Vote Smart's Synopsis:

Vote to pass a bill that prohibits certain actions related to exports, imports, and financing with respect to Iran.

Highlights:

• Prohibits certain actions related to exports, imports, and financing with respect to Iran (Sec. 2-4).

• 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 and specifies it does not apply to the sale of agricultural commodities, food, medicine, medical devices, or humanitarian assistance benefitting the civilian population of Iran (Sec. 2-4).

• Requires Treasury to instruct U.S. representatives to the International Monetary Fund (IMF) to oppose IMF financial assistance, and the allocation of Special Drawing Rights (SDR), to Iran and seek to ensure that IMF member countries prohibit the exchange of SDR held by Iran (Sec. 2-4).

• Specifies SDR as 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 (Sec. 2-4).

• Establishes statutory authority for the prohibition on Export-Import Bank financing to Iran (Sec. 2-4).

• Specifies that this bill's provisions shall be in effect until 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, or 10 years after this bill's enactment (Sec. 2-4).

Full Bill Text

Full Bill Text