,,ii #aacth ,,congress #ast ,session ,s4 #hib ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #h1 #bjac ,mr4 ,kirk 7for himself1 ,mr4 ,manchin1 ,ms4 ,collins1 ,mr4 ,nelson1 and ,mr4 ,cornyn7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,iran ,threat ,reduction and ,syria ,human ,rights ,act of #bjab to impose sanctions with respect to certain transactions in foreign currencies1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,iran ,sanctions ,loophole ,elimination ,act of #bjac4 #b4 ,imposition of sanctions with respect to certain transactions in foreign currencies 7a7 ,imposition of sanctions ,subtitle ,b of title ,,ii of the ,iran ,threat ,reduction and ,syria ,human ,rights ,act of #bjab 7#bb ,u4,s4,c4 #hgba et seq47 is amended by inserting after section #bbj the following3 #bbj;,a4 ,imposition of sanctions with respect to certain transactions in foreign currencies 7a7 ,in general ,the ,president-- 7#a7 shall prohibit the opening1 and prohibit or impose strict conditions on the maintaining1 in the ,united ,states of a correspondent account or a payable-through account by a foreign financial institution that is a person described in subsection 7b72 and 7#b7 may impose sanctions pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq47 with respect to any other person described in subsection 7b74 7b7 ,person described ,a person described in this subsection is a person the ,president determines has1 on or after ,may #i1 #bjac-- 7#a7 knowingly conducted or facilitated a significant transaction involving the currency of a country other than the country in which the person is operating at the time of the transaction with1 for1 or on behalf of-- 7,a7 the ,central ,bank of ,iran or another ,iranian financial institution designated by the ,secretary of the ,treasury for the imposition of sanctions pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq472 or 7,b7 a person described in section #abdd7;c77#b7 of the ,iran ,freedom and ,counter-,proliferation ,act 7#bb ,u4,s4,c4 #hhjc7;c77#b77 7other than a person described in subparagraph 7,c77iii7 of that section72 or 7#b7 knowingly transferred funds for1 or held funds on behalf of1 a person described in paragraph 7#a7 in relation to a transaction described in that paragraph1 without regard to the currency of those funds4 7c7 ,waiver 7#a7 ,in general ,the ,president may waive the application of subsection 7a7 with respect to a person for a period of not more than #ahj days1 and may renew that waiver for additional periods of not more than #ahj days1 if the ,president-- 7,a7 determines that the waiver is vital to the national security of the ,united ,states2 and 7,b7 not less than #g days before the waiver or the renewal of the waiver1 as the case may be1 takes effect1 submits a report to the appropriate congressional committees on the waiver and the reason for the waiver4 7#b7 ,form of report ,each report submitted under paragraph 7#a77;,b7 shall be submitted in unclassified form but may include a classified annex4 7d7 ,rule of construction ,nothing in this section shall be construed to prohibit any person from1 or authorize or require the imposition of sanctions with respect to any person for1 conducting or facilitating any transaction in the currency of the country in which the person is operating at the time of the transaction for the sale of agricultural commodities1 food1 medicine1 or medical devices4 7e7 ,definitions ,in this section3 7#a7 ,account2 correspondent account2 payable-through account ,the terms account1 correspondent account1 and payable-through account have the meanings given those terms in section #ecah;,a of title #ca1 ,united ,states ,code4 7#b7 ,agricultural commodity ,the term agricultural commodity has the meaning given that term in section #ajb of the ,agricultural ,trade ,act of #aigh 7#g ,u4,s4,c4 #efjb74 7#c7 ,foreign financial institution ,the term foreign financial institution has the meaning given that term in section #efa4cjh of title #ca1 ,code of ,federal ,regulations 7or any corresponding similar regulation or ruling74 7#d7 ,iranian financial institution ,the term ,iranian financial institution has the meaning given that term in section #ajd;,a7d7 of the ,comprehensive ,iran ,sanctions1 ,accountability1 and ,divestment ,act of #bjaj 7#bb ,u4,s4,c4 #heac;b7d774 7#e7 ,medical device ,the term medical device has the meaning given the term device in section #bja of the ,federal ,food1 ,drug1 and ,cosmetic ,act 7#ba ,u4,s4,c4 #cba74 7#f7 ,medicine ,the term medicine has the meaning given the term drug in section #bja of the ,federal ,food1 ,drug1 and ,cosmetic ,act 7#ba ,u4,s4,c4 #cba74 7#g7 ,transaction ,the term transaction includes a foreign exchange swap1 a foreign exchange forward1 and any other type of currency exchange or conversion or derivative instrument4 4 7b7 ,conforming amendments 7#a7 ,implementation ,section #fja7;a77#a7 of the ,iran ,threat ,reduction and ,syria ,human ,rights ,act of #bjab 7#bb ,u4,s4,c4 #hgha7;a77#a77 is amended by inserting #bbj;,a1 after #bbj14 7#b7 ,penalties ,section #fja7;b77#b77;,a7 of such ,act 7#bb ,u4,s4,c4 #hgha7;b77#b77;,a77 is amended by striking and #bbj1 and inserting #bbj1 and #bbj;,a14 7#c7 ,termination ,section #fje7;a7 of such ,act 7#bb ,u4,s4,c4 #hghe7;a77 is amended by inserting #bbj;,a1 after #bbj14 7c7 ,clerical amendment ,the table of contents for the ,iran ,threat ,reduction and ,syria ,human ,rights ,act of #bjab is amended by inserting after the item relating to section #bbj the following3 ,sec4 #bbj;,a4 ,imposition of sanctions with respect to certain transactions in foreign currencies4 4