This bill would call for more Congressional oversight of U.S. economic and trade sanctions — specifically with Iran.
It focuses on sanctions covering Iran's financial institutions. Travel restrictions on Iranian nationals involved with the country’s nuclear weapons program or U.S. designated terrorist organizations are also covered in this bill.
Iranian financial institutions could not be removed from the Office of Foreign Asset Control’s sanctions list — unless the President can certify that institution hasn’t knowingly processed a transaction, or no longer knowingly processes transactions for:
A foreign terrorist organization or a person whose property interests have been blocked by Executive Order 13224;
A person whose property interests are blocked by IEEPA in connection with Iran’s proliferation of weapons of mass destruction or their delivery.
The President would be kept from removing specific foreign people from the list of designated nationals and blocked persons — unless the President can certify that the person has not knowingly:
Assisted or offered financial, material, or technological support for terrorism or a terrorist organization;
Been involved in activities or transactions that have materially contributed to Iran's proliferation of weapons of mass destruction or their means of delivery.
Additionally, the President can't remove Iran’s designation as primary money laundering concern — unless he or she certifies that Iran no longer supports terrorism, pursues weapons of mass destruction, and illegal or deceptive financial activities. Rulemaking by federal agencies related to Iran would be subject to congressional review requirements.