H.R. 3508 · 112th Congress
To require the President to impose sanctions on foreign financial institutions that conduct transactions with…
Full title
To require the President to impose sanctions on foreign financial institutions that conduct transactions with the Central Bank of Iran.
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
FlakeSponsor2 cosponsors · 1 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the President to: (1) prohibit the opening or maintaining in the United States of a correspondent or payable-through account by a foreign financial institution that has knowingly conducted any financial transaction with the Central Bank of Iran; and (2) freeze and…
What it does: CRS summary · Introduced in House · Nov 22, 2011
Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the President to: (1) prohibit the opening or maintaining in the United States of a correspondent or payable-through account by a foreign financial institution that has knowingly conducted any financial transaction with the Central Bank of Iran; and (2) freeze and prohibit all property and property interest transactions of such institution if the property and property interests are in the United States, come within the United States, or come within the possession or control of a U.S. person.
Prohibits such sanctions' imposition if the transaction was for the sale of food, medicine, or medical devices to Iran.
Applies such provisions to: (1) financial transactions begun on or after the date of the enactment of this Act, and (2) financial transactions for petroleum or petroleum product purchases through the Bank begun 180 days or more after the date of the enactment of this Act.
Authorizes the President to waive such sanctions for reasons of national security.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To require the President to impose sanctions on foreign financial institutions that conduct transactions with the Central Bank of Iran.
Latest action (Jan 12, 2012): Referred to the Subcommittee on International Monetary Policy and Trade.
Policy area: International Affairs · Origin: House · Introduced: Nov 22, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.