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Bill114th CongressFiled Apr 19, 2016Finance and Financial Sector
H.R. 4992

United States Financial System Protection Act of 2016

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house without amendment (Jul 14, 2016)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

United States Financial System Protection Act of 2016

(Sec. 3) This bill applies to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the government of Iran, for a specified period only, the existing authorization for U.S. depository institutions and registered brokers or dealers in securities to process such a funds transfer if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license and does not involve debiting or crediting an Iranian account.

The period of application shall be from on or after January 1, 2016, until the President certifies to the appropriate congressional committees that the government of Iran has ceased:

  • supporting acts of international terrorism; and
  • developing nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology (and has dismantled existing ones).

The requirements of this bill shall also apply to foreign financial institutions and registered brokers or dealers in securities if the funds to be transferred are denominated in U.S. dollars.

The President may not, except for certain humanitarian purposes, issue any license under the International Emergency Economic Powers Act or take other action that permits a domestic or foreign depository institution or registered broker or dealer in securities to conduct an offshore U.S. dollar clearing system, or supply U.S. dollars for any such system conducted or overseen by a foreign government or financial institution, for transactions (including funds transfers) involving or for the benefit of the government of Iran or an Iranian person.

(Sec. 4) The President may not rescind a preliminary draft rule or final rule authorizing designation of Iran as a jurisdiction of primary money laundering concern without first certifying to Congress that the government of Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.

What just happenedJul 14, 2016

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Royce, Edward R. [R-CA-39](R-CA)Sponsor
14 cosponsors14 R
Read on Congress.gov
14cosponsors2committees14actions2related bills14subjects
  1. Jul 14, 2016IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Jul 14, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jul 14, 2016FloorH37100

    On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478). (text: CR H4957-4958)

  4. Jul 14, 2016Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478).(text: CR H4957-4958)

  5. Jul 14, 2016FloorH30000

    Considered as unfinished business. (consideration: CR H4973)

  6. Jul 14, 2016FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4992, the Chair put the question on passage of the bill and by voice vote announced that the ayes had prevailed. Mr. Royce demanded the yeas and nays, and the Chair postponed further proceedings on passage of the bill until later in the legislative day.

  7. Jul 14, 2016FloorH35000

    The previous question was ordered pursuant to the rule. (consideration: CR H4957)

  8. Jul 14, 2016FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 4992.

  9. Jul 14, 2016FloorH8D000

    Rule provides for consideration of H.R. 4992, H.R. 5119 and H.R. 5631 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.

  10. Jul 14, 2016FloorH30000

    Considered under the provisions of rule H. Res. 819. (consideration: CR H4957-4964)

  11. Jul 11, 2016FloorH1L210

    Rules Committee Resolution H. Res. 819 Reported to House. Rule provides for consideration of H.R. 4992, H.R. 5119 and H.R. 5631 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.

  12. Apr 19, 2016IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  13. Apr 19, 2016IntroReferralIntro-H

    Introduced in House

  14. Apr 19, 2016IntroReferral1000

    Introduced in House

Passed House without amendmentJul 14, 201681

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

United States Financial System Protection Act of 2016

(Sec. 3) This bill applies to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the government of Iran, for a specified period only, the existing authorization for U.S. depository institutions and registered brokers or dealers in securities to process such a funds transfer if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license and does not involve debiting or crediting an Iranian account.

The period of application shall be from on or after January 1, 2016, until the President certifies to the appropriate congressional committees that the government of Iran has ceased:

  • supporting acts of international terrorism; and
  • developing nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology (and has dismantled existing ones).

The requirements of this bill shall also apply to foreign financial institutions and registered brokers or dealers in securities if the funds to be transferred are denominated in U.S. dollars.

The President may not, except for certain humanitarian purposes, issue any license under the International Emergency Economic Powers Act or take other action that permits a domestic or foreign depository institution or registered broker or dealer in securities to conduct an offshore U.S. dollar clearing system, or supply U.S. dollars for any such system conducted or overseen by a foreign government or financial institution, for transactions (including funds transfers) involving or for the benefit of the government of Iran or an Iranian person.

(Sec. 4) The President may not rescind a preliminary draft rule or final rule authorizing designation of Iran as a jurisdiction of primary money laundering concern without first certifying to Congress that the government of Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.

Introduced in HouseApr 19, 2016

United States Financial System Protection Act of 2016

This bill applies to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the government of Iran, for a specified period only, the existing authorization for U.S. depository institutions and registered brokers or dealers in securities to process such a funds transfer if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license and does not involve debiting or crediting an Iranian account.

The period of application shall be from on or after January 1, 2016, until the President certifies to the appropriate congressional committees that the government of Iran has ceased:

  • supporting acts of international terrorism; and
  • developing nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology (and has dismantled existing ones).

The requirements of this bill shall also apply to foreign financial institutions and registered brokers or dealers in securities if the funds to be transferred are denominated in U.S. dollars.

The President may not, except for certain humanitarian purposes, issue any license under the International Emergency Economic Powers Act or take other action that permits a domestic or foreign depository institution or registered broker or dealer in securities to conduct an offshore U.S. dollar clearing system, or supply U.S. dollars for any such system conducted or overseen by a foreign government or financial institution, for transactions (including funds transfers) involving or for the benefit of the government of Iran or an Iranian person.

The President may not rescind a preliminary draft rule or final rule authorizing designation of Iran as a jurisdiction of primary money laundering concern without first certifying to Congress that the government of Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.

United States Financial System Protection Act of 2016 — Informed