , Mr. Self , Mr. Rutherford , Mr. Barr , and Mr. Ogles ) introduced the following bill October 25, 2023 Referred to the Committee on Financial Services December 19, 2023 Additional sponsors: Mr. Donalds , Mr. Smucker , Mr. Pfluger , Mr. Fry , Mr. Norman , Mr. Langworthy , Mr. Murphy , Mr. Smith of Nebraska , Mr. Lawler , Ms. De La Cruz , Mr. LaLota , and Mr. Garbarino December 19, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on October 11, 2023 A BILL To prohibit the Secretary of the Treasury from authorizing certain transactions by a United States financial institution in connection with Iran, to prevent the International Monetary Fund from providing financial assistance to Iran, to codify prohibitions on Export-Import Bank financing for the Government of Iran, and for other purposes.

1. Short title This Act may be cited as the No U.S. Financing for Iran Act of 2023 . 2. Prohibition on authorizations for United States financial institutions The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined in section 561.309 of title 31, Code of Federal Regulations) in connection with the importation from or exportation to the Islamic Republic of Iran of any goods, services, or technology, other than the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran. 3. Opposition to IMF assistance The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to— (1) oppose the provision of financial assistance by the Fund to the Islamic Republic of Iran, and the allocation to the Government of Iran of Special Drawing Rights; and (2) seek to ensure that member countries of the Fund prohibit the exchange of Special Drawing Rights held by the Government of Iran. 4. Codification of export-import bank prohibition with respect to 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 for Iran The Bank may 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, for which a lender or obligor is the Government of Iran or an entity owned or controlled by the Government of Iran. . 5. Sunset This Act and the amendment made by this Act are hereby repealed effective on the earliest of— (1) the date that is 30 days after the date the President of the United States certifies to the Congress that the Government of Iran— (A) has ceased providing support for acts of international terrorism; and (B) is not a jurisdiction of primary money laundering concern, as described under section 5318A of title 31, United States Code; or (2) 10 years after the date of the enactment of this Act.

December 19, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 5921 IN THE HOUSE OF REPRESENTATIVES October 11, 2023 Mr. Huizenga (for himself, Mrs. Wagner , Mr. Meuser , Mr. Posey , Mr. Nunn of Iowa , Mr. Loudermilk , Mr. Williams of Texas , Mr. Reschenthaler , Mr. McCormick , Ms. Salazar , Mr. Feenstra , Mr. Luetkemeyer , Mr. Scott Franklin of Florida , Mr. Smith of New Jersey , Mr. James , Mr. Self , Mr. Rutherford , Mr. Barr , and Mr. Ogles ) introduced the following bill October 25, 2023 Referred to the Committee on Financial Services A BILL To prohibit the Secretary of the Treasury from authorizing certain transactions by a United States financial institution in connection with Iran, to prevent the International Monetary Fund from providing financial assistance to Iran, to codify prohibitions on Export-Import Bank financing for the Government of Iran, and for other purposes.

1. Short title This Act may be cited as the No U.S. Financing for Iran Act of 2023 . 2. Prohibition on authorizations for United States financial institutions The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined in section 561.309 of title 31, Code of Federal Regulations) in connection with the importation from or exportation to the Islamic Republic of Iran of any goods, services, or technology, other than the sale of agricultural commodities, food, medicine, or medical devices benefitting the civilian population of Iran. 3. Opposition to International Monetary Fund assistance The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to— (1) oppose the provision of financial assistance by the Fund to the Islamic Republic of Iran, and the allocation to the Government of Iran of Special Drawing Rights; and (2) seek to ensure that member countries of the Fund prohibit the exchange of Special Drawing Rights held by the Government of Iran. 4. Codification of export-import bank prohibition with respect to 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 for Iran The Bank may 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, for which a lender or obligor is the Government of Iran or an entity owned or controlled by the Government of Iran. . 5. Sunset This Act and the amendment made by this Act are hereby repealed effective on the earliest of— (1) the date that is 30 days after the date the President of the United States certifies to the Congress that the Government of Iran— (A) has ceased providing support for acts of international terrorism; and (B) is not a jurisdiction of primary money laundering concern, as described under section 5318A of title 31, United States Code; or (2) 10 years after the date of the enactment of this Act.