[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Pages S4806-S4807]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2483. Mr. RUBIO submitted an amendment intended to be proposed by 
him to the bill S. 4638, to authorize appropriations for fiscal year 
2025 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 F of title XII, add the following:

     SEC. 1291. IMPOSITION OF SANCTIONS WITH RESPECT TO CERTAIN 
                   FINANCIAL INSTITUTIONS OF COUNTRIES OF CONCERN.

       (a) In General.--The President shall impose one or more of 
     the sanctions described in subsection (b) with respect to 
     each covered financial institution that uses the Cross-Border 
     Interbank Payment System (commonly referred to as ``CIPS''), 
     the System for Transfer of Financial Messages (commonly 
     referred to as ``SPFS''), or the System for Electronic 
     Payment Messaging (commonly referred to as ``SEPAM'') to 
     clear, verify, settle, or otherwise conduct transactions with 
     any other covered financial institution.
       (b) Sanctions Described.--The sanctions described in this 
     subsection are the following:
       (1) Property blocking.--The exercise of exercise all of the 
     powers granted by the International Emergency Economic Powers 
     Act (50 U.S.C. 1701 et seq.) to the extent necessary to block 
     and prohibit all transactions in all property and interests 
     in property of a covered financial institution subject to 
     subsection (a) 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.
       (2) Restrictions on correspondent and payable-through 
     accounts.--A prohibition on the opening or maintaining in the 
     United States of a correspondent account or a payable-through 
     account by a covered financial institution subject to 
     subsection (a).
       (3) Executive officers inadmissible for visas, admission, 
     or parole.--
       (A) Visas, admission, or parole.--An executive officer of a 
     covered financial institution subject to subsection (a) who 
     is an alien is--
       (i) inadmissible to the United States;
       (ii) ineligible to receive a visa or other documentation to 
     enter the United States; and
       (iii) otherwise ineligible to be admitted or paroled into 
     the United States or to receive any other benefit under the 
     Immigration and Nationality Act (8 U.S.C. 1101 et seq.).
       (B) Current visas revoked.--
       (i) In general.--The visa or other entry documentation of 
     an alien described in subparagraph (A) shall be revoked, 
     regardless of when such visa or other entry documentation was 
     issued.
       (ii) Immediate effect.--A revocation under clause (i) 
     shall--

       (I) take effect immediately; and
       (II) automatically cancel any other valid visa or entry 
     documentation that is in the alien's possession.

       (c) Exceptions.--
       (1) Exception for intelligence activities.--This section 
     shall not apply with respect to activities subject to the 
     reporting requirements under title V of the National Security 
     Act of 1947 (50 U.S.C. 3091 et seq.) or any authorized 
     intelligence activities of the United States.
       (2) Compliance with united nations headquarters 
     agreement.--Subsection (b)(3) shall not apply with respect to 
     the admission of an alien to the United States if such 
     admission is necessary to permit the United States to comply 
     with the Agreement regarding the Headquarters of the United 
     Nations, signed at Lake Success, June 26, 1947, and entered 
     into force, November 21, 1947, between the United Nations and 
     the United States.
       (3) Exception relating to importation of goods.--
       (A) In general.--The authority to block and prohibit all 
     transactions in all property and interests in property under 
     subsection (b)(1) shall not include the authority or a 
     requirement to impose sanctions on the importation of goods.
       (B) Good.--In this paragraph, the term ``good'' means any 
     article, natural or manmade substance, material, supply or 
     manufactured product, including inspection and test 
     equipment, and excluding technical data.
       (d) Implementation; Penalties.--
       (1) Implementation.--The President may exercise all 
     authorities provided under sections 203 and 205 of the 
     International Emergency Economic Powers Act (50 U.S.C. 1702 
     and 1704) to carry out this section.
       (2) Penalties.--A person that violates, attempts to 
     violate, conspires to violate, or causes a violation of this 
     section or any regulation, license, or order issued to carry 
     out this section shall be subject to the penalties set forth 
     in subsections (b) and (c) of section 206 of the 
     International Emergency Economic Powers Act (50 U.S.C. 1705) 
     to the same extent as a person that commits an unlawful act 
     described in subsection (a) of that section.
       (e) Delegation.--Not later than 90 days after the date of 
     the enactment of this Act, the President shall--
       (1) make a determination with respect to if and how the 
     President will delegate the requirements and authorities 
     under this section; and
       (2) notify the appropriate congressional committees of that 
     determination.
       (f) Regulations.--Not later than 90 days after the date of 
     the enactment of this Act, the President shall prescribe such 
     regulations as are necessary to carry out this section.
       (g) Report Required.--
       (1) In general.--Not later than 180 days after the date of 
     the enactment of this Act, the President shall submit to the 
     appropriate congressional committees a report--
       (A) describing the scope and usage of CIPS, SPFS, or SEPAM 
     around the world, including usage rates by country;

[[Page S4807]]

       (B) assessing the risks that widespread adoption of CIPS, 
     SPFS, or SEPAM poses to the national security of the United 
     States;
       (C) assessing the ability of CIPS, SPFS, and SEPAM in 
     helping countries of concern circumvent United States and 
     international sanctions; and
       (D) making recommendations to further preserve and 
     strengthen the influence of the United States in the global 
     financial system.
       (2) Form.--Each report required by paragraph (1) shall be 
     submitted in unclassified form but may include a classified 
     annex.
       (h) Definitions.--In this section:
       (1) Account; correspondent account; payable-through 
     account.--The terms ``account'', ``correspondent account'', 
     and ``payable-through account'' have the meanings given those 
     terms in section 5318A of title 31, United States Code.
       (2) Admission; admitted; alien.--The terms ``admission'', 
     ``admitted'', and ``alien'' have the meanings given those 
     terms in section 101 of the Immigration and Nationality Act 
     (8 U.S.C. 1101).
       (3) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Foreign Relations, the Committee on 
     Banking, Housing, and Urban Affairs, and the Select Committee 
     on Intelligence of the Senate; and
       (B) the Committee on Foreign Affairs, the Committee on 
     Financial Services, and the Permanent Select Committee on 
     Intelligence of the House of Representatives.
       (4) Covered financial institution.--The term ``covered 
     financial institution'' means a financial institution--
       (A) located in--
       (i) a country of concern; or
       (ii) territory controlled by an entity holding itself out 
     to be the government of the Republic of South Ossetia, the 
     State of Alania, the Donetsk People's Republic, the Luhansk 
     People's Republic, the Republic of Abkhazia, or the 
     Pridnestrovian Moldavian Republic;
       (B) organized under the laws of a country of concern, any 
     jurisdiction within a country of concern, or an entity 
     described in subparagraph (A)(ii), including a foreign branch 
     of such an institution;
       (C) wherever located, owned or controlled by the government 
     of a country of concern or an entity described in 
     subparagraph (A)(ii); or
       (D) wherever located, owned or controlled by a financial 
     institution described in subparagraph (A), (B), or (C).
       (5) Country of concern.--The term ``country of concern''--
       (A) has the meaning given the term ``foreign adversary'' in 
     section 8(c)(2) of the Secure and Trusted Communications 
     Networks Act of 2019 (47 U.S.C. 1607(c)(2)); and
       (B) includes--
       (i) the People's Republic of China (including the Special 
     Administrative Regions of China, including Hong Kong and 
     Macau);
       (ii) the Russian Federation;
       (iii) Iran;
       (iv) North Korea;
       (v) Cuba; and
       (vi) Venezuela under the regime of Nicolas Maduro.
       (6) Financial institution.--The term ``financial 
     institution'' means a financial institution specified in 
     subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), 
     (J), (M), or (Y) of section 5312(a)(2) of title 31, United 
     States Code.
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