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The New York City based Depository Trust & Clearing Corporation (DTCC), which among other services settles securities transactions exceeding a quadrillion dollars, is lobbying Congress to oppose H.R. 4070, a bill that would enhance sanctions on Iran's central bank and make it easier for victims of Iranian terrorism to collect court ordered judgments. DTCC claims that it handles such a tremendous volume of financial transactions that determining which originate in Iran would prove an unreasonable burden. H.R. 4070, which has a growing list of bipartisan co-sponsors, strengthens and clarifies American law that enforces how Iranian assets in the U.S. may be attached in cases involving American victims of Iranian terrorism.

Surviving victims and families of those killed in the Beirut bombing are outraged.

"DTCC should be ashamed of itself. It is moaning to Congress behind closed doors that it's too much work to keep Iran from laundering money into the American financial system so that its investments can finance Hamas and other terrorist organizations committed to killing Americans. DTCC says it's too much trouble to keep Iran from being held responsible for out and out murder. How absolutely absurd," says Lynn Smith Derbyshire, spokes person for the Beirut bombing victims.

http://mobile.reuters.com/article/companyNewsAndPR/idUS214297+05-Mar-2012+PRN20120305?feedType=RSS&feedName=companyNewsAndPR

Overly simplistic explanation - DTCC is probably the largest depository and clearing firm for securities transactions in the US. Your broker is probably a DTCC “member”. The securities in your account with your broker are probably held at DTCC on behalf of your broker. If you buy a stock, your transaction is transmitted by your broker to DTCC and the selling person’s broker transmits their transaction info to DTCC and they match up the “buy” and “sell” and move the money and shares (on their books) from one broker to the other.