{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/hr3662-114/featured_iran-terror-finance-transparency-act-1454551514.jpg","featured_large":"https://assets.causes.com/bill/photo/hr3662-114/featured_large_iran-terror-finance-transparency-act-1454551514.jpg","shareable":"https://n.causes.com/share-images/bills/hr3662-114.png"},"introduced_on":"2015-10-01","title_override":"Keeping Sanctions on Iran — Unless the President Can Ensure the Financial Gains Won't Go to Terrorists","summary_override":"

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:

Iran’s Revolutionary Guard Corps, its agents, or affiliates with property interests blocked by the International Emergency Economic Powers Act (IEEPA);
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.

","official_title":"To enhance congressional oversight over the administration of sanctions against certain Iranian terrorism financiers, and for other purposes.","short_title":"Iran Terror Finance Transparency Act","popular_title":null,"short_summary":"(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)\n\nIran Terror Finance Transparency Act\n\n(Sec. 2) This bill prohibits the President from removing certain foreign financial institutions, including an Iranian financial institution, from the list of designated nationals and blocked persons maintained by the Department of the Treasury's Office of Foreign Asset Control until the President makes two certifications to Congress, the first of which is that the institution has not knowingly facilitated a significant transaction or transactions or provided significant financial services for or on behalf of:\n\n Iran's Revolutionary Guard Corps or any of its agents or affiliates whose property or property interests are blocked pursuant to the International Emergency Economic Powers Act (IEEPA), a foreign terrorist organization for or on behalf of a person whose property or property interests have been blocked pursuant to ...","summarized":true,"cost":5000000000,"cost_commentary":"The CBO estimates that this bill could affect spending and tax revenues, but wouldn’t increase direct spending by more than $5 billion and or increase deficits in any of the four 10-year periods beginning in 2026.","impact":"The American public, U.S. Iran diplomatic relations, Iranian banks and individuals that have been sanctioned, federal entities that enforce sanctions, Congress, and the President.","argument_for":"The President should be able to certify that lifting sanctions on Iranian banks and individuals won’t undermine counterterrorism or anti-proliferation efforts. 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Keeping Sanctions on Iran — Unless the President Can Ensure the Financial Gains Won't Go to Terrorists