[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3227 Placed on Calendar Senate (PCS)]
Calendar No. 863
110th CONGRESS
2d Session
S. 3227
[Report No. 110-408]
To impose sanctions on Iran and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 7, 2008
Mr. Baucus, from the Committee on Finance, reported the following
original bill; which was read twice and placed on the calendar
_______________________________________________________________________
A BILL
To impose sanctions on Iran and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Iran Sanctions Act
of 2008''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Sense of Congress.
Sec. 4. Construction with respect to use of military force.
Sec. 5. Definitions.
Sec. 6. Expansion of definition of person in the Iran Sanctions Act of
1996.
Sec. 7. Russia nuclear cooperation.
Sec. 8. Economic sanctions relating to Iran.
Sec. 9. Liability of parent companies for violations of sanctions by
foreign entities.
Sec. 10. Mandatory investigations into the imposition of sanctions.
Sec. 11. Modification of certain tax incentives for oil companies
investing in Iran.
Sec. 12. World Bank loans to Iran.
Sec. 13. Increased capacity for efforts to combat unlawful or terrorist
financing.
Sec. 14. Exchange programs with the people of Iran.
Sec. 15. Sense of Congress on radio broadcasting to Iran.
Sec. 16. Sense of Congress regarding the international regime for the
assured supply of nuclear fuel for peaceful
means.
Sec. 17. Reporting requirements.
Sec. 18. Waiver authority.
Sec. 19. Termination.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) For more than 20 years, Iran has pursued a secret
nuclear program that is intended to produce a nuclear weapons
capability for Iran.
(2) The Government of Iran has consistently misled the
United Nations, the International Atomic Energy Agency, and the
United States as to the objectives and scope of its nuclear
activities.
(3) Iran has refused to comply with United Nations Security
Council Resolutions 1737 (2006), 1747 (2007), and 1803 (2008),
which called for the suspension of all uranium enrichment-
related and reprocessing activities, and is advancing work at
its largest nuclear facility.
(4) The International Atomic Energy Agency is unable to
verify the absence of undeclared nuclear material and
activities in Iran and its Director General has stated that
Iran could be 6 months to a year away from acquiring the
material necessary to make a nuclear weapon.
(5) The Government of Iran possessing a nuclear weapons
capability would pose a grave threat to the security of the
United States and its allies around the world.
(6) It is in the national security interests of the United
States to prevent Iran from acquiring a nuclear weapons
capability.
(7) The United States should use all political, economic,
and diplomatic tools at its disposal to prevent Iran from
acquiring a nuclear weapons capability.
SEC. 3. SENSE OF CONGRESS.
The following is the sense of Congress:
(1) The United States should pursue vigorously all measures
in the international financial sector to restrict Iran's
ability to conduct international financial transactions,
including prohibiting banks in the United States from handling
indirect transactions with Iran's state-owned banks and
prohibiting financial institutions from engaging in dollar
transactions with Iranian institutions.
(2) Iran should comply fully with its obligations under
United Nations Security Council Resolutions 1737, 1747, and
1803, and any subsequent United Nations resolutions related to
Iran's nuclear program, and in particular the requirement to
suspend without delay all uranium enrichment-related and
reprocessing activities, including research and development,
and all work on all heavy water-related nuclear activities,
including research and development.
(3) The United Nations Security Council should take further
measures beyond Resolutions 1737, 1747, and 1803 to tighten
sanctions on Iran, including preventing new investment in
Iran's energy sector, as long as Iran fails to comply with the
international community's demand to halt its uranium enrichment
campaign.
(4) The United States should encourage foreign governments
to direct state-owned entities to cease all investment in
Iran's energy sector and all exports to and imports from Iran
of refined petroleum products and to persuade, and, where
possible, require private entities based in their territories
to cease all investment in Iran's energy sector and all exports
to and imports from Iran of refined petroleum products.
(5) Administrators of Federal and State pension plans
should divest all assets or holdings from foreign companies and
entities that have invested or invest in the future in Iran's
energy sector.
SEC. 4. CONSTRUCTION WITH RESPECT TO USE OF MILITARY FORCE.
Nothing in this Act shall be construed as giving the President the
authority to use military force against Iran.
SEC. 5. DEFINITIONS.
In this Act:
(1) Agricultural commodity.--The term ``agricultural
commodity'' has the meaning given that term in section 102 of
the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
(2) Appropriate congressional committees.--The term
``appropriate congressional committees'' has the meaning given
that term in section 14(2) of the Iran Sanctions Act of 1996
(Public Law 104-172; 50 U.S.C. 1701 note).
(3) Executive agency.--The term ``executive agency'' has
the meaning given the term in section 4 of the Office of
Federal Procurement Policy Act (41 U.S.C. 403).
(4) Family member.--The term ``family member'' means, with
respect to an individual, the spouse, children, grandchildren,
or parents of the individual.
(5) Investment.--The term ``investment'' has the meaning
given that term in section 14(9) of the Iran Sanctions Act of
1996 (Public Law 104-172; 50 U.S.C. 1701 note).
(6) Iranian diplomats and representatives of other
government and military or quasi-governmental institutions of
iran.--The term ``Iranian diplomats and representatives of
other government and military or quasi-governmental
institutions of Iran'' has the meaning given that term in
section 14(11) of the Iran Sanctions Act of 1996 (Public Law
104-172; 50 U.S.C. 1701 note).
(7) Medical device.--The term ``medical device'' has the
meaning given the term ``device'' in section 201 of the Federal
Food, Drug, and Cosmetic Act (21 U.S.C. 321).
(8) Medicine.--The term ``medicine'' has the meaning given
the term ``drug'' in section 201 of the Federal Food, Drug, and
Cosmetic Act (21 U.S.C. 321).
SEC. 6. EXPANSION OF DEFINITION OF PERSON IN THE IRAN SANCTIONS ACT OF
1996.
Section 14(13)(B) of the Iran Sanctions Act of 1996 (Public Law
104-172; 50 U.S.C. 1701 note) is amended to read as follows:
``(B)(i)(I) a corporation, business association,
partnership, society, trust, financial institution,
insurer, underwriter, guarantor, or any other business
organization, including any foreign subsidiary, parent,
or affiliate of one of the foregoing; or
``(II) any other nongovernmental entity,
organization, or group; and
``(ii) any governmental entity operating as a
business enterprise, including an export credit agency;
and''.
SEC. 7. RUSSIA NUCLEAR COOPERATION.
(a) In General.--Notwithstanding any other provision of law, and in
addition to any other sanction in effect, beginning on the date that is
15 days after the date of the enactment of this Act, the policies
described in subsection (b) shall apply with respect to Russia, unless
the President makes a certification to Congress described in subsection
(c).
(b) Policies.--The policies described in this subsection are the
following:
(1) Agreements.--The United States may not enter into an
agreement for cooperation with Russia pursuant to section 123
of the Atomic Energy Act (42 U.S.C. 2153).
(2) Licenses to export nuclear material, facilities, or
components.--The United States may not issue a license to
export directly or indirectly to Russia any nuclear material,
facilities, components, or other goods, services, or technology
that would be subject to an agreement under section 123 of the
Atomic Energy Act (42 U.S.C. 2153).
(3) Transfers of nuclear material, facilities, or
components.--The United States may not approve the transfer or
retransfer directly or indirectly to Russia of any nuclear
material, facilities, components, or other goods, services, or
technology that would be subject to an agreement under section
123 of the Atomic Energy Act (42 U.S.C. 2153).
(c) Certification.--The certification described in this subsection
means a certification made by the President to Congress on or after the
date that is 15 days after the date of the enactment of this Act that
the President has determined that--
(1) Russia has suspended all nuclear assistance to Iran and
all transfers of advanced conventional weapons and missiles to
Iran; or
(2) Iran has completely, verifiably, and irreversibly
dismantled all nuclear enrichment-related and reprocessing-
related programs.
(d) Termination of Policies.--The policies described in subsection
(b) shall remain in effect until such time as the President makes the
certification to Congress described in subsection (c).
SEC. 8. ECONOMIC SANCTIONS RELATING TO IRAN.
(a) In General.--Notwithstanding any other provision of law, and in
addition to any other sanction in effect, beginning on the date that is
15 days after the date of the enactment of this Act, the economic
sanctions described in subsection (b) shall apply with respect to Iran.
(b) Sanctions.--The sanctions described in this subsection are the
following:
(1) Prohibition on imports.--No article of Iranian origin
may be imported directly or indirectly into the United States.
(2) Prohibition on exports.--
(A) In general.--Except as provided in subparagraph
(B), no article that is of United States origin may be
exported directly or indirectly to Iran.
(B) Exceptions.--
(i) In general.--The prohibition in
subparagraph (A) does not apply to exports to
Iran of--
(I) agricultural commodities;
(II) medicine or medical devices;
or
(III) other articles exported to
Iran to provide humanitarian assistance
to the people of Iran.
(ii) Informational materials.--
(I) In general.--The President may
not regulate or prohibit the
exportation, directly or indirectly, to
Iran of informational materials,
including publications, films, posters,
phonograph records, photographs,
microfilms, microfiche, tapes, compact
discs, CD ROMs, artworks, and news wire
feeds that are classifiable under
headings 9701, 9702, or 9703 of the
Harmonized Tariff Schedule of the
United States.
(II) Exception.--The limitation on
regulation or prohibition of
exportation under subclause (I) does
not apply to informational materials
the exportation of which are otherwise
controlled--
(aa) under section 5 of the
Export Administration Act of
1979 (50 U.S.C. App. 2404) (as
in effect pursuant to the
International Emergency
Economic Powers Act (50 U.S.C.
1701 et seq.)); or
(bb) under section 6 of
that Act (50 U.S.C. App. 2405),
to the extent that such
controls promote the
nonproliferation or
antiterrorism policies of the
United States or with respect
to which acts are prohibited by
chapter 37 of title 18, United
States Code.
(3) Accession to wto.--The United States Trade
Representative or any other Federal official may not take any
action that would extend preferential trade treatment to, or
lead to the accession to the World Trade Organization of, Iran.
(4) Freezing assets.--
(A) In general.--At such time as the United States
has access to the names of Iranian diplomats and
representatives of other government and military or
quasi-governmental institutions of Iran that are
subject to sanctions imposed under the authority of the
International Emergency Economic Powers Act (50 U.S.C.
1701 et seq.) or any other provision of law relating to
the imposition of sanctions with respect to Iran, the
President shall take such action as may be necessary to
freeze immediately the funds and other assets belonging
to anyone so named and any family members or associates
of those so named to whom assets or property of those
so named were transferred on or after January 1, 2008.
The action described in the preceding sentence includes
requiring any United States financial institution that
holds funds and assets of a person so named to report
promptly to the Office of Foreign Assets Control
information regarding such funds and assets.
(B) Asset reporting requirement.--Not later than 14
days after a decision is made to freeze the property or
assets of any person under this paragraph, the
President shall report the name of such person to the
appropriate congressional committees.
(5) United states government contracts.--The head of an
executive agency may not procure, or enter into a contract for
the procurement of, any goods or services from a person that
meets the criteria for the imposition of sanctions under
section 5(a) of the Iran Sanctions Act of 1996 (Public Law 104-
172; 50 U.S.C. 1701 note).
SEC. 9. LIABILITY OF PARENT COMPANIES FOR VIOLATIONS OF SANCTIONS BY
FOREIGN ENTITIES.
(a) In General.--In any case in which an entity, the parent company
of which is a United States person, engages in an act outside the
United States that, if committed in the United States or by a United
States person, would violate the provisions of Executive Order 12959
(50 U.S.C. 1701 note) or Executive Order 13059 (50 U.S.C. 1701 note),
or any other prohibition on transactions with respect to Iran imposed
under the authority of the International Emergency Economic Powers Act
(50 U.S.C. 1701 et seq.) or any other provision of law, the parent
company of the entity shall be subject to the penalties for the act if
the parent company knowingly participates in the act.
(b) Effective Date.--
(1) In general.--Subsection (a) shall take effect on the
date of the enactment of this Act and apply with respect to
acts described in that subsection that are--
(A) commenced on or after the date of the enactment
of this Act; or
(B) except as provided in paragraph (2), commenced
before such date of enactment, if such acts continue on
or after such date of enactment.
(2) Exception.--Subsection (a) shall not apply with respect
to an act described in paragraph (1)(B) by an entity if the
parent company of the entity divests or terminates its business
with that entity not later than 90 days after such date of
enactment.
(c) Definitions.--In this section:
(1) Entity.--The term ``entity'' means a partnership,
association, trust, joint venture, corporation, or other
organization.
(2) Parent company.--The term ``parent company'' means an
entity--
(A) that is a United States person; and
(B)(i) that owns, directly or indirectly, more than
50 percent of the equity interest by vote or value in
another entity;
(ii) board members or employees of which hold a
majority of the seats on the board of directors of
another entity; or
(iii) that otherwise controls or is able to control
the actions, policies, or personnel decisions of
another entity.
(3) United states person.--The term ``United States
person'' means--
(A) a natural person who is a citizen, resident, or
national of the United States; and
(B) an entity that is organized under the laws of
the United States, any State or territory thereof, or
the District of Columbia, if natural persons described
in subparagraph (A) own, directly or indirectly, more
than 50 percent of the outstanding capital stock or
other beneficial interest in such entity.
SEC. 10. MANDATORY INVESTIGATIONS INTO THE IMPOSITION OF SANCTIONS.
(a) In General.--Section 4(f) of the Iran Sanctions Act of 1996
(Public Law 104-172; 50 U.S.C. 1701 note) is amended--
(1) in paragraph (1), by striking ``should'' and inserting
``shall'';
(2) in paragraph (2), by striking ``should'' and inserting
``shall''; and
(3) by adding at the end the following:
``(3) Extension of time for investigations.--The President
may extend the time period for making a determination under
paragraph (2) by not more than an additional 180 days if the
President determines that the President will be unable to make
a determination during the time period required under paragraph
(2).''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply with respect to investigations initiated based on information
indicating that a person is engaged in investment activity described in
section 5(a) of the Iran Sanctions Act of 1996 (Public Law 104-172; 50
U.S.C. 1701 note) that is received by the United States on or after the
date that is 90 days after the date of the enactment of this Act.
SEC. 11. MODIFICATION OF CERTAIN TAX INCENTIVES FOR OIL COMPANIES
INVESTING IN IRAN.
(a) In General.--Subsection (h) of section 167 of the Internal
Revenue Code of 1986 (relating to amortization of geological and
geophysical expenditures) is amended by adding at the end the following
new paragraph:
``(6) Longer amortization period when iran sanctions in
effect.--
``(A) In general.--In the case of geological and
geophysical expenses paid or incurred during any
taxable year ending during a sanction period with
respect to the taxpayer--
``(i) paragraphs (1) and (4) shall be
applied by substituting `10-year' for `24-
month', and
``(ii) paragraph (5)(A) shall be applied by
substituting `10-year' for `7-year'.
``(B) Special rule for unamortized expenses as of
beginning of sanction period.--In the case of
geological and geophysical expenses paid or incurred
after December 31, 2008, and remaining unamortized as
of the beginning of the first taxable year ending
during a sanction period with respect to the taxpayer,
such unamortized expenses shall be treated as having
been paid or incurred during such first taxable year
for purposes of applying subparagraph (A).
``(C) Special rule for unamortized expenses as of
end of sanction period.--In the case of geological and
geophysical expenses paid or incurred after December
31, 2008, and remaining unamortized as of the beginning
of the first taxable year ending after the last day of
a sanction period, the taxpayer may elect to treat such
unamortized expenses as having been paid or incurred
during such first taxable year for purposes of applying
this subsection.
``(D) Sanction period.--For purposes of this
paragraph, the term `sanction period' means, with
respect to any taxpayer, any period during which
sanctions under section 5(a) of the Iran Sanctions Act
of 1996 or section 8 of the Iran Sanctions Act of 2008
(relating to sanctions with respect to the development
of petroleum resources of Iran)--
``(i) are imposed on the taxpayer, or
``(ii) are imposed on any other member of
the expanded affiliated group which includes
the taxpayer, or would be so imposed if such
other member were a domestic corporation.
``(E) Expanded affiliated group.--For purposes of
this paragraph--
``(i) In general.--The term `expanded
affiliated group' means an affiliated group as
defined in section 1504(a), determined--
``(I) by substituting `more than 50
percent' for `at least 80 percent' each
place it appears, and
``(II) without regard to paragraphs
(2), (3), and (4) of section 1504(b).
``(ii) Other affiliated entities.--Under
regulations prescribed by the Secretary, the
term `expanded affiliated group' shall include
entities other than corporations which, based
on principles similar to the principles which
apply in the case of clause (i), are members of
the same affiliated group.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to expenses paid or incurred on or after January 1, 2009.
SEC. 12. WORLD BANK LOANS TO IRAN.
(a) Report.--Not later than 180 days after the date of the
enactment of this Act, and every 180 days thereafter, the Secretary of
the Treasury shall submit to the appropriate congressional committees a
report on--
(1) the number of loans provided by the World Bank to
entities in Iran and for projects or activities in Iran;
(2) the dollar amount of such loans; and
(3) the voting record of each member of the World Bank on
such loans.
(b) Reduction of Contribution of the United States.--If the World
Bank extends any new loans to entities in Iran, or for projects and
activities in Iran, after December 31, 2008, the President shall reduce
the total amount otherwise payable on behalf of the United States to
the World Bank for fiscal year 2010 and each fiscal year thereafter by
an amount that bears the same ratio to the total amount otherwise
payable as--
(1) the total of the amounts provided by the Bank to
entities in Iran, and for projects and activities in Iran, in
the preceding fiscal year, bears to
(2) the total of the amounts provided by the Bank to all
entities, and for all projects and activities, in the preceding
fiscal year.
(c) Allocation of Amounts Not Contributed to the World Bank.--There
is authorized to be appropriated to the United States Agency for
International Development for fiscal year 2010 and each fiscal year
thereafter an amount equal to the amount made available as a result of
the application of subsection (b). Funds appropriated pursuant to this
subsection shall be made available for the Child Survival and Health
Programs Fund to carry out programs relating to maternal and child
health, vulnerable children, and infectious diseases other than HIV/
AIDS.
SEC. 13. INCREASED CAPACITY FOR EFFORTS TO COMBAT UNLAWFUL OR TERRORIST
FINANCING.
(a) Findings.--The work of the Office of Terrorism and Financial
Intelligence of the Department of the Treasury, which includes the
Office of Foreign Assets Control and the Financial Crimes Enforcement
Network, is critical to ensuring that the international financial
system is not used for purposes of supporting terrorism and developing
weapons of mass destruction.
(b) Authorization of Appropriations for Office of Terrorism and
Financial Intelligence.--There is authorized to be appropriated to the
Secretary of the Treasury for the Office of Terrorism and Financial
Intelligence--
(1) $61,712,000 for fiscal year 2009; and
(2) such sums as may be necessary for each of the fiscal
years 2010 and 2011.
(c) Authorization of Appropriations for Financial Crimes
Enforcement Network.--Section 310(d)(1) of title 31, United States
Code, is amended by striking ``such sums as may be necessary for fiscal
years 2002, 2003, 2004, and 2005'' and inserting ``$91,335,000 for
fiscal year 2009 and such sums as may be necessary for each of the
fiscal years 2010 and 2011''.
SEC. 14. EXCHANGE PROGRAMS WITH THE PEOPLE OF IRAN.
(a) Sense of Congress.--It is the sense of Congress that the United
States should seek to enhance its friendship with the people of Iran,
particularly by identifying young people of Iran to come to the United
States under United States exchange programs.
(b) Exchange Programs Authorized.--The President is authorized to
carry out exchange programs with the people of Iran, particularly the
young people of Iran. To the extent practicable, such programs shall be
carried out in a manner consistent with the requirements for
eligibility for assistance specified in section 302(b) of the Iran
Freedom Support Act (Public Law 109-293; 120 Stat. 1348).
(c) Authorization of Appropriations.--Of the amounts available
under the heading ``Educational and Cultural Exchange Programs'', under
the heading ``Administration of Foreign Affairs'', under title IV of
the Science, State, Justice, Commerce, and Related Agencies
Appropriations Act, 2006 (Public Law 109-108; 119 Stat. 2321), there
are authorized to be appropriated to the President to carry out this
section $15,000,000 for fiscal year 2009.
SEC. 15. SENSE OF CONGRESS ON RADIO BROADCASTING TO IRAN.
It is the sense of Congress that the Broadcasting Board of
Governors should devote a greater proportion of the programming of the
Radio Farda service to programs offering news and analysis to further
the open communication of information and ideas to Iran.
SEC. 16. SENSE OF CONGRESS REGARDING THE INTERNATIONAL REGIME FOR THE
ASSURED SUPPLY OF NUCLEAR FUEL FOR PEACEFUL MEANS.
(a) Policy.--It is the policy of the United States to support the
establishment of an international regime for the assured supply of
nuclear fuel for peaceful means under a multilateral authority, such as
the International Atomic Energy Agency.
(b) Sense of Congress on an International Regime for the Assured
Supply of Nuclear Fuel.--It is the sense of Congress that--
(1) the Concept for a Multilateral Mechanism for Reliable
Access to Nuclear Fuel, proposed by the United States, France,
the Russian Federation, the Federal Republic of Germany, the
United Kingdom, and the Netherlands on May 31, 2006, is welcome
and should be expanded upon at the earliest possible
opportunity;
(2) the proposal by the Government of the Russian
Federation to bring one of its uranium enrichment facilities
under international management and oversight is also a welcome
development and should be encouraged by the United States;
(3) the offer by the Nuclear Threat Initiative of
$50,000,000 in funds to support the creation of an
international nuclear fuel bank by the International Atomic
Energy Agency is also welcome, and the United States and other
member states of the International Atomic Energy Agency should
pledge collectively at least an additional $100,000,000 in
matching funds to fulfill the proposal made by the Nuclear
Threat Initiative; and
(4) the Global Nuclear Energy Partnership, initiated by
President George W. Bush in January 2006, is intended to
provide a reliable fuel supply throughout the fuel cycle and
promote the nonproliferation goals of the United States.
(c) Sense of Congress on Contributions to IAEA To Establish an
International Nuclear Fuel Bank.--
(1) In general.--It is the sense of Congress that the
President should determine the appropriateness of making
voluntary contributions on a grant basis to the International
Atomic Energy Agency (in this subsection referred to as the
``IAEA'') to support the establishment of an international
nuclear fuel bank to maintain a reserve of low-enriched uranium
for the production of reactor fuel to be provided to eligible
countries in the case of a disruption in the supply of reactor
fuel by normal market mechanisms.
(2) Determinations.--It is the sense of Congress that, in
making a determination under paragraph (1), the President
should consider whether--
(A) the IAEA has received pledges in a total amount
of not less than $100,000,000 from other governments or
entities for the purpose of supporting the
establishment of the international nuclear fuel bank
referred to in paragraph (1);
(B) the international nuclear fuel bank referred to
in paragraph (1) will be under the oversight of the
IAEA or another multilateral authority; and
(C) the international nuclear fuel bank will
provide nuclear reactor fuel to a country only if--
(i) at the time of the request for nuclear
reactor fuel, the country is in full compliance
with its IAEA safeguards agreement and has an
additional protocol for safeguards in force;
(ii) in the case of a country that at any
time prior to the request for nuclear reactor
fuel has been determined to be in noncompliance
with its IAEA safeguards agreement, the IAEA
Board of Governors determines that the country
has taken all necessary actions to satisfy any
concerns of the IAEA Director General regarding
the activities that led to the prior
determination of noncompliance;
(iii) the country agrees to use the nuclear
reactor fuel in accordance with its IAEA
safeguards agreement; and
(iv) the country does not operate uranium
enrichment or spent-fuel reprocessing
facilities of any scale.
(3) Authorization of appropriations.--There are authorized
to be appropriated $50,000,000 to carry out this section for
fiscal year 2009. Amounts appropriated pursuant to this section
shall remain available until September 30, 2011.
SEC. 17. REPORTING REQUIREMENTS.
(a) Foreign Investment in Iran.--Not later than 180 days after the
date of the enactment of this Act, and every 180 days thereafter, the
Secretary of the Treasury shall submit to the appropriate congressional
committees a report on--
(1) any foreign investments made in Iran's energy sector on
or after January 1, 2008; and
(2) the determination of the President on whether each such
investment qualifies as a sanctionable offense under section
5(a) of the Iran Sanctions Act of 1996 (Public Law 104-172; 50
U.S.C. 1701 note).
(b) Investment by United States Companies in Iran.--Not later than
180 days after the date of the enactment of this Act, and annually
thereafter, the Secretary of the Treasury shall report to the
appropriate congressional committees the names of persons that have
operations or conduct business in the United States that have invested
in Iran and the dollar amount of each such investment.
(c) Establishment of International Regime.--Not later than 180 days
after the date of the enactment of this Act, the President shall submit
to the Committee on Foreign Affairs of the House of Representatives and
the Committee on Foreign Relations of the Senate a report on the
activities of the United States to support the establishment of an
international regime for the assured supply of nuclear fuel for
peaceful means under a multilateral authority, such as the
International Atomic Energy Agency.
(d) Export Credits.--Not later than 90 days after the date of the
enactment of this Act, and every 90 days thereafter, the Secretary of
the Treasury shall report to the appropriate congressional committees
on the export credits issued by foreign banks to persons investing in
the energy sector of Iran, and any fines, restrictions, or other
actions taken by the President to discourage or prevent the issuance of
such export credits.
(e) Sense of Congress on Investment by the Federal Thrift Savings
Plan in Iran.--It is the sense of Congress that not later than 180 days
after the date of the enactment of this Act, and annually thereafter,
the Executive Director of the Federal Retirement Thrift Investment
Board should report to the appropriate congressional committees on any
investment in entities that invest in Iran from the Thrift Savings Fund
established under section 8437 of title 5, United States Code.
SEC. 18. WAIVER AUTHORITY.
The President may waive the imposition of sanctions under section
8, 9, or 12 if the President--
(1) determines that such a waiver is in the national
interest of the United States; and
(2) submits to the appropriate congressional committees a
report describing the reasons for the determination.
SEC. 19. TERMINATION.
Except as provided in section 7, the provisions of, and amendments
made by, this Act shall terminate on the earlier of--
(1) the date on which the President determines and
certifies to the appropriate congressional committees that Iran
has completely, verifiably, and irreversibly dismantled all
uranium enrichment-related and reprocessing-related programs;
or
(2) the date that is 5 years after the date of the
enactment of this Act.
Calendar No. 863
110th CONGRESS
2d Session
S. 3227
[Report No. 110-408]
_______________________________________________________________________
A BILL
To impose sanctions on Iran and for other purposes.
_______________________________________________________________________
July 7, 2008
Read twice and placed on the calendar