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H.R. 7402

BillFederalHouseIntroduced
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.
About This Bill
Introduced
Congress
117th (2021–2023)
Introduced
April 5, 2022
Cosponsors (0)
None
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Summary

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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.

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