Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Iran Sanctions Loophole Elimination
Act of 2013''.

SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO CERTAIN TRANSACTIONS IN
FOREIGN CURRENCIES.

(a) Imposition of Sanctions.--Subtitle B of title II of the Iran
Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8721 et
seq.) is amended by inserting after section 220 the following:

''SEC. 220A. IMPOSITION OF SANCTIONS WITH RESPECT TO CERTAIN
TRANSACTIONS IN FOREIGN CURRENCIES.

''(a) In General.--The President--
''(1) shall prohibit the opening, and prohibit or impose
strict conditions on the maintaining, in the United States of a
correspondent account or a payable-through account by a foreign
financial institution that is a person described in subsection
(b); and
''(2) may impose sanctions pursuant to the International
Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with
respect to any other person described in subsection (b).
''(b) Person Described.--A person described in this subsection is a
person the President determines has, on or after May 9, 2013--
''(1) knowingly conducted or facilitated a significant
transaction involving the currency of a country other than the
country in which the person is operating at the time of the
transaction with, for, or on behalf of--
''(A) the Central Bank of Iran or another Iranian
financial institution designated by the Secretary of
the Treasury for the imposition of sanctions pursuant
to the International Emergency Economic Powers Act (50
U.S.C. 1701 et seq.); or
''(B) a person described in section 1244(c)(2) of
the Iran Freedom and Counter-Proliferation Act (22
U.S.C. 8803(c)(2)) (other than a person described in
subparagraph (C)(iii) of that section); or
''(2) knowingly transferred funds for, or held funds on
behalf of, a person described in paragraph (1) in relation to a
transaction described in that paragraph, without regard to the
currency of those funds.
''(c) Waiver.--
''(1) In general.--The President may waive the application
of subsection (a) with respect to a person for a period of not
more than 180 days, and may renew that waiver for additional
periods of not more than 180 days, if the President--
''(A) determines that the waiver is vital to the
national security of the United States; and
''(B) not less than 7 days before the waiver or the
renewal of the waiver, as the case may be, takes
effect, submits a report to the appropriate
congressional committees on the waiver and the reason
for the waiver.
''(2) Form of report.--Each report submitted under
paragraph (1)(B) shall be submitted in unclassified form but
may include a classified annex.
''(d) Rule of Construction.--Nothing in this section shall be
construed to prohibit any person from, or authorize or require the
imposition of sanctions with respect to any person for, conducting or
facilitating any transaction in the currency of the country in which
the person is operating at the time of the transaction for the sale of
agricultural commodities, food, medicine, or medical devices.
''(e) Definitions.--In this section:
''(1) Account; correspondent account; payable-through
account.--The terms 'account', 'correspondent account', and
'payable-through account' have the meanings given those terms
in section 5318A of title 31, United States Code.
''(2) Agricultural commodity.--The term 'agricultural
commodity' has the meaning given that term in section 102 of
the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
''(3) Foreign financial institution.--The term 'foreign
financial institution' has the meaning given that term in
section 561.308 of title 31, Code of Federal Regulations (or
any corresponding similar regulation or ruling).
''(4) Iranian financial institution.--The term 'Iranian
financial institution' has the meaning given that term in
section 104A(d) of the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 (22 U.S.C.
8513b(d)).
''(5) Medical device.--The term 'medical device' has the
meaning given the term 'device' in section 201 of the Federal
Food, Drug, and Cosmetic Act (21 U.S.C. 321).
''(6) Medicine.--The term 'medicine' has the meaning given
the term 'drug' in section 201 of the Federal Food, Drug, and
Cosmetic Act (21 U.S.C. 321).
''(7) Transaction.--The term 'transaction' includes a
foreign exchange swap, a foreign exchange forward, and any
other type of currency exchange or conversion or derivative
instrument.''.
(b) Conforming Amendments.--
(1) Implementation.--Section 601(a)(1) of the Iran Threat
Reduction and Syria Human Rights Act of 2012 (22 U.S.C.
8781(a)(1)) is amended by inserting ''220A,'' after ''220,''.
(2) Penalties.--Section 601(b)(2)(A) of such Act (22 U.S.C.
8781(b)(2)(A)) is amended by striking ''and 220,'' and
inserting ''220, and 220A,''.
(3) Termination.--Section 605(a) of such Act (22 U.S.C.
8785(a)) is amended by inserting ''220A,'' after ''220,''.
(c) Clerical Amendment.--The table of contents for the Iran Threat
Reduction and Syria Human Rights Act of 2012 is amended by inserting
after the item relating to section 220 the following:

''Sec. 220A. Imposition of sanctions with respect to certain
transactions in foreign currencies.''.
A:
Iran Sanctions Loophole Elimination Act of 2013 - Amends the Iran Threat Reduction and Syria Human Rights Act of 2012 to direct the President to prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that is a person described in this Act. Describes such person as a person that on or after May 9, 2013, knowingly: (1) conducted or facilitated a significant transaction involving the currency of a country other than the country in which the person is operating with, for, or on behalf of the Central Bank of Iran or another Iranian financial institution designated by the Secretary of the Treasury for the imposition of sanctions, or a person that is involved in the energy, shipping, and shipbuilding sectors of Iran; or (2) transferred funds for, or held funds on behalf of, a person described in the previous paragraph in relation to a transaction without regard to the currency of such funds. Authorizes the President to impose sanctions pursuant to the International Emergency Economic Powers Act with respect to any other person. Authorizes the President to waive the provisions of this Act with respect to a person for up to 180 days (and authorizes renewal of such waiver for additional periods of up to 180 days) for reasons of U.S. national security. Requires congressional notification at least seven days prior to a waiver or waiver renewal.