PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 6, 2016
Iran Financial System Access Limitation Act of 2016
This bill expresses the sense of Congress that Congress must act to preempt any move to grant licenses resulting in Iran's access to the U.S. dollar.
The President may not issue a license to an offshore dollar-clearing entity to conduct a transaction in U.S. dollars with an Iranian financial institution.
A U.S. person may not process (in a U-turn transaction) any transfer of funds to or from Iran, or for the 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.
The President shall block and prohibit transactions in all property and property interests of any foreign financial institution that serves as an offshore dollar clearing entity to conduct a transaction with an Iranian financial institution in U.S. dollars if such property and property interests are in the United States, come within the United States, or are or come within the possession or control of a U.S. person.
People & committees
Sen. Sullivan, Dan [R-AK] · R–AK
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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