H.R. 5921House118th Congress (2023-2025)Passed House

No U.S. Financing for Iran Act of 2023

AI-Generated Summary

Updated January 20, 2026 at 12:13 PM UTC

The No U.S. Financing for Iran Act of 2023 blocks most U.S. financial support for Iran. It stops the Treasury from approving U.S. bank transactions tied to Iranian imports or exports, except for agricultural goods, food, medicine, medical devices, or humanitarian aid. It also directs the U.S. IMF representative to oppose any IMF loans or Special Drawing Rights for Iran and adds a ban on Export‑Import Bank financing for the Iranian government or its controlled entities. The law includes a sunset that ends the restrictions either after a presidential certification that Iran has stopped supporting terrorism and is not a primary money‑laundering jurisdiction, or after ten years, whichever comes first.

Key Provisions

The Treasury Secretary may not authorize U.S. financial institution transactions involving the import or export of goods, services, or technology with Iran, except for agricultural commodities, food, medicine, medical devices, or humanitarian assistance.
The Treasury must instruct the U.S. IMF Executive Director to oppose IMF financial assistance and SDR allocations to Iran and to encourage other IMF members to block SDR exchanges for Iran.
The Export‑Import Bank is prohibited from guaranteeing, insuring, or extending credit for any transaction where the Iranian government or an entity it owns or controls is the lender or obligor.
The act and its Export‑Import Bank amendment expire either 30 days after the President certifies Iran has ceased supporting terrorism and is not a primary money‑laundering jurisdiction, or 10 years after enactment, whichever occurs first.

Legislative Activity

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14 earlier actions

SenateIntro Referral Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

April 16, 2024

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HouseIntro Referral

Introduced in House

October 11, 2023

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

October 25, 2023

HouseCommittee

Committee Consideration and Mark-up Session Held

Financial Services Committee

November 14, 2023

HouseCommittee

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 34 - 12.

Financial Services Committee

November 14, 2023

HouseCommittee

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-332.

Financial Services Committee

December 19, 2023

HouseCalendars

Placed on the Union Calendar, Calendar No. 271.

December 19, 2023

HouseFloor

Mr. McHenry moved to suspend the rules and pass the bill, as amended.

April 15, 2024 • 5:26 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H2376-2378)

April 15, 2024 • 5:26 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 5921.

April 15, 2024 • 5:26 PM

HouseFloor

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

April 15, 2024 • 5:42 PM

HouseFloor

Considered as unfinished business. (consideration: CR H2384-2385)

April 15, 2024 • 7:16 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 294 - 105 (Roll no. 123). (text: CR H2376)

View vote Passed

April 15, 2024 • 7:23 PM

HouseFloor

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 294 - 105 (Roll no. 123). (text: CR H2376)

View vote Passed

April 15, 2024 • 7:23 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

April 15, 2024 • 7:23 PM

SenateIntro Referral

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

April 16, 2024

Voting History

1 vote recorded • Roll call available

HOUSE

Roll Call Available

April 15, 2024 at 7:18 PM

On Motion to Suspend the Rules and Pass, as Amended

Majority required: 2/3 (66.7%)

Passed

294 - 105

Floor Debate

1 member

What members said about H.R. 5921 on the floor

1 Democrat

Rep. Val T. HoyleD-OR-4 · Apr 19, 2024

Mr. Speaker, on Monday, April 15, I will vote No on H.R. 5921, the No Financing for Iran Act. While I agree with the bill's stated goal of preventing the Iranian government from accessing the U.S.…

Mr. Speaker, on Monday, April 15, I will vote No on H.R. 5921, the No Financing for Iran Act. While I agree with the bill's stated goal of preventing the Iranian government from accessing the U.S. financial system, the bill goes much further than that and has several issues.

Unfortunately, H.R. 5921 as written would likely inflict significant harm on small businesses in Oregon and across the country. The bill includes provisions to prevent the Export-Import Bank of the U.S. (Exlm Bank) from financing projects associated with Iran's government. However, under current U.S. policy, Exlm is already prohibited from doing business with the government of Iran and Iran-related sanctioned persons (as are all U.S. government entities and U.S. persons).

As Ranking Member Waters has noted, H.R. 5921's duplicative provisions will impose overly burdensome requirements on the Exlm Bank, which would dramatically increase the cost, processing time, and resources needed to review transactions and help American small businesses. The bill would also put American small businesses at a disadvantage to foreign competitors when exporting their goods abroad.

Given my own work with the Exlm Bank before holding elected office, I know how reliant small businesses engaging in international trade in Oregon and across the country are on the services provided. I cannot support legislation that undermines the Exlm Bank's ability to serve American businesses.

In addition, the bill seeks to prevent Iran from accessing Special Drawing Rights (SDRs)--an international reserve asset that many developing countries around the world rely on--through the International Monetary Fund (IMF). However, Iran is already prevented from having access to SDRs thanks to current U.S. sanctions, meaning this bill is unnecessary.

In practice, the bill would actually prevent increases of SDRs to all countries. This is because the IMF process for approving SDR distributions is a simple up-or-down vote on whether there should be a distribution of SDRs to all IMF member countries--there is no avenue at the IMF for SDR votes on individual member countries. As a result, this bill would likely cause significant hardship for many developing IMF member countries around the world.

The U.S. Treasury Department is also opposed to these provisions, stating that this bill would deny the IMF and U.S. Treasury ``a tool for promptly responding to global economic crises and preventing spillovers to the U.S. economy.''

Bill Text

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Referred in SenateIssued April 16, 2024

IIB

118th CONGRESS

2d Session

H. R. 5921

IN THE SENATE OF THE UNITED STATES

April 16, 2024

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To prohibit the Secretary of the Treasury from authorizing certain transactions by a United States financial institution in connection with Iran, to prevent the International Monetary Fund from providing financial assistance to Iran, to codify prohibitions on Export-Import Bank financing for the Government of Iran, and for other purposes.

Short title

This Act may be cited as the No U.S. Financing for Iran Act of 2023.

Prohibition on authorizations for United States financial institutions

The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined in section 561.309 of title 31, Code of Federal Regulations) in connection with the importation from or exportation to the Islamic Republic of Iran of any goods, services, or technology, other than the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran.

Opposition to IMF assistance

The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to—

(1)

oppose the provision of financial assistance by the Fund to the Islamic Republic of Iran, and the allocation to the Government of Iran of Special Drawing Rights; and

(2)

seek to ensure that member countries of the Fund prohibit the exchange of Special Drawing Rights held by the Government of Iran.

Codification of export-import bank prohibition with respect to Iran

Section 2(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)) is amended by adding at the end the following:

(14)

Prohibition on financing for Iran

The Bank may not guarantee, insure, or extend (or participate in an extension of) credit in connection with any transaction, with respect to which credit assistance from the Bank is first sought after the effective date of this paragraph, for which a lender or obligor is the Government of Iran or an entity owned or controlled by the Government of Iran.

Sunset

This Act and the amendment made by this Act are hereby repealed effective on the earliest of—

(1)

the date that is 30 days after the date the President of the United States certifies to the Congress that the Government of Iran—

(A)

has ceased providing support for acts of international terrorism; and

(B)

is not a jurisdiction of primary money laundering concern, as described under section 5318A of title 31, United States Code; or

(2)

10 years after the date of the enactment of this Act.

Passed the House of Representatives April 15, 2024.

Kevin F. McCumber,

Clerk.