[Congressional Record Volume 163, Number 101 (Wednesday, June 14, 2017)]
[Senate]
[Pages S3497-S3498]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 246. Mr. TOOMEY 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:

       On page 43, between lines 19 and 20, insert the following:

     SEC. 9. REPORT ON BOOK ENTRY TRANSFERS CONDUCTED BY FINANCIAL 
                   INSTITUTIONS IN CONNECTION WITH ASSETS OF THE 
                   GOVERNMENT OF IRAN.

       (a) In General.--Not later than 180 days after the date of 
     the enactment of this Act, the Secretary of the Treasury 
     shall submit to the appropriate congressional committees a 
     report that includes the following:

[[Page S3498]]

       (1) An analysis of the legality of overseas book entry 
     transfers conducted by financial institutions present in the 
     United States in connection with assets in which the 
     Government of Iran, or an agency or instrumentality of the 
     Government of Iran, holds a beneficial ownership interest, 
     under--
       (A) Executive Order 13599 (77 Fed. Reg. 6659; relating to 
     Blocking property of the Government of Iran and Iranian 
     financial institutions);
       (B) part 560 of title 31, Code of Federal Regulations 
     (commonly known as the ``Iranian Transactions and Sanctions 
     Regulations''); or
       (C) any other relevant statutes, executive orders, 
     regulations, or judicial orders.
       (2) Recommendations, if any, on how to maintain the 
     integrity of United States sanctions and other financial 
     regulations in light of transfers described in paragraph (1).
       (b) Definitions.--In this section:
       (1) The term ``financial institution'' means any entity 
     engaged in the business of dealing with monetary 
     transactions, including banks, trust companies, insurance 
     companies, brokerage firms, investment dealers, securities 
     intermediaries, central securities depositories, and post 
     trade services providers.
       (2) The term ``overseas book entry transfers'' means a 
     transaction in which cash is not moved from an account in the 
     United States to an account overseas by wire or other 
     analogous method, but instead is made accessible to an 
     overseas client of a financial institution carrying out the 
     transaction by entry of debits and credits in books or 
     ledgers internal to that financial institution.
       (3) The term ``present in the United States'', with respect 
     to a financial institution, means that the financial 
     institution has sufficient nexus with the United States so as 
     to be subject to the regulatory authority of the Department 
     of the Treasury.
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