; or (ii) participating in a transaction described in clause (i) through a system described in that clause; and (B) a detailed assessment of the status of efforts by the Secretary to prevent the conduct of transactions described in subparagraph (A)(i) through systems described in that subparagraph. (2) Form of report Each report submitted under paragraph (1) shall be submitted in unclassified form but may contain a classified annex. (b) Imposition of sanctions (1) In general The President shall, in accordance with the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.), block and prohibit all transactions in all property and interests in property of any financial institution specified in the most recent list submitted under subsection (a)(1)(A) if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (2) Additional sanctions The President may impose additional sanctions under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) with respect to a financial institution that is subject to sanctions under paragraph (1). (c) Appropriate congressional committees defined In this section, the term appropriate congressional committees has the meaning given that term in section 14 of the Iran Sanctions Act of 1996 ( Public Law 104–172 ; 50 U.S.C. 1701 note). 413. Clarification that freezing of assets of Iranian financial institutions includes assets in possession or control of a United States person pursuant to a U-turn transaction Section 1245(c) of the National Defense Authorization Act for Fiscal Year 2012 ( 22 U.S.C. 8513a(c) ) is amended— (1) by striking The President and inserting (1) In general .—The President