H.R. 4179 (112th): Iran Financial Sanctions Improvement Act of 2012

Introduced:
Mar 08, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Brad Sherman [D-CA27]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 8, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 08, 2012
Referred to Committee Mar 08, 2012
Cosponsors
1 cosponsors (1R) (show)
Committees

House Financial Services

House Foreign Affairs

House Oversight and Government Reform

House Judiciary

The committee chair determines whether a bill will move past the committee stage.

Full Title

To strengthen the multilateral sanctions regime with respect to Iran, to expand sanctions relating to the energy sector of Iran, the proliferation of weapons of mass destruction by Iran, and human rights abuses in Iran, and for other purposes.

Summary

No summaries available.

Text

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Last updated Mar 08, 2012.
18 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/8/2012--Introduced.
Iran Financial Sanctions Improvement Act of 2012 - Directs the Comptroller General to submit to Congress a list of all known entities that provide services to, or facilitate service access for, the Central Bank of Iran or any Iranian financial institution.
Directs the Secretary of the Treasury to report to Congress on efforts to ensure that the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Clearstream, and other similar entities have terminated the provision of services to, and the facilitation of service access for, the Central Bank of Iran and other Iranian financial institutions.
Authorizes the President to impose specified sanctions on an entity that has not terminated any such relationship.
Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to require each foreign financial institution that maintains a U.S. correspondent account or a payable-through account to report to the Secretary of the Treasury regarding any financial dealings with an Iranian financial institution during the preceding 180 days.
Directs the Secretary to make such reports public.
Amends the National Defense Authorization Act for Fiscal Year 2012 to include as a sanctionable activity the maintenance of funds or accounts for, or on behalf of, the Central Bank of Iran or another Iranian financial institution.
Applies specified sanctions with respect to a foreign financial institution owned or controlled by the government of a foreign country (including a central bank of a foreign country) to the same extent and in the same manner as such sanctions apply to other foreign financial institutions.
Directs the President to impose specified sanctions against a person that knowingly provided underwriting services or reinsurance:
(1) for any activity regarding Iran for which sanctions have been imposed, or
(2) to or for any person on which sanctions have been imposed for engaging in an activity with respect to Iran or any person designated for the imposition of sanctions in connection with Iran's proliferation of weapons of mass destruction or support for international terrorism.
Includes among such sanctions export and procurement sanctions, and visa, property, banking, loan, and foreign exchange prohibitions.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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United States Code

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