US Congress House Bill 4992 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 15-0)
Status: Engrossed on July 14 2016 - 50% progression, died in committee
Action: 2016-07-14 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

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.

United States Financial System Protection Act of 2016

Rep. Edward Royce [R-CA]	Rep. Ileana Ros-Lehtinen [R-FL]	Rep. Ryan Costello [R-PA]	Rep. Devin Nunes [R-CA]
Rep. Rodney Frelinghuysen [R-NJ]	Rep. Robert Aderholt [R-AL]	Rep. Brett Guthrie [R-KY]	Rep. Frank LoBiondo [R-NJ]
Rep. Dave Brat [R-VA]	Rep. Vicky Hartzler [R-MO]	Rep. Michael Fitzpatrick [R-PA]	Rep. Leonard Lance [R-NJ]
Rep. Pete Sessions [R-TX]	Rep. Christopher Gibson [R-NY]	Rep. Candice Miller [R-MI]

House - On Passage (Y: 246 N: 181 NV: 6 Abs: 0) [PASS]
House - On Passage (Y: 246 N: 181 NV: 6 Abs: 0) [PASS]

Date	Chamber	Action
2016-07-14	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2016-07-14	House	Motion to reconsider laid on the table Agreed to without objection.
2016-07-14	House	On passage Passed by the Yeas and Nays: 246 - 181 (Roll no. 478). (text: CR H4957-4958)
2016-07-14	House	Considered as unfinished business. (consideration: CR H4973)
2016-07-14	House	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.
2016-07-14	House	The previous question was ordered pursuant to the rule. (consideration: CR H4957)
2016-07-14	House	DEBATE - The House proceeded with one hour of debate on H.R. 4992.
2016-07-14	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.
2016-07-14	House	Considered under the provisions of rule H. Res. 819. (consideration: CR H4957-4964)
2016-07-11	House	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.
2016-04-19	House	Referred to the House Committee on Financial Services.
2016-04-19	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/4992/all-info
Text	https://www.congress.gov/114/bills/hr4992/BILLS-114hr4992ih.pdf
Text	https://www.congress.gov/114/bills/hr4992/BILLS-114hr4992eh.pdf
Roll Call	https://clerk.house.gov/Votes/2016478