H.R. 4070 (112th): To clarify certain provisions relating to the interests of Iran in certain assets, and for other purposes.

Introduced:
Feb 16, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Robert Turner
Representative for New York's 9th congressional district
Party
Republican
Text
Read Text »
Last Updated
Feb 16, 2012
Length
10 pages
 
Status

This bill was introduced on February 16, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 16, 2012
Referred to Committee Feb 16, 2012
 
Summary

No summaries available.

Cosponsors
56 cosponsors (29R, 27D) (show)
Committees

House Financial Services

Capital Markets and Government Sponsored Enterprises

Housing and Insurance

House Foreign Affairs

House Judiciary

Courts, Intellectual Property, and the Internet

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


2/16/2012--Introduced.
States that the property interest of Iran in:
(1) a blocked asset shall include an interest in property of any nature whatsoever, including any direct or indirect interest in securities or other financial assets immobilized or in any other manner held in book entry form and credited to a securities account in the United States, or in any funds transfers held in a U.S. financial institution;
(2) securities or other financial assets immobilized or in any other manner held in book entry form and credited to a securities account in the United States shall be deemed to exist at every tier of securities intermediary necessary to hold an interest in any such securities or other financial assets; and
(3) a funds transfer shall exist at any intermediary bank necessary to complete such funds transfer.
States that property of Iran shall be deemed to be property in the United States of Iran if that property is:
(1) an interest, held for Iran's benefit or for the benefit of any securities intermediary that directly or indirectly holds the interest for Iran's benefit, in securities or other financial assets that are represented by certificates or are in other physical form and are immobilized, custodized, or held for safekeeping or any other reason in the United States; or
(2) an interest in securities or other financial assets held in book entry form or otherwise, and credited to a securities account in the United States by any securities intermediary directly or indirectly for Iran's benefit or for the benefit of any other securities intermediary that directly or indirectly holds the interest for Iran's benefit.
States that:
(1) an interest in securities or other financial assets is held and credited to a securities account in the United States by a securities intermediary if the securities intermediary is located in the United States; and
(2) ownership by Iran, or its central bank or monetary authority, of any property shall be deemed to be commercial activity in the United States and that property, including any interest in that property, shall be deemed not to be held for the central bank's or monetary authority's own account.
Revises provisions regarding exceptions to the immunity from attachment or execution of a foreign state's property in the United States.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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