stewart levy should be highly commended for the remarkable work he has done over the years. this is an official in the treasury department who is so knowledgeable on this subject matter and was invaluable in helping us craft in legislation, and i want to especially mention him and thank him for his contribution. this new section takes aim squarely at iran's powerful revolutionary guard corps, the irg crnchts as it is noang -- irgc, as it is known, and attempts to choke it off from an increasingly important source of power in international financial investment. section 104 of the act has two principal parts, madam president. first, t -- the treasury will direct american banks to prohibit or impose strict conditions on correspondent or payable through account of any foreign financial institution working with key iranian entities. for example, foreign banks conducting substantial business with the irgc, its front companies or affiliates, will be cut off from its american accounts. hypothetically then, if an agent or latin american bank were to provide services to an irgc-owned