; or (2) upon certifying to the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate that the waiver is important to the national interest of the United States, with an explanation of the reasons therefor. 4. Definitions For purposes of this Act: (1) Financial institution The term financial institution means a United States financial institution or a foreign financial institution. (2) Foreign financial institution The term foreign financial institution has the meaning given that term under section 561.308 of title 31, Code of Federal Regulations. (3) Knowingly The term knowingly with respect to conduct, a circumstance, or a result, means that a person has actual knowledge, or should have known, of the conduct, the circumstance, or the result. (4) United States financial institution The term United States financial institution has the meaning given the term U.S. financial institution under section 561.309 of title 31, Code of Federal Regulations. 5. Sunset The reporting requirement under this Act shall terminate on the date that is the end of the 7-year period beginning on the date of the enactment of this Act.