HR 7402 United States House · 117th Congress

No U.S. Financing for Iran Act of 2022

Summary
No U.S. Financing for Iran Act of 2022 This bill prohibits certain actions related to exports, imports, and financing with respect to Iran. Specifically, the bill prohibits the Department of the Treasury from authorizing U.S. financial institution transactions in connection with the importation from or exportation to Iran of goods, services, or technology. This prohibition does not apply to the sale of agricultural commodities, food, medicine, or medical devices benefitting the civilian population of Iran. The bill requires Treasury to instruct U.S. representatives to the International Monetary Fund (IMF) to (1) oppose IMF financial assistance, and the allocation of Special Drawing Rights (SDR), to Iran; and (2) seek to ensure that IMF member countries prohibit the exchange of SDR held by Iran. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.) Further, the bill provides statutory authority for the prohibition on Export-Import Bank financing with respect to Iran. The bill's provisions shall be in effect until the earlier of (1) 30 days after the President certifies to Congress that Iran has ceased providing support for acts of international terrorism and is not a jurisdiction of primary money laundering concern, (2) 30 days after Treasury reports to Congress that termination of the provisions is necessary to comply with treaties ratified by the United States, or (3) 10 years after this bill's enactment.
Bill status in committee 1 of 4 stages cleared
Introduction
Apr 2022
Committee Review
Floor Vote
President
Introduced Apr 5, 2022 Last action Apr 5, 2022
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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Apr 5, 2022
Committee
Referred to the House Committee on Financial Services.
lower
Apr 5, 2022
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Bill Huizenga
Bill Huizenga
RRepublican
MI
4