1. Short title This Act may be cited as the Block Iranian Access to U.S. Banks Act of 2020 . 2. Findings The Congress finds the following: (1) In 2019, the Department of the Treasury concluded that Iran is a jurisdiction of primary money laundering concern and imposed restrictions on correspondent accounts in the United States involving Iranian financial institutions. (2) In June 2019, the Financial Action Task Force ( FATF ) urged all jurisdictions to require increased supervisory examination for branches and subsidiaries of financial institutions based in Iran. The FATF later called upon its members to introduce enhanced relevant reporting mechanisms or systematic reporting of financial transactions, and require increased external audit requirements, for financial groups with respect to any of their branches and subsidiaries located in Iran. (3) According to the State Department’s Country Reports on Terrorism in 2018, Iran is the world’s foremost state sponsor of terrorism. The regime has spent nearly one billion dollars per year to support terrorist groups that serve as its proxies and expand its malign influence across the globe. Tehran has funded international terrorist groups such as Hizballah, Hamas, and Palestinian Islamic Jihad. 3. Sense of Congress It is the sense of the Congress that the deposits of United States citizens held in United States financial institutions should not be used to finance the Government of Iran. 4. Prohibition on Iranian access to United States financial institutions (a) Prohibitions (1) In general The Secretary of the Treasury may not issue a license authorizing a United States financial institution to provide financial services, directly or indirectly, to the Government of Iran. (2) Definitions In this subsection: (A) 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. (B) Government of Iran The term Government of Iran has the