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S 892 113th Congress Senate International Affairs Foreign and international banking International monetary system and foreign exchange Iran Middle East Sanctions War and emergency powers

Iran Sanctions Loophole Elimination Act of 2013

Introduced: May 8, 2013 See on congress.gov
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 2013
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 113-42.
May 8, 2013
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 8, 2013
Introduced in Senate
 Plain-English summary Congressional Research Service

Iran Sanctions Loophole Elimination Act of 2013 - Amends the Iran Threat Reduction and Syria Human Rights Act of 2012 to direct the President to prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that is a person described in this Act.

Describes such person as a person that on or after May 9, 2013, knowingly: (1) conducted or facilitated a significant transaction involving the currency of a country other than the country in which the person is operating with, for, or on behalf of the Central Bank of Iran or another Iranian financial institution designated by the Secretary of the Treasury for the imposition of sanctions, or a person that is involved in the energy, shipping, and shipbuilding sectors of Iran; or (2) transferred funds for, or held funds on behalf of, a person described in the previous paragraph in relation to a transaction without regard to the currency of such funds.

Authorizes the President to impose sanctions pursuant to the International Emergency Economic Powers Act with respect to any other person.

Authorizes the President to waive the provisions of this Act with respect to a person for up to 180 days (and authorizes renewal of such waiver for additional periods of up to 180 days) for reasons of U.S. national security. Requires congressional notification at least seven days prior to a waiver or waiver renewal.

What's happening now May 21, 2013

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 113-42.

 Committees of jurisdiction 1