H.R. 5923 — Reported in House

IB Union Calendar No. 272 118th CONGRESS 1st Session H. R. 5923 [Report No. 118–333] IN THE HOUSE OF REPRESENTATIVES October 11, 2023Mr. Lawler (for himself, Mr. Gottheimer, Mr. Donalds, and Mr. Loudermilk) introduced the following bill October 25, 2023Referred to the Committee on Financial Services December 19, 2023Additional sponsors: Mr. Fitzgerald, Mr. Huizenga, Mr. Garbarino, Ms. De La Cruz, Mr. Yakym, Mr. Sessions, and Mr. Barr December 19, 2023Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on October 11, 2023 A BILL To impose restrictions on correspondent and payable-through accounts in the United States with respect to Chinese financial institutions that conduct transactions involving the purchase of petroleum or petroleum products from Iran. 1. Short title This Act may be cited as the Iran-China Energy Sanctions Act of 2023. 2. Sanctions on Chinese financial institutions that purchase petroleum products from Iran Section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)) is amended— (1) by redesignating paragraph (5) as paragraph (6); and (2) by inserting after paragraph (4) the following new paragraph: (5) Applicability of sanctions with respect to Chinese financial institutions (A) In general For the purpose of paragraph (1)(A), a significant financial transaction includes any transaction by a Chinese financial institution (without regard to the size, number, frequency, or nature of the transaction) involving the purchase of petroleum or petroleum products from Iran. (B) Determination Required Not later than 180 days after the date of the enactment of this paragraph and every year thereafter for 5 years, the President shall— (i) determine whether any Chinese financial institution has engaged in a significant financial transaction as described in paragraph (1)(A); and (ii) transmit the determination under clause (i) to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. . December 19, 2023Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed