Representative Bernard Supports Measure to Cut Banks' Ties To Terrorists

TALLAHASSEE, Fla. -- Representative Mack Bernard (D-West Palm Beach) announced this week that he has joined a bipartisan group of lawmakers in sponsoring legislation to cut financial ties between Florida state-chartered banks and Iranian-financed terrorists.

House Bill 613 and Senate Bill 792, “The Financial Institutions Act,” would impose new rules on state chartered financial institutions to certify that their corresponding banks are not engaged in federally-prohibited activities with Iranian-linked counterparts. The financial restrictions would also apply to any other terrorist organization designated by the United States. Compliance and reporting violations could reap up to a $100,000 civil penalty.

One of the primary intentions of House Bill 613 is to weaken Iran’s nuclear weapons capabilities, as well as to inhibit the country’s ability to arm insurgents targeting U.S. combat troops in Iraq and Afghanistan.

"The proposed Financial Institutions Act is needed to help guarantee America's security and to combat terrorism," said Representative Bernard, the lead sponsor of HB 613. "I'm proud to be among the Democratic and Republican lawmakers in support of this important bill."