<enum>I</enum> <header>Iran financing prohibition</header> <section id="H9534859100474AA09C0DF4B87CA39643" section-type="section-one"> <enum>101.</enum> <header>Prohibition</header> <text display-inline="no-display-inline">The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined under section 561.309 of title 31, Code of Federal Regulations) that is ordinarily incident to the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.</text> </section> <section id="H60E979CFEBB443C8BFEA900693ED2DCE" section-type="subsequent-section"> <enum>102.</enum> <header>Revocation of prior authorizations</header> <text display-inline="no-display-inline">If the Secretary of the Treasury authorized any transaction described under section 101 before the date of the enactment of this title, such authorization is hereby revoked.</text> </section>

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[Discussion Draft]

November 9, 2016

114th CONGRESS 2d Session

Rules Committee Print 114-66

Text of H.R. 5711, To prohibit the Secretary of the Treasury from authorizing certain transactions by a U.S. financial institution in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.

[Showing the texts of H.R. 5711 and H.R. 5715 as ordered reported by the Committee on Financial Services.]

<enum>I</enum> <header>Iran financing prohibition</header> <section id="H9534859100474AA09C0DF4B87CA39643" section-type="section-one"> <enum>101.</enum> <header>Prohibition</header> <text display-inline="no-display-inline">The Secretary of the Treasury may not authorize a transaction by a U.S. financial institution (as defined under section 561.309 of title 31, Code of Federal Regulations) that is ordinarily incident to the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran.</text> </section> <section id="H60E979CFEBB443C8BFEA900693ED2DCE" section-type="subsequent-section"> <enum>102.</enum> <header>Revocation of prior authorizations</header> <text display-inline="no-display-inline">If the Secretary of the Treasury authorized any transaction described under section 101 before the date of the enactment of this title, such authorization is hereby revoked.</text> </section> <enum>II</enum> <header>No Ex-Im Assistance for Terrorism</header> <section id="H8B41752B3CA34ABE8BCF133C47672615" section-type="subsequent-section"> <enum>201.</enum> <header>Short title</header> <text display-inline="no-display-inline">This title may be cited as the <quote>No Ex-Im Assistance for Terrorism Act</quote>.</text> </section> <section id="HDAC1119004BB468C8A347C024728A4D5"> <enum>202.</enum> <header>Prohibition on Export-Import Bank financing that would benefit Iran</header> <text display-inline="no-display-inline">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:</text> <quoted-block style="OLC" id="H49EE9D6517D942A3ACC9FF7C7D4E0051" display-inline="no-display-inline"> <paragraph id="HEAA47F00FD1743858BBF7494B4E7E69F" indent="up1"> <enum>(14)</enum> <header>Prohibition on financing that would benefit Iran</header> <subparagraph id="H8919457F6F0A4196A2F5BAE4943E979F"> <enum>(A)</enum> <header>Direct financing</header> <text display-inline="yes-display-inline">The Bank shall 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 by—</text> <clause id="H5378952C82964776B9E50F3231D65DCF"> <enum>(i)</enum> <text>the Government of Iran or an entity owned or controlled by the Government of Iran; or</text> </clause> <clause id="H74EDD74E60274F5389EA459C0E36C980"> <enum>(ii)</enum> <text display-inline="yes-display-inline">an entity created under Iranian law, or a foreign subsidiary of such an entity.</text> </clause> </subparagraph> <subparagraph id="H41840B551D114DEB9ED5C8B54C9F1669"> <enum>(B)</enum> <header>Indirect financing</header> <text display-inline="yes-display-inline">The Bank shall 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 involving—</text> <clause id="H2F260E838EF64CC182B310B0BC26DADE"> <enum>(i)</enum> <text>an entity for the purpose of a transaction involving the Government of Iran or an entity referred to in subparagraph (A); or</text> </clause> <clause id="HE0CD61D8FC804D658D57069028A47836" display-inline="no-display-inline"> <enum>(ii)</enum> <text display-inline="yes-display-inline">a non-United States entity that, in the 5-year period ending with the date of the enactment of this paragraph, has leased or sold aircraft to the Government of Iran or an entity referred to in subparagraph (A) in contravention of United States law, or a subsidiary or controlling parent of such a non-United States entity.</text> </clause> </subparagraph> <subparagraph id="H4A0FA6407D194B62A16263ED18106C1E"> <enum>(C)</enum> <header>Cancellation of approved financing</header> <text display-inline="yes-display-inline">The Bank shall cease the provision of financial assistance approved by the Bank in connection with a transaction with respect to which credit assistance from the Bank is approved after the effective date of this paragraph, on finding that the assistance has facilitated the export, sale, or lease of an aircraft to an entity referred to in subparagraph (A), and shall seek immediate recovery of any amount provided by the Bank in connection with the transaction.</text> </subparagraph> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </section>