[Congressional Record Volume 163, Number 101 (Wednesday, June 14, 2017)]
[Senate]
[Page S3497]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 244. Mr. SULLIVAN submitted an amendment intended to be proposed 
by him to the bill S. 722, to impose sanctions with respect to Iran in 
relation to Iran's ballistic missile program, support for acts of 
international terrorism, and violations of human rights, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROHIBITION ON CERTAIN TRANSACTIONS WITH IRAN AND 
                   BLOCKING OF PROPERTY WITH RESPECT TO FOREIGN 
                   FINANCIAL INSTITUTIONS THAT FACILITATE CERTAIN 
                   TRANSACTIONS WITH IRAN.

       (a) Prohibition of Certain Transactions.--
       (1) Issuance of licenses to conduct offshore dollar 
     clearing.--The President may not issue any license under the 
     International Emergency Economic Powers Act (50 U.S.C. 1701 
     et seq.) to an offshore dollar clearing entity to conduct a 
     transaction with an Iranian financial institution in United 
     States dollars.
       (2) U-turn transactions.--Notwithstanding section 560.516 
     of title 31, Code of Federal Regulations (as in effect on the 
     day before the date of the enactment of this Act), a United 
     States person may not process any transfer of funds to or 
     from Iran, or for the direct or indirect benefit of persons 
     in Iran or the Government of Iran, even if the transfer 
     arises from, and is ordinarily incident and necessary to give 
     effect to, an underlying transaction.
       (b) Blocking of Property of Foreign Financial 
     Institutions.--The President shall, in accordance with the 
     International Emergency Economic Powers Act (50 U.S.C. 1701 
     et seq.), block and prohibit all transactions in all property 
     and interests in property of any foreign financial 
     institution that serves as an offshore dollar clearing entity 
     to conduct a transaction with an Iranian financial 
     institution in United States dollars if such property and 
     interests in property are in the United States, come within 
     the United States, or are or come within the possession or 
     control of a United States person.
       (c) Report Before Providing Iran Access to the United 
     States Dollar.--Not later than 30 days before the President 
     implements any measure that would provide access to the 
     United States dollar to the Government of Iran or an Iranian 
     person, the President shall submit to Congress a report that 
     describes the measure.
       (d) Termination.--This section shall terminate only on the 
     date on which the termination criteria in the Comprehensive 
     Iran Sanctions, Accountability, and Divestment Act of 2010 
     (22 U.S.C. 8501 et seq.) has been met and the Secretary of 
     State certifies to Congress that Iran is no longer a state 
     sponsor of terrorism (as defined in section 301 of the 
     Comprehensive Iran Sanctions, Accountability, and Divestment 
     Act of 2010 (22 U.S.C. 8541)).
       (e) Definitions.--In this section:
       (1) Foreign financial institution.--The term ``foreign 
     financial institution'' has the meaning of that term as 
     determined by the Secretary of the Treasury pursuant to 
     section 104(i) of the Comprehensive Iran Sanctions, 
     Accountability, and Divestment Act of 2010 (22 U.S.C. 
     8513(i)).
       (2) 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)).

     SEC. __. CONSOLIDATION OF REPORTS.

       Notwithstanding any other provision of this Act or section 
     135 of the Atomic Energy Act of 1954 (42 U.S.C. 2160e), each 
     report required by this Act or such section 135 to be 
     submitted to a committee or member of Congress on an on-going 
     basis shall be combined in one report that is submitted to 
     each such committee or member once every 180 days.
                                 ______