To clarify certain provisions relating to the interests of Iran in certain assets, and for other purposes.
Latest action · Feb 28, 2012 Referred to the Subcommittee on Courts, Commercial and Administrative Law.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 16, 2012
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
States that the property interest of Iran in: (1) a blocked asset shall include an interest in property of any nature whatsoever, including any direct or indirect interest in securities or other financial assets immobilized or in any other manner held in book entry form and credited to a securities account in the United States, or in any funds transfers held in a U.S. financial institution; (2) securities or other financial assets immobilized or in any other manner held in book entry form and credited to a securities account in the United States shall be deemed to exist at every tier of securities intermediary necessary to hold an interest in any such securities or other financial assets; and (3) a funds transfer shall exist at any intermediary bank necessary to complete such funds transfer.
States that property of Iran shall be deemed to be property in the United States of Iran if that property is: (1) an interest, held for Iran's benefit or for the benefit of any securities intermediary that directly or indirectly holds the interest for Iran's benefit, in securities or other financial assets that are represented by certificates or are in other physical form and are immobilized, custodized, or held for safekeeping or any other reason in the United States; or (2) an interest in securities or other financial assets held in book entry form or otherwise, and credited to a securities account in the United States by any securities intermediary directly or indirectly for Iran's benefit or for the benefit of any other securities intermediary that directly or indirectly holds the interest for Iran's benefit.
States that: (1) an interest in securities or other financial assets is held and credited to a securities account in the United States by a securities intermediary if the securities intermediary is located in the United States; and (2) ownership by Iran, or its central bank or monetary authority, of any property shall be deemed to be commercial activity in the United States and that property, including any interest in that property, shall be deemed not to be held for the central bank's or monetary authority's own account.
Revises provisions regarding exceptions to the immunity from attachment or execution of a foreign state's property in the United States.
Cosponsors 56
Members who signed on, in the order they did. Signatures ran from Feb 21, 2012 to Jul 31, 2012.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Brad Sherman | Feb 21, 2012 | |
| R-GA | Paul C. Broun | Feb 21, 2012 | |
| R-FL | Bill Posey | Feb 28, 2012 | |
| D-NJ | Robert E. Andrews | Feb 28, 2012 | |
| R-PA | Charles W. Dent | Feb 29, 2012 | |
| R-NC | Walter B. Jones | Feb 29, 2012 | |
| R-NC | Howard Coble | Mar 1, 2012 | |
| R-FL | Ileana Ros-Lehtinen | Mar 1, 2012 | |
| D-IA | Bruce L. Braley | Mar 5, 2012 | |
| R-FL | Allen B. West | Mar 6, 2012 | |
| R-FL | Dennis A. Ross | Mar 6, 2012 | |
| R-TN | Diane Black | Mar 7, 2012 | |
| R-FL | Richard B. Nugent | Mar 7, 2012 | |
| R-MI | Thaddeus G. McCotter | Mar 7, 2012 | |
| R-SC | Tim Scott | Mar 21, 2012 | |
| D-PA | Allyson Y. Schwartz | Mar 22, 2012 | |
| R-VA | J. Randy Forbes | Mar 22, 2012 | |
| R-NJ | Jon Runyan | Mar 22, 2012 | |
| D-CA | Bob Filner | Mar 26, 2012 | |
| D-MI | John Conyers, Jr. | Mar 27, 2012 | |
| D-FL | Frederica S. Wilson | Apr 16, 2012 | |
| D-VA | Gerald E. Connolly | Apr 16, 2012 | |
| D-NJ | Steven R. Rothman | Apr 16, 2012 | |
| D-OH | Tim Ryan | Apr 17, 2012 | |
| D-GA | John Barrow | Apr 24, 2012 | |
| R-OH | Steve Austria | Apr 24, 2012 | |
| D-NY | Carolyn McCarthy | Apr 26, 2012 | |
| D-NY | Edolphus Towns | Apr 26, 2012 | |
| D-NY | Charles B. Rangel | May 7, 2012 | |
| R-FL | David Rivera | May 7, 2012 | |
| D-CA | Laura Richardson | May 7, 2012 | |
| R-NY | Michael G. Grimm | May 7, 2012 | |
| D-OR | Peter A. DeFazio | May 7, 2012 | |
| D-NV | Shelley Berkley | May 7, 2012 | |
| R-AL | Mike Rogers | May 15, 2012 | |
| R-FL | Steve Southerland II | May 16, 2012 | |
| R-IL | Robert T. Schilling | May 17, 2012 | |
| D-NJ | Bill Pascrell, Jr. | May 18, 2012 | |
| R-SC | Joe Wilson | May 18, 2012 | |
| R-TX | Ted Poe | May 31, 2012 | |
| D-RI | David N. Cicilline | Jun 6, 2012 | |
| D-CA | Grace F. Napolitano | Jun 6, 2012 | |
| D-NY | Kathleen C. Hochul | Jun 18, 2012 | |
| R-IL | Randy Hultgren | Jun 18, 2012 | |
| D-NY | William L. Owens | Jun 20, 2012 | |
| D-CT | James A. Himes | Jun 21, 2012 | |
| D-WI | Tammy Baldwin | Jun 21, 2012 | |
| R-FL | John L. Mica | Jun 25, 2012 | |
| D-ME | Michael H. Michaud | Jul 9, 2012 | |
| R-AR | Tim Griffin | Jul 9, 2012 | |
| R-PA | Todd Russell Platts | Jul 10, 2012 | |
| D-HI | Mazie K. Hirono | Jul 17, 2012 | |
| R-AL | Spencer Bachus | Jul 17, 2012 | |
| R-NY | Peter T. King | Jul 18, 2012 | |
| D-CT | Christopher Murphy | Jul 24, 2012 | |
| R-PA | Tim Murphy | Jul 31, 2012 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Foreign Affairs Committee | Referred Feb 16, 2012 |
| House | Financial Services Committee | Referred Feb 16, 2012 |
| Housing and Insurance Subcommittee | Referred Feb 23, 2012 | |
| Capital Markets Subcommittee | Referred Feb 23, 2012 | |
| House | Judiciary Committee | Referred Feb 16, 2012 |
| Courts, Intellectual Property, Artificial Intelligence, and the Internet Subcommittee | Referred Feb 28, 2012 |
Actions 5
Everything that happened, newest first.
- Feb 28, 2012Referred to the Subcommittee on Courts, Commercial and Administrative Law.
- Feb 23, 2012Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
- Feb 23, 2012Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
- Feb 16, 2012Introduced in House
- Feb 16, 2012Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H2824 | Robert L. Turner R-NY | May 17, 2012 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H903.
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To clarify certain provisions relating to the interests of Iran in certain assets, and for other purposes.
Subjects
Assigned by the Library of Congress. Policy area: International Affairs.
Text 1
Each version as it was printed, newest first.
- Feb 16, 2012Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
