US HB4070 | 2011-2012 | 112th Congress
Status
Sponsorship: Bipartisan Bill
Status: Introduced on February 16 2012 - 25% progression, died in committee
Action: 2012-02-28 - Referred to the Subcommittee on Courts, Commercial and Administrative Law.
Pending: House Subcommittee on Courts, Commercial and Administrative Law Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 16 2012 - 25% progression, died in committee
Action: 2012-02-28 - Referred to the Subcommittee on Courts, Commercial and Administrative Law.
Pending: House Subcommittee on Courts, Commercial and Administrative Law Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
To clarify certain provisions relating to the interests of Iran in certain assets, and for other purposes.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2012-02-28 | House | Referred to the Subcommittee on Courts, Commercial and Administrative Law. |
| 2012-02-23 | House | Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. |
| 2012-02-23 | House | Referred to the Subcommittee on Insurance, Housing and Community Opportunity. |
| 2012-02-16 | House | Referred to House Judiciary |
| 2012-02-16 | House | Referred to House Financial Services |
| 2012-02-16 | House | Referred to House Foreign Affairs |
| 2012-02-16 | House | Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
Subjects
Arms control and nonproliferation
Bank accounts, deposits, capital
Foreign and international banking
International affairs
Iran
Middle East
Sanctions
Securities
Trade restrictions
U.S. and foreign investments
Bank accounts, deposits, capital
Foreign and international banking
International affairs
Iran
Middle East
Sanctions
Securities
Trade restrictions
U.S. and foreign investments
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/house-bill/4070/all-info |
| Text | https://www.congress.gov/112/bills/hr4070/BILLS-112hr4070ih.pdf |
