S.Amdt. 4165

SA 4165. Mr. RUBIO (for himself, Mr. Kirk, Ms. Ayotte, Mr. Roberts,
Mr. Toomey, and Mrs. Capito) submitted an amendment intended to be
proposed by him to the bill S. 2943, to authorize appropriations for
fiscal year 2017 for military activities of the Department of Defense,
for military construction, and for defense activities of the Department
of Energy, to prescribe military personnel strengths for such fiscal
year, and for other purposes; which was ordered to lie on the table; as
follows:

At the end of subtitle D of title XII, add the following:

SEC. 1227. CLARIFICATION THAT FREEZING OF ASSETS OF IRANIAN
FINANCIAL INSTITUTIONS INCLUDES ASSETS IN
POSSESSION OR CONTROL OF A UNITED STATES PERSON
PURSUANT TO A U-TURN TRANSACTION.

Section 1245(c) of the National Defense Authorization Act
for Fiscal Year 2012 (22 U.S.C. 8513a) is amended--
(1) by striking ``The President'' and inserting ``(1) In
general.--The President''; and
(2) by adding at the end the following:
``(2) Treatment of certain transactions.--
``(A) U-turn transactions.--Property that comes within the
possession or control of a United States person pursuant to a
transfer of funds that arises from, and is ordinarily
incident and necessary to give effect to, an underlying
transaction shall be considered to come within the possession
or control of that person for purposes of paragraph (1).
``(B) Book transfers.--A transfer of funds or other
property for the benefit of an Iranian financial institution
that is made between accounts of the same financial
institution shall be considered property or interests in
property of that Iranian financial institution for purposes
of paragraph (1) even if that Iranian financial institution
is not the direct recipient of the transfer.''.
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