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(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
United States Financial System Protection Act of 2016
(Sec. 3) This bill applies to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the government of Iran, for a specified period only, the existing authorization for U.S. depository institutions and registered brokers or dealers in securities to process such a funds transfer if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license and does not involve debiting or crediting an Iranian account.
The period of application shall be from on or after January 1, 2016, until the President certifies to the appropriate congressional committees that the government of Iran has ceased:
supporting acts of international terrorism; and
The requirements of this bill shall also apply to foreign financial institutions and registered brokers or dealers in securities if the funds to be transferred are denominated in U.S. dollars.
The President may not, except for certain humanitarian purposes, issue any license under the International Emergency Economic Powers Act or take other action that permits a domestic or foreign depository institution or registered broker or dealer in securities to conduct an offshore U.S. dollar clearing system, or supply U.S. dollars for any such system conducted or overseen by a foreign government or financial institution, for transactions (including funds transfers) involving or for the benefit of the government of Iran or an Iranian person.
(Sec. 4) The President may not rescind a preliminary draft rule or final rule authorizing designation of Iran as a jurisdiction of primary money laundering concern without first certifying to Congress that the government of Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.
Written by the nonpartisan Congressional Research Service, describing H.R. 4992 as passed House without amendment on Jul 14, 2016. It is not the text of the measure; a later amendment may have changed what it does.
House Jul 14, 2016
To codify regulations relating to transfers of funds involving Iran, and for other purposes
Passed
246 Yea 181 Nay 6 not voting
Party-line vote 9 of 427 voting members broke with their own party: 6 Democrats, 3 Republicans.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
433 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 4992 and vote against it. 0 signed when it was filed.
Organizations that named H.R. 4992 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
5 disclosures name this measure. Retrieved from LDA.gov on 2026-10-05. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.