H.R. 3508: To require the President to impose sanctions on foreign financial institutions that conduct transactions with the Central Bank of Iran.

112th Congress · introduced 2011-11-22 · International Affairs · Latest: Referred to the Subcommittee on International Monetary Policy and Trade.

federal

Follow this bill, step by step

Where it came from: introduced 2011-11-22 · official record
Who proposed it: Rep. Flake, Jeff [R-AZ-6] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on International Monetary Policy and Trade. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

To require the President to impose sanctions on foreign financial institutions that conduct transactions with the Central Bank of Iran.

Plain summary

Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the President to: (1) prohibit the opening or maintaining in the United States of a correspondent or payable-through account by a foreign financial institution that has knowingly conducted any financial transaction with the Central Bank of Iran; and (2) freeze and prohibit all property and property interest transactions of such institution if the property and property interests are in the United States, come within the United States, or come within the possession or control of a U.S. person. Prohibits such sanctions' imposition if the transaction was for the sale of food, medicine, or medical devices to Iran. Applies such provisions to: (1) financial transactions begun on or after the date of the enactment of this Act, and (2) financial transactions for petroleum or petroleum product purchases through the Bank begun 180 days or more after the date of the enactment of this Act. Authorizes the President to waive such sanctions for reasons of national security.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

To require the President to impose sanctions on foreign financial institutions that conduct transactions with the Central Bank of Iran.

Source: Congressional Research Service summary (Introduced in House)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Flake, Jeff [R-AZ-6] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

David Schweikert (R-AZ)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr3508.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr3508 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112