Vote Smart's Synopsis:

A vote to pass a bill that requires the Department of Treasury to report to Congress any Iranian purchases of US aircraft and how those sales are financed.

Highlights:

• Requires the Treasury Department to report to Congress on the Iranian government’s financing of civilian aircraft purchases (Sec. 3).

• Requires submission of the first report within 60 days of this bill’s enactment, and requires reports every 180 days thereafter (Sec. 3).

• Requires the Secretary of the Treasury to certify whether any financial transactions facilitating the export of aircraft to Iran involve activities that could be sanctioned under current law (Sec. 3).

• Authorizes the Secretary to suspend or revoke an aircraft transaction upon certification that such transaction poses a significant risk of Iranian money laundering or terrorism financing (Sec. 3).

• Authorizes the U.S. President to waive the reporting requirements for up to 1 year upon certifying to Congress that Iran isn’t at risk of financing terrorism or money laundering, and that a waiver of the requirements is in the interest of national security (Sec. 3).

Full Bill Text

Full Bill Text