[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3439 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3439

   To require the President to impose sanctions on foreign financial 
institutions that conduct transactions with the Central Bank of Iran if 
 the President determines that the Central Bank of Iran has engaged in 
    certain transactions relating to the proliferation of chemical, 
  biological, or nuclear weapons or support for acts of international 
                               terrorism.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 16, 2011

Mr. Flake (for himself and Mr. McIntyre) introduced the following bill; 
         which was referred to the Committee on Foreign Affairs

_______________________________________________________________________

                                 A BILL


 
   To require the President to impose sanctions on foreign financial 
institutions that conduct transactions with the Central Bank of Iran if 
 the President determines that the Central Bank of Iran has engaged in 
    certain transactions relating to the proliferation of chemical, 
  biological, or nuclear weapons or support for acts of international 
                               terrorism.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. IMPOSITION OF SANCTIONS ON FOREIGN FINANCIAL INSTITUTIONS 
              THAT CONDUCT TRANSACTIONS OF THE CENTRAL BANK OF IRAN.

    Section 104 of the Comprehensive Iran Sanctions, Accountability, 
and Divestment Act of 2010 (22 U.S.C. 8513) is amended--
            (1) by redesignating subsections (h) and (i) as subsections 
        (i) and (j), respectively; and
            (2) by inserting after subsection (g) the following new 
        subsection:
    ``(h) Imposition of Sanctions on Foreign Financial Institutions 
That Conduct Transactions of the Central Bank of Iran.--
            ``(1) Determination required.--
                    ``(A) In general.--Not later than 30 days after the 
                date of the enactment of this subsection, the President 
                shall determine whether the Central Bank of Iran has--
                            ``(i) provided financial services in 
                        support of, or otherwise facilitated, the 
                        ability of Iran to--
                                    ``(I) acquire or develop chemical, 
                                biological, or nuclear weapons, or 
                                related technologies;
                                    ``(II) construct, equip, operate, 
                                or maintain nuclear enrichment 
                                facilities; or
                                    ``(III) acquire or develop 
                                ballistic missiles, cruise missiles, or 
                                destabilizing types and amounts of 
                                conventional weapons; or
                            ``(ii) facilitated a transaction or 
                        provided financial services for--
                                    ``(I) Iran's Revolutionary Guard 
                                Corps; or
                                    ``(II) a financial institution 
                                whose property or interests in property 
                                are subject to sanctions imposed 
                                pursuant to the International Emergency 
                                Economic Powers Act (50 U.S.C. 1701 et 
                                seq.) in connection with--
                                            ``(aa) Iran's proliferation 
                                        of weapons of mass destruction 
                                        or delivery systems for weapons 
                                        of mass destruction; or
                                            ``(bb) Iran's support for 
                                        acts of international 
                                        terrorism.
                    ``(B) Submission to congress.--The President shall 
                submit in writing to the appropriate congressional 
                committees the determination made under subparagraph 
                (A) and the reasons for the determination.
            ``(2) Imposition of sanctions.--If the President determines 
        under paragraph (1)(A) that the Central Bank of Iran has 
        engaged in an activity described in that paragraph, the 
        President shall immediately--
                    ``(A) prohibit the opening or maintaining in the 
                United States of a correspondent account or a payable-
                through account by a foreign financial institution that 
                the President determines has knowingly conducted any 
                financial transaction with the Central Bank of Iran; 
                and
                    ``(B) freeze and prohibit all transactions in all 
                property and interests in property of each such foreign 
                financial institution if such property and interests in 
                property are in the United States, come within the 
                United States, or come within the possession or control 
                of a United States person.
            ``(3) Applicability.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), paragraph (2) applies with respect to 
                financial transactions commenced on or after the date 
                of the enactment of this subsection.
                    ``(B) Petroleum transactions.--Paragraph (2) 
                applies with respect to financial transactions for the 
                purchase of petroleum or petroleum products through the 
                Central Bank of Iran commenced on or after the date 
                that is 180 days after the date of the enactment of 
                this subsection.
            ``(4) Foreign financial institution.--For purposes of this 
        subsection, the term `foreign financial institution' includes a 
        financial institution owned or controlled by a foreign 
        government.''.
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