S.Amdt. 243

SA 243. Mr. SULLIVAN submitted an amendment intended to be proposed
by him to the bill S. 722, to impose sanctions with respect to Iran in
relation to Iran's ballistic missile program, support for acts of
international terrorism, and violations of human rights, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. PROHIBITION ON CERTAIN TRANSACTIONS WITH IRAN AND
BLOCKING OF PROPERTY WITH RESPECT TO FOREIGN
FINANCIAL INSTITUTIONS THAT FACILITATE CERTAIN
TRANSACTIONS WITH IRAN.

(a) Prohibition of Certain Transactions.--
(1) Issuance of licenses to conduct offshore dollar
clearing.--The President may not issue any license under the
International Emergency Economic Powers Act (50 U.S.C. 1701
et seq.) to an offshore dollar clearing entity to conduct a
transaction with an Iranian financial institution in United
States dollars.
(2) U-turn transactions.--Notwithstanding section 560.516
of title 31, Code of Federal Regulations (as in effect on the
day before the date of the enactment of this Act), a United
States person may not process any transfer of funds to or
from Iran, or for the direct or indirect benefit of persons
in Iran or the Government of Iran, even if the transfer
arises from, and is ordinarily incident and necessary to give
effect to, an underlying transaction.
(b) Blocking of Property of Foreign Financial
Institutions.--The President shall, in accordance with the
International Emergency Economic Powers Act (50 U.S.C. 1701
et seq.), block and prohibit all transactions in all property
and interests in property of any foreign financial
institution that serves as an offshore dollar clearing entity
to conduct a transaction with an Iranian financial
institution in United States dollars if such property and
interests in property are in the United States, come within
the United States, or are or come within the possession or
control of a United States person.
(c) Report Before Providing Iran Access to the United
States Dollar.--Not later than 30 days before the President
implements any measure that would provide access to the
United States dollar to the Government of Iran or an Iranian
person, the President shall submit to Congress a report that
describes the measure.
(d) Termination.--This section shall terminate only on the
date on which the termination criteria in the Comprehensive
Iran Sanctions, Accountability, and Divestment Act of 2010
(22 U.S.C. 8501 et seq.) has been met and the Secretary of
State certifies to Congress that Iran is no longer a state
sponsor of terrorism (as defined in section 301 of the
Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 (22 U.S.C. 8541)).
(e) Definitions.--In this section:
(1) Foreign financial institution.--The term ``foreign
financial institution'' has the meaning of that term as
determined by the Secretary of the Treasury pursuant to
section 104(i) of the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 (22 U.S.C.
8513(i)).
(2) Iranian financial institution.--The term ``Iranian
financial institution'' has the meaning given that term in
section 104A(d) of the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 (22 U.S.C.
8513b(d)).

SEC. __. CONSOLIDATION OF REPORTS.

Notwithstanding any other provision of this Act or section
135 of the Atomic Energy Act of 1954 (42 U.S.C. 2160e), each
report required by this Act or such section 135 to be
submitted to a committee or member of Congress on an on-going
basis shall be combined in one report that is submitted to
each such committee or member once every 180 days.
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