[Congressional Record Volume 162, Number 83 (Wednesday, May 25, 2016)]
[Senate]
[Page S3201]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4165. Mr. RUBIO (for himself, Mr. Kirk, Ms. Ayotte, Mr. Roberts, 
Mr. Toomey, and Mrs. Capito) submitted an amendment intended to be 
proposed by him to the bill S. 2943, to authorize appropriations for 
fiscal year 2017 for military activities of the Department of Defense, 
for military construction, and for defense activities of the Department 
of Energy, to prescribe military personnel strengths for such fiscal 
year, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of subtitle D of title XII, add the following:

     SEC. 1227. CLARIFICATION THAT FREEZING OF ASSETS OF IRANIAN 
                   FINANCIAL INSTITUTIONS INCLUDES ASSETS IN 
                   POSSESSION OR CONTROL OF A UNITED STATES PERSON 
                   PURSUANT TO A U-TURN TRANSACTION.

       Section 1245(c) of the National Defense Authorization Act 
     for Fiscal Year 2012 (22 U.S.C. 8513a) is amended--
       (1) by striking ``The President'' and inserting ``(1) In 
     general.--The President''; and
       (2) by adding at the end the following:
       ``(2) Treatment of certain transactions.--
       ``(A) U-turn transactions.--Property that comes within the 
     possession or control of a United States person pursuant to a 
     transfer of funds that arises from, and is ordinarily 
     incident and necessary to give effect to, an underlying 
     transaction shall be considered to come within the possession 
     or control of that person for purposes of paragraph (1).
       ``(B) Book transfers.--A transfer of funds or other 
     property for the benefit of an Iranian financial institution 
     that is made between accounts of the same financial 
     institution shall be considered property or interests in 
     property of that Iranian financial institution for purposes 
     of paragraph (1) even if that Iranian financial institution 
     is not the direct recipient of the transfer.''.
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