To clarify certain provisions relating to the interests of Iran in certain assets, and for other purposes.

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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 TurnerSponsor

56 cosponsors · 27 D, 29 R

0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

What it does: CRS summary · Introduced in House · Feb 16, 2012

States that the property interest of Iran in: (1) a blocked asset shall include an interest in property of any nature whatsoever, including any direct or indirect interest in securities or other financial assets immobilized or in any other manner held in book entry form and credited to a securities account in the United States, or in any funds transfers held in a U.S. financial institution; (2) securities or other financial assets immobilized or in any other manner held in book entry form and credited to a securities account in the United States shall be deemed to exist at every tier of securities intermediary necessary to hold an interest in any such securities or other financial assets; and (3) a funds transfer shall exist at any intermediary bank necessary to complete such funds transfer.

States that property of Iran shall be deemed to be property in the United States of Iran if that property is: (1) an interest, held for Iran's benefit or for the benefit of any securities intermediary that directly or indirectly holds the interest for Iran's benefit, in securities or other financial assets that are represented by certificates or are in other physical form and are immobilized, custodized, or held for safekeeping or any other reason in the United States; or (2) an interest in securities or other financial assets held in book entry form or otherwise, and credited to a securities account in the United States by any securities intermediary directly or indirectly for Iran's benefit or for the benefit of any other securities intermediary that directly or indirectly holds the interest for Iran's benefit.

States that: (1) an interest in securities or other financial assets is held and credited to a securities account in the United States by a securities intermediary if the securities intermediary is located in the United States; and (2) ownership by Iran, or its central bank or monetary authority, of any property shall be deemed to be commercial activity in the United States and that property, including any interest in that property, shall be deemed not to be held for the central bank's or monetary authority's own account.

Revises provisions regarding exceptions to the immunity from attachment or execution of a foreign state's property in the United States.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: To clarify certain provisions relating to the interests of Iran in certain assets, and for other purposes.

Latest action (Feb 28, 2012): Referred to the Subcommittee on Courts, Commercial and Administrative Law.

Policy area: International Affairs · Origin: House · Introduced: Feb 16, 2012

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.