Stop Iran's Nuclear Weapons Program Act of 2010 - Subjects a parent entity, with specified exceptions, to penalties for violations of certain sanctions regarding Iran committed by a subsidiary outside of the United States that would be subject to prohibitions if committed inside the United States or by a U.S. person.
Prohibits with respect to Iran: (1) issuance of specified licenses to export or reexport civil aviation goods, services, or technology; and (2) such goods, services, or technology from being exported or reexported.
Increases temporarily consular service fees for processing machine readable nonimmigrant visas and machine readable combined border crossing identification cards and nonimmigrant visas.
Amends the Internal Revenue Code to eliminate amortization of geological and geophysical expenditure tax incentives if certain sanctions regarding the development of Iranian petroleum resources are imposed on any member of an expanded affiliated group whose common parent is a foreign corporation.
Amends the Iran Sanctions Act of 1996 to impose sanctions on a person that knowingly: (1) enters into an agreement with Iran to purchase or provide payment for future delivery of Iranian petroleum resources; or (2) purchases, subscribes to, or facilitates the issuance of Iranian sovereign debt.
Directs the President to: (1) publish in the Federal Register the name of each foreign person or foreign entity for which there is credible information indicating that the person or entity is an agent, front, instrumentality, official, or affiliate of the Iran Revolutionary Guard Corps (IRGC); and (2) apply specified property sanctions to such person or entity.
Directs the President to: (1) publish in the Federal Register the name of each foreign person or foreign entity for which there is credible information indicating that the person or entity is as an agent, front, instrumentality, official, or affiliate of the IRGC and has committed or assisted, or poses a significant risk of committing, acts of violence threatening the peace or stability of Iraq or the government of Iraq; and (2) apply specified property sanctions to such person or entity.
Excludes an alien so identified from U.S. entry.
Sets forth mandatory and discretionary measures to be taken against a foreign person or entity that provides material support to the IRGC. Requires additional measures (including foreign assistance, arms, import, and export restrictions) to be taken against a foreign government so identified.
Amends the Iran, North Korea, and Syria Nonproliferation Act to include in the President's proliferation report to Congress identification of every foreign person who, on or after January 1, 2009, transferred to Iran, Syria, or North Korea goods, services, or technology that could assist efforts to extract or mill uranium ore within the territory or control of Iran, North Korea, or Syria.
Amends the Internal Revenue Code to promote the divestment of investments in Iran or the Sudan by permitting the deferral of tax on gain from the sale of securities in any business that is engaged in certain discouraged activities in Iran or the Sudan if the holder of such securities purchases replacement securities from a business not engaged in such discouraged activities.
Includes as discouraged activities in Iran: (1) investment of $20 million or more in Iran's energy sector or in a person who provides Iran with oil or liquefied natural gas tankers or pipelines; (2) an extension of credit of $20 million or more to a person who invests in Iran's energy sector; (3) investment that enhances Iran's ability to develop petroleum resources; (4) the sale of goods, services, technology, information, or support to Iran that allows it to maintain or expand its petroleum industry; or (5) providing Iran with refined petroleum resources.
Includes as an Iran or Sudan discouraged activity business transactions with or charitable donations to any Iranian or Sudanese person designated as a terrorist or to any foreign terrorist organization.
Directs the head of an executive agency to ensure that each contract with a company for the procurement of goods or services, agreement for the use of federal funds, or the provision of technical assistance requires the company to certify that it does not conduct specified business operations in Iran. Authorizes contract termination and federal contract suspension or debarment for submission of a false certification.
Authorizes a state or local government to adopt and enforce measures to prohibit the state or local government from entering into or renewing a procurement contract with persons that conduct specified business operations in Iran.
Directs the President to seek to terminate International Bank for Reconstruction and Development (Bank) loan disbursements to Iran.
Directs the President, if the Bank approves a Country Assistance Strategy for Iran or approves a loan to Iran, to: (1) terminate any U.S. contribution to the Bank, the International Finance Corporation, and the Multilateral Investment Guarantee Corporation for the fiscal year in which the Country Assistance Strategy or loan is approved, or if loan disbursements have been made, for the following fiscal year; (2) prohibit the sale of Bank debt instruments in the United States; and (3) prohibit the purchase of any such debt instrument by a U.S. person or state or municipal governmental entity.
Terminates such Bank-related restrictions 30 days after the date on which the President certifies to Congress that: (1) the government of Iran has ceased providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state-sponsor of terrorism; and (2) Iran has ceased the pursuit, acquisition, and development of ballistic missiles and nuclear, biological, and chemical weapons.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6296 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 6296
To enhance United States diplomatic efforts with respect to Iran by
imposing additional economic sanctions against Iran, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 29, 2010
Mr. Sherman (for himself, Mr. Royce, Mr. Klein of Florida, Mr. Deutch,
Mr. Engel, Mr. Poe of Texas, Mr. Sires, Mrs. Maloney, Ms. Berkley, and
Mr. Gene Green of Texas) introduced the following bill; which was
referred to the Committee on Foreign Affairs, and in addition to the
Committees on Ways and Means, the Judiciary, Financial Services, and
Oversight and Government Reform, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To enhance United States diplomatic efforts with respect to Iran by
imposing additional economic sanctions against 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 AND TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Stop Iran's
Nuclear Weapons Program Act of 2010''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title and table of contents.
Sec. 2. Findings.
TITLE I--ADDITIONAL BILATERAL SANCTIONS AGAINST IRAN
Sec. 101. Application to subsidiaries.
Sec. 102. Additional export sanctions against Iran.
Sec. 103. Temporary increase in fee for certain consular services.
TITLE II--ADDITIONAL MEASURES
Sec. 201. Elimination of certain tax incentives for oil companies
investing in Iran.
Sec. 202. Expansion of sanctions under the Iran Sanctions Act of 1996.
TITLE III--APPLICATION OF SANCTIONS AGAINST AFFILIATES OF THE IRAN
REVOLUTIONARY GUARD CORPS
Sec. 301. Sanctions against affiliates of the Iran Revolutionary Guard
Corps.
Sec. 302. Measures against foreign persons or entities supporting the
Iran Revolutionary Guard Corps.
Sec. 303. Special measures against foreign governments supporting the
Iran Revolutionary Guards Corps.
Sec. 304. Definitions.
TITLE IV--OPPOSITION OF TRANSFER TO IRAN, NORTH KOREA, AND SYRIA OF
GOODS, SERVICES, OR TECHNOLOGY RELEVANT TO THEIR CAPABILITY TO EXTRACT
OR MILL URANIUM ORE
Sec. 401. Statement of policy.
Sec. 402. Reporting requirements under the Iran, North Korea, and Syria
Nonproliferation Act.
Sec. 403. Conforming amendments.
TITLE V--ROLLOVER OF GAIN FROM DIVESTING CERTAIN QUALIFIED SECURITIES
OF BUSINESS ENTITIES ENGAGED IN DISCOURAGED ACTIVITIES IN IRAN OR SUDAN
Sec. 501. Rollover of gain from divesting certain qualified securities
of business entities engaged in discouraged
activities in Iran or Sudan.
TITLE VI--PROHIBITION ON UNITED STATES GOVERNMENT CONTRACTS AND
INVESTMENT FOR COMPANIES CONDUCTING BUSINESS IN IRAN
Sec. 601. Prohibition on United States Government contracts.
Sec. 602. Authority of State and local governments to prohibit
contracts.
Sec. 603. United States pension plans.
Sec. 604. Sunset.
Sec. 605. Definitions.
TITLE VII--TERMINATION OF LOAN DISBURSEMENTS TO IRAN FROM THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
Sec. 701. Termination of loan disbursements to Iran from the
International Bank for Reconstruction and
Development.
Sec. 702. United States opposition to new country assistance strategy
for Iran.
Sec. 703. Sunset.
Sec. 704. Rule of interpretation.
SEC. 2. FINDINGS.
Congress finds the following:
(1) On July 1, 2010, President Obama signed into law the
Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 (Public Law 111-195).
(2) In the wake of this new United States law and United
Nations Security Council Resolution 1929 on Iran, the European
Union, Japan, South Korea, Australia, and other friends and
allies of the United States also imposed significant economic
sanctions on Iran.
(3) The latest report by the Director General of the
International Atomic Energy Agency to its Board of Directors,
issued on September 6, 2010, notes that Iran has continued its
record of insufficient cooperation with the agency, has
continued to fail to answer questions posed by the agency
regarding potential non-civilian nuclear activities by Iran,
and has failed to suspend sensitive nuclear activities, as
required by successive United Nations Security Council
resolutions.
(4) While the United States and several like-minded
countries have worked individually and in concert to increase
the diplomatic and economic isolation of Iran to convince the
Government of Iran to abandon sensitive nuclear activities, the
United States and like-minded countries must do more in the
coming months to achieve that goal.
TITLE I--ADDITIONAL BILATERAL SANCTIONS AGAINST IRAN
SEC. 101. APPLICATION TO SUBSIDIARIES.
(a) In General.--Except as provided in subsection (b), in any case
in which an entity engages in an act outside the United States which,
if committed in the United States or by a United States person, would
violate Executive Order No. 12959 of May 6, 1995, Executive Order No.
13059 of August 19, 1997, section 103 of the Comprehensive Iran
Sanctions, Accountability, and Divestment Act of 2010 (Public Law 111-
195; 22 U.S.C. 8512), or any other prohibition on transactions with
respect to Iran that is imposed under the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.), the parent company of
that entity shall be subject to the penalties for such violation to the
same extent as if the parent company had engaged in that act.
(b) Exception.--Subsection (a) shall not apply to any act carried
out under a contract or other obligation of any entity if--
(1) the contract or obligation existed on the date of the
enactment of this Act, unless such contract or obligation is
extended in time in any manner or expanded to cover additional
activities beyond the terms of the contract or other obligation
as it existed on the date of the enactment of this Act; or
(2) the parent company acquired that entity not knowing,
and not having reason to know, that such contract or other
obligation existed, unless such contract or other obligation is
extended in time in any manner or expanded to cover additional
activities beyond the terms of such contract or other
obligation as it existed at the time of such acquisition.
(c) Construction.--Nothing in this section shall be construed as
prohibiting the issuance of regulations, orders, directives, or
licenses under the Executive orders described in subsection (a) or as
being inconsistent with the authorities under the International
Emergency Economic Powers Act.
(d) Definitions.--In this section--
(1) the term ``entity'' means a partnership, association,
trust, joint venture, corporation, or other organization;
(2) an entity is a ``parent company'' of another entity if
it controls, directly or indirectly, that other entity and is a
United States person; and
(3) the term ``United States person'' means any United
States citizen, any alien lawfully admitted for permanent
residence to the United States, any entity organized under the
laws of the United States, or any person in the United States.
SEC. 102. ADDITIONAL EXPORT SANCTIONS AGAINST IRAN.
Notwithstanding section 103(b)(2)(B)(iv) of the Comprehensive Iran
Sanctions, Accountability, and Divestment Act of 2010 (Public Law 111-
195; 22 U.S.C. 8512(b)(2)(B)(iv)) or any other provision of law,
effective on the date of the enactment of this Act--
(1) licenses to export or reexport goods, services, or
technology relating to civil aviation that are otherwise
authorized by section 560.528 of title 31, Code of Federal
Regulations, as in effect on the date of the enactment of this
Act, may not be issued, and any such license issued before such
date of enactment is no longer valid; and
(2) goods, services, or technology described in paragraph
(1) may not be exported or reexported.
SEC. 103. TEMPORARY INCREASE IN FEE FOR CERTAIN CONSULAR SERVICES.
(a) Increase in Fee.--Notwithstanding any other provision of law,
not later than 120 days after the date of the enactment of this Act,
the Secretary of State shall increase by $1.00 the fee or surcharge
assessed under section 140(a) of the Foreign Relations Authorization
Act, Fiscal Years 1994 and 1995 (Public Law 103-236; 8 U.S.C. 1351
note) for processing machine readable nonimmigrant visas and machine
readable combined border crossing identification cards and nonimmigrant
visas.
(b) Deposit of Amounts.--Fees collected under the authority of
subsection (a) shall be deposited in the Treasury.
(c) Duration of Increase.--The fee increase authorized under
subsection (a) shall terminate on the date that is one year after the
date on which such fee is first collected.
TITLE II--ADDITIONAL MEASURES
SEC. 201. ELIMINATION 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) Denial when iran sanctions in effect.--
``(A) In general.--If sanctions are imposed under
section 5(a) of the Iran Sanctions Act of 1996
(relating to sanctions with respect to the development
of petroleum resources of Iran) on any member of an
expanded affiliated group the common parent of which is
a foreign corporation, paragraph (1) shall not apply to
any expense paid or incurred by any such member in any
period during which the sanctions are in effect.
``(B) Expanded affiliated group.--For purposes of
subparagraph (A), 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).''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to expenses paid or incurred on or after January 1, 2010.
SEC. 202. EXPANSION OF SANCTIONS UNDER THE IRAN SANCTIONS ACT OF 1996.
(a) In General.--Section 5(a) of the Iran Sanctions Act of 1996
(Public Law 104-172; 50 U.S.C. 1701 note) is amended--
(1) in the heading, by inserting at the end before the
period the following: ``, etc''; and
(2) by adding at the end the following new paragraphs:
``(4) Other actions relating to petroleum resources of
iran.--
``(A) In general.--Except as provided in subsection
(f), the President shall impose 3 or more of the
sanctions described in section 6(a) with respect to a
person if the President determines that the person
knowingly, on or after the date of the enactment of the
Stop Iran's Nuclear Weapons Program Act of 2010--
``(i) enters into a long-term agreement to
purchase petroleum resources from Iran;
``(ii) enters into an agreement to provide
payment for future delivery of petroleum
resources from Iran; or
``(iii) enters into an agreement with the
National Iranian Oil Company, any of its
affiliates, or any entity owned or controlled
by the Government of Iran to provide for the
development of petroleum resources wherever
located.
``(B) Definitions.--
``(i) Long-term agreement.--In subparagraph
(A)(i), the term `long-term agreement' means a
contract or other agreement that provides for
delivery of petroleum resources beginning more
than 1 year after the date of entry into the
contract or agreement (as the case may be).
``(ii) Future delivery.--In subparagraph
(A)(ii), the term `future delivery' means
delivery that occurs more than 180 days after
payment is effected under the agreement.
``(5) Purchase, subscription to, or facilitation of the
issuance of iranian sovereign debt.--Except as provided in
subsection (f), the President shall impose 3 or more of the
sanctions described in section 6(a) with respect to a person if
the President determines that the person knowingly, on or after
the date of the enactment of the Stop Iran's Nuclear Weapons
Program Act of 2010, purchases, subscribes to, or facilitates
the issuance of--
``(A) Iranian sovereign debt, including Iranian
governmental bonds; or
``(B) debt of any entity owned or controlled by the
Iranian Government, including bonds''.
(b) Effective Date.--The amendments made by this section shall--
(1) take effect on the date of the enactment of this Act;
and
(2) apply with respect to an investment or activity
described in subsection (a) of section 5 of the Iran Sanctions
Act of 1996, as amended by this section, that is commenced on
or after such date of enactment.
TITLE III--APPLICATION OF SANCTIONS AGAINST AFFILIATES OF THE IRAN
REVOLUTIONARY GUARD CORPS
SEC. 301. SANCTIONS AGAINST AFFILIATES OF THE IRAN REVOLUTIONARY GUARD
CORPS.
(a) Publication of Names of Affiliates in Federal Register.--Not
later than 90 days after the date of the enactment of this Act, and as
appropriate thereafter, the President shall publish in the Federal
Register the name of each foreign person or foreign entity for which
there is credible information indicating that the person or entity is
as an agent, alias, front, instrumentality, official, or affiliate of
the Iran Revolutionary Guard Corps or is an individual serving as a
representative of the Iran Revolutionary Guard Corps.
(b) Application of Existing Sanctions Against Iran to Affiliates.--
The President shall designate each foreign person or foreign entity
identified in the Federal Register pursuant to subsection (a) for
inclusion in the Annex to Executive Order 13382 (70 Fed. Reg. 38567;
relating to blocking property of weapons of mass destruction
proliferators and their supporters) and shall apply to each such
foreign person or foreign entity all applicable sanctions of the United
States contained in Executive Order 13382.
(c) Sanctions Under Executive Order 13438.--
(1) Publication of names of affiliates in federal
register.--Not later than 90 days after the date of the
enactment of this Act, and as appropriate thereafter, the
President shall publish in the Federal Register the name of
each foreign person or foreign entity--
(A) for which there is credible information
indicating that the person or entity is as an agent,
alias, front, instrumentality, official, or affiliate
of the Iran Revolutionary Guard Corps or is an
individual serving as a representative of the Iran
Revolutionary Guard Corps; and
(B) for which there is credible evidence that the
foreign person or foreign entity--
(i) has committed, or poses a significant
risk of committing, an act or acts of violence
that have the purpose or effect of--
(I) threatening the peace or
stability of Iraq or the Government of
Iraq; or
(II) undermining efforts to promote
economic reconstruction and political
reform in Iraq or to provide
humanitarian assistance to the Iraqi
people;
(ii) has materially assisted, sponsored, or
provided financial, material, logistical, or
technical support for, or goods or services in
support of, such an act or acts of violence or
any person whose property and interests in
property are blocked pursuant to Executive
Order 13438; or
(iii) is owned or controlled by, or has
acted or purported to act for or on behalf of,
directly or indirectly, any person whose
property and interests in property are blocked
pursuant to Executive Order 13438.
(2) Application of sanctions under executive order 13438.--
The President shall apply to each foreign person or foreign
entity identified in the Federal Register pursuant to paragraph
(1) all applicable sanctions and measures of the United States
contained in Executive Order 13438 (72 Fed. Reg. 39719;
relating to blocking property of certain persons who threaten
stabilization efforts in Iraq).
(d) Exclusion From United States.--The Secretary of State shall
deny a visa to, and the Secretary of Homeland Security shall exclude
from the United States, any alien who, on or after the date of the
enactment of this Act, is a foreign person identified in the Federal
Register pursuant to subsection (a) or (c).
(e) Rule of Construction.--Nothing in this section shall be
construed to remove any sanction of the United States in force against
the Iran Revolutionary Guard Corps as of the date of the enactment of
this Act by reason of the fact that the Iran Revolutionary Guard Corps
is an entity of the Government of Iran.
SEC. 302. MEASURES AGAINST FOREIGN PERSONS OR ENTITIES SUPPORTING THE
IRAN REVOLUTIONARY GUARD CORPS.
(a) Notification.--Whenever the President determines that there is
credible information indicating that a foreign person or foreign
entity, on or after the date of the enactment of this Act, knowingly--
(1) provided material support to the Iran Revolutionary
Guard Corps or any affiliated foreign person or foreign entity
identified pursuant to section 301 (a) or (c), or
(2) conducted any commercial transaction or financial
transaction with the Iran Revolutionary Guards Corps or any
affiliated foreign person or foreign entity identified pursuant
to section 301 (a) or (c),
the President shall submit to the appropriate congressional committees
a notification that contains the name of the foreign person or foreign
entity (as the case may be).
(b) Form.--The President may submit the notification required under
subsection (a) in classified form.
(c) Executive Order 12938 Sanctions.--Not later than 60 days after
the date on which the President provides notice to the appropriate
congressional committees pursuant to subsection (a), the President
shall apply to each foreign person or foreign entity identified in such
notice, for such time as the President may determine, the measures set
forth in section 4 of Executive Order 12938 (59 Fed. Reg. 59099;
relating to proliferation of weapons of mass destruction) and shall
terminate such measures in accordance with the provisions of such
section.
(d) IEEPA Sanctions.--The President may exercise the authorities
the President has under section 203(a) of the International Emergency
Economic Powers Act (50 U.S.C. 1702(a)) to impose additional sanctions
on each foreign person or foreign entity identified pursuant to
subsection (a) of this section, for such time as the President may
determine, without regard to section 202 of that Act.
(e) Waiver.--The President may waive the application of any measure
described in subsection (c) with respect to a foreign person or foreign
entity if the President--
(1)(A) determines that the person or entity has ceased the
offending activity and has taken measures to prevent its
recurrence; or
(B) determines that it is vital to the national security
interests of the United States to do so; and
(2) submits to the appropriate congressional committees a
report that contains the reasons for the determination.
SEC. 303. SPECIAL MEASURES AGAINST FOREIGN GOVERNMENTS SUPPORTING THE
IRAN REVOLUTIONARY GUARDS CORPS.
(a) Executive Order 12938 Sanctions.--With respect to any foreign
entity identified pursuant to section 302(a) that is a foreign
government, the President shall, in addition to applying to the entity
the measures described in section 302(d), apply to the entity the
measures set forth in section 5(b) of Executive Order 12938.
(b) Waiver.--The President may waive the application of any measure
described in subsection (a) with respect to a foreign entity if the
President--
(1)(A) determines that the entity has ceased the offending
activity and has taken measures to prevent its recurrence; or
(B) determines that it is vital to the national security
interests of the United States to do so; and
(2) submits to the appropriate congressional committees a
report that contains the reasons for the determination.
SEC. 304. DEFINITIONS.
In this title:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means the Committee on
Foreign Affairs of the House of Representatives and the
Committee on Foreign Relations of the Senate.
(2) Foreign person.--The term ``foreign person'' has the
meaning given the term in section 14 of the Iran Sanctions Act
of 1996.
(3) Iran revolutionary guard corps.--The term ``Iran
Revolutionary Guard Corps'' includes the Iran Revolutionary
Guard Corps-Qods Force.
TITLE IV--OPPOSITION OF TRANSFER TO IRAN, NORTH KOREA, AND SYRIA OF
GOODS, SERVICES, OR TECHNOLOGY RELEVANT TO THEIR CAPABILITY TO EXTRACT
OR MILL URANIUM ORE
SEC. 401. STATEMENT OF POLICY.
It shall be the policy of the United States--
(1) to oppose the transfer to Iran, North Korea, and Syria
of goods, services, or technology relevant to their capability
to extract or mill uranium ore; and
(2) to work with like-minded countries to impose
restrictions on such transfers internationally.
SEC. 402. REPORTING REQUIREMENTS UNDER THE IRAN, NORTH KOREA, AND SYRIA
NONPROLIFERATION ACT.
Section 2(a) of the Iran, North Korea, and Syria Nonproliferation
Act (50 U.S.C. 1701 note) is amended--
(1) in paragraph (1), by redesignating subparagraphs (A)
through (E) as clauses (i) through (v), respectively;
(2) by redesignating paragraphs (1) and (2) as
subparagraphs (A) and (B), respectively;
(3) in subparagraph (B), as redesignated--
(A) by striking ``paragraph (1)'' and inserting
``subparagraph (A)''; and
(B) by striking the period at the end and inserting
``; or'';
(4) by striking all that precedes subparagraph (A), as
redesignated, and inserting the following:
``(a) Reports.--The President shall, at the times specified in
subsection (b), submit to the Committee on Foreign Affairs of the House
of Representatives and the Committee on Foreign Relations of the Senate
a report identifying every foreign person with respect to whom there is
credible information indicating that person--
``(1) on or after January 1, 1999, transferred to or
acquired from Iran, on or after January 1, 2005, transferred to
or acquired from Syria, or on or after January 1, 2006,
transferred to or acquired from North Korea--''; and
(5) by adding at the end the following new paragraph:
``(2) on or after January 1, 2009, transferred to Iran,
Syria, or North Korea goods, services, or technology that could
assist efforts to extract or mill uranium ore within the
territory or control of Iran, North Korea, or Syria.''.
SEC. 403. CONFORMING AMENDMENTS.
The Iran, North Korea, and Syria Nonproliferation Act (50 U.S.C.
1701 note) is further amended by striking ``Committee on International
Relations'' each place it appears and inserting ``Committee on Foreign
Affairs''.
TITLE V--ROLLOVER OF GAIN FROM DIVESTING CERTAIN QUALIFIED SECURITIES
OF BUSINESS ENTITIES ENGAGED IN DISCOURAGED ACTIVITIES IN IRAN OR SUDAN
SEC. 501. ROLLOVER OF GAIN FROM DIVESTING CERTAIN QUALIFIED SECURITIES
OF BUSINESS ENTITIES ENGAGED IN DISCOURAGED ACTIVITIES IN
IRAN OR SUDAN.
(a) In General.--Part III of subchapter O of chapter 1 of the
Internal Revenue Code of 1986 (relating to common nontaxable exchanges)
is amended by adding at the end the following new section:
``SEC. 1046. ROLLOVER OF GAIN FROM DIVESTING CERTAIN QUALIFIED
SECURITIES OF BUSINESS ENTITIES ENGAGED IN DISCOURAGED
ACTIVITIES IN IRAN OR SUDAN.
``(a) Nonrecognition of Gain.--
``(1) In general.--In the case of any sale of any qualified
security held by a taxpayer with respect to which such taxpayer
elects the application of this section, in any business entity
that is engaged in an Iran discouraged activity or a Sudan
discouraged activity, gain from such sale shall be recognized
only to the extent that the amount realized on such sale
exceeds--
``(A) the cost of any qualified replacement
property purchased by the taxpayer during the 30-day
period beginning on the date of such sale, reduced by
``(B) any portion of such cost previously taken
into account under this section.
``(2) Exception for ordinary income gain.--This section
shall not apply to any gain which is treated as ordinary income
for purposes of this title.
``(3) Exception where taxpayer owns controlling interest in
the business entity.--
``(A) In general.--Paragraph (1) shall not apply to
any sale if, immediately before such sale, the taxpayer
owns a controlling interest in the business entity that
is engaged in an Iran discouraged activity or a Sudan
discouraged activity.
``(B) Controlling interest.--For purposes of
subparagraph (A), the term `controlling interest' means
direct or indirect ownership of at least 50 percent of
the total voting power and value of all classes of
stock of a corporation. For purposes of the preceding
sentence, the rules of paragraphs (1) and (5) of
section 267(c) shall apply.
``(C) Aggregation rule.--For purposes of this
paragraph, all members of the same controlled group of
corporations (within the meaning of section 267(f)) and
all persons under common control (within the meaning of
section 52(b) but determined by treating an interest of
more than 50 percent as a controlling interest) shall
be treated as 1 person.
``(b) Definitions and Special Rules Relating to Securities and
Replacement Property.--For purposes of this section--
``(1) Qualified security.--
``(A) In general.--The term `qualified security'
means any security held by a taxpayer in any business
entity that is engaged in an Iran discouraged activity
or a Sudan discouraged activity.
``(B) Exception.--Such term shall not include any
security purchased or otherwise acquired after the date
of the enactment of this section which, at the time of
such purchase or acquisition, was issued by a business
entity then engaged in an Iran discouraged activity or
a Sudan discouraged activity.
``(C) Security defined.--The term `security' has
the meaning given such term by section 165(g)(2).
``(2) Qualified replacement property.--
``(A) In general.--The term `qualified replacement
property' means any security of a business entity that,
on the date of purchase by the taxpayer--
``(i) is not engaged in an Iran discouraged
activity or a Sudan discouraged activity on
such date,
``(ii) is not a member of an expanded
affiliated group, any member of which is
engaged in an Iran discouraged activity or a
Sudan discouraged activity on such date, and
``(iii) meets the requirements of
subparagraph (B).
``(B) Replacement property.--Property meets the
requirements of this paragraph if, with respect to the
sale of any security--
``(i) except as provided in clause (ii), in
the case that the security is a share of stock
in a corporation, the replacement property is a
share of stock in a corporation,
``(ii) in the case that the security is a
share of stock of a regulated investment
company, real estate investment trust, hedge
fund, investment partnership, or similar
business entity, the replacement property is a
share of stock in a regulated investment
company, real estate investment trust, hedge
fund, investment partnership, or similar
business entity,
``(iii) in the case that the security is a
right to subscribe for, or to receive, a share
of stock in a corporation, the replacement
property is a right to subscribe for, or to
receive, a share of stock in a corporation, and
``(iv) in the case that the security is a
bond, debenture, note, or certificate, or other
evidence of indebtedness issued by a
corporation, with interest coupons or in
registered form, the replacement property is a
bond, debenture, note, or certificate, or other
evidence of indebtedness issued by a
corporation, with interest coupons or in
registered form.
``(C) Deemed investment if investing in entities
engaged in discouraged activities.--Any regulated
investment company, real estate investment trust, hedge
fund, investment partnership, or similar business
entity, which invests in the securities--
``(i) issued by a business entity
determined to be engaging in Iran discouraged
activities or Sudan discouraged activities, or
``(ii) issued by the government of Sudan or
Iran or any agency thereof,
shall be deemed to be a business entity engaging in
Iran discouraged activities or Sudan discouraged
activities.
``(D) Business declaration of policy.--
``(i) In general.--Notwithstanding any
other provision of this section, in the case of
a business entity described in clause (iii), a
security in such business entity shall not be
treated as qualified replacement property
unless the business entity has made the
following declaration: `It is our policy not to
make investments in business entities which
engage in Iran discouraged activities or Sudan
discouraged activities as defined in section
1046 of the Internal Revenue Code of 1986, and
to use due diligence to avoid making such
investments. It is our policy to divest on or
before December 31, 2010, from business
entities engaged in Iran discouraged activities
and Sudan discouraged activities.'.
``(ii) Not qualified security.--If a
business entity described in clause (iii) has
made the declaration specified in clause (i),
then from the time of such declaration an
interest in such business entity shall not be
treated as a qualified security.
``(iii) Business entity described.--A
business entity described in this clause is a
regulated investment company, real estate
investment trust, hedge fund, investment
partnership, or similar business entity.
``(E) Expanded affiliated group.--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) and
(4) of section 1504(b).
``(F) Basis adjustments.--If gain from any sale is
not recognized by reason of subsection (a), such gain
shall be applied to reduce (in the order acquired) the
basis for determining gain or loss of any qualified
replacement property which is purchased by the taxpayer
during the 30-day period described in subsection (a).
``(G) Holding period.--For purposes of determining
the period for which the taxpayer has held qualified
replacement property the acquisition of which resulted
in the nonrecognition under subsection (a) of any part
of the gain realized on the sale of a qualified
security, there shall be included the period for which
such qualified security had been held by the taxpayer.
``(3) Special rule for securities of certain entities.--
``(A) In general.--For any business entity
described in subparagraph (C), a security in such
business entity shall be treated as qualified
replacement property if the business entity has made
the following declaration: `It is our policy not to
make investments in any person having an investment in,
or carrying on a trade or business (within the meaning
of section 162) in or with, Iran and Sudan. This policy
may or may not include investments concerning the
provision of food, medicine, humanitarian services in
or to Iran or Sudan or investments concerning
marginalized areas of Sudan (as defined in section 2 of
the Sudan Accountability and Divestment Act of 2007
(121 Stat. 2518)).'.
``(B) Not qualified security.--If a business entity
described in subparagraph (C) has made the declaration
specified in subparagraph (A), then from the time of
such declaration an interest in such business entity
shall not be treated as a qualified security.
``(C) Business entity described.--A business entity
described in this subparagraph is a regulated
investment company, real estate investment trust, hedge
fund, investment partnership, or similar business
entity.
``(D) Certain business entities as replacement
property.--A business entity described in subparagraph
(C) making the declaration described in subparagraph
(A) may qualify as replacement property if it has
adopted restrictions on investment in persons that
invest in or carrying on a trade or business (within
the meaning of section 162) in or with countries other
than Iran and Sudan that are designated as state
sponsors of terrorism under section 6(j) of the Export
Administration Act of 1979, section 40 of the Arms
Export Control Act, or section 620A of the Foreign
Assistance Act of 1961.
``(4) Business entity.--The term `business entity' means
any corporation, limited liability partnership, limited
liability company, or any other business entity conducting
business activities in which the taxpayer has purchased or can
purchase securities.
``(c) Definitions and Rules Relating to Sudan Discouraged
Activity.--For purposes of this section, the term `Sudan discouraged
activity' means an investment in any business operation described in
section 3(d) of the Sudan Accountability and Divestment Act of 2007
(121 Stat. 2518).
``(d) Definitions and Rules Relating to Iran Discouraged
Activities.--For purposes of this section--
``(1) Iran discouraged activity.--The term `Iran
discouraged activity' means--
``(A) an investment of $20,000,000 or more--
``(i) in the energy sector of Iran; or
``(ii) in a person that provides oil or
liquefied natural gas tankers, or products used
to construct or maintain pipelines used to
transport oil or liquefied natural gas, for the
energy sector in Iran;
``(B) an extension of $20,000,000 or more in credit
to another person, for 45 days or more, if that person
will use the credit to invest in the energy sector in
Iran;
``(C) except as provided in section 5(f) of the
Iran Sanctions Act of 1996 (50 U.S.C. 1701 note), an
investment of $20,000,000 or more (or any combination
of investments of at least $5,000,000 each, which in
the aggregate equals or exceeds $20,000,000 in any 12-
month period), that directly and significantly
contributed to the enhancement of Iran's ability to
develop petroleum resources of Iran;
``(D) except as provided in section 5(f) of the
Iran Sanctions Act of 1996 (50 U.S.C. 1701 note), the
sale, lease, or provision to Iran of any goods,
services, technology, information, or support that
would allow Iran to maintain or expand its domestic
production of refined petroleum resources, including
any assistance in refinery construction, modernization,
or repair; or
``(E) except as provided in section 5(f) of the
Iran Sanctions Act of 1996 (50 U.S.C. 1701 note),
providing Iran with refined petroleum resources or
engaging in any activity that could contribute to the
enhancement of Iran's ability to import refined
petroleum resources, including--
``(i) providing ships or shipping services
to deliver refined petroleum resources to Iran;
``(ii) underwriting or otherwise providing
insurance or reinsurance for such activity; or
``(iii) financing or brokering such
activity.
``(2) Investment.--The `investment' of assets, with respect
to a State or local government, includes--
``(A) a commitment or contribution of assets;
``(B) a loan or other extension of credit; or
``(C) the entry into or renewal of a contract for
goods or services.
``(3) Energy sector.--The term `energy sector' refers to
activities to develop petroleum or natural gas resources or
nuclear power.
``(4) Iran.--The term `Iran' includes any agency or
instrumentality of Iran.
``(e) Doing Business With Terrorists.--
``(1) In general.--For purposes of this section--
``(A) A business entity has engaged in Iran
discouraged activities if it conducts business with or
makes any charitable donation to any Iranian person
designated as a terrorist or to any foreign terrorist
organization.
``(B) A business entity has engaged in Sudan
discouraged activities if it conducts business with or
makes any charitable donation to any Sudanese person
designated as a terrorist or to any foreign terrorist
organization.
``(2) Terrorist.--A person is designated as a terrorist for
purposes of paragraph (1) if such person is designated or
otherwise individually identified in or pursuant to an
Executive Order which is related to terrorism and issued under
the authority of the International Emergency Economic Powers
Act or section 5 of the United Nations Participation Act of
1945 for the purpose of imposing on such organization an
economic or other sanction.
``(3) Foreign terrorist organization.--For purposes of
paragraph (1), the term `foreign terrorist organization' means
an organization designated under section 219 of the Immigration
and Nationality Act (8 U.S.C. 1189) as a foreign terrorist
organization.
``(f) Identification of Business Entities Engaging in Iran
Discouraged Activities or Sudan Discouraged Activities.--
``(1) Publication of list.--For purposes of this section,
the Secretary shall publish and update at least every six
months a list of business entities engaging in any Sudan
discouraged activities or Iran discouraged activities, or both.
``(2) Regulations.--The Secretary shall issue regulations
defining how a business entity shall not be deemed to be
engaged in an Iran discouraged activity or Sudan discouraged
activity, if--
``(A) with regard to activities on the date this
section becomes effective, the business entity limits
its activity to continuing existing contracts, without
extension or expansion (except that an investment (as
defined in section 14 of the Iran Sanctions Act of
1996) that would subject a business entity to sanctions
under section 5 of the Iran Sanctions Act of 1996 shall
be considered an Iran discouraged activity,
notwithstanding contracts entered into prior to the
effective date of this section), and
``(B) with regard to any Iran discouraged activity
or Sudan discouraged activity carried on under
contracts entered into or expanded after the effective
date of this section, the contract was entered into at
a time when the business entity did not own or control
the subsidiary business entity, and after acquiring
such ownership or control the business entity has not
extended or expanded or renewed such contract.
``(3) Taxpayer self-help.--Until such time as the Secretary
publishes a list of those engaging in Iran discouraged
activities or Sudan discouraged activities or if the Secretary
fails to update that list as required in paragraph (1), the
taxpayer may determine, using credible, publicly available
information, which business entities engage in an Iran
discouraged activity or a Sudan discouraged activity.
``(g) Improvement in the Actions of the Government of the Sudan.--
Effective on the date when the President certifies under a section 12
of the Sudan Accountability and Divestment Act of 2007 (121 Stat.
2523), subsection (a) shall not apply to any Sudan discouraged activity
after such date.
``(h) Improvement in the Actions of the Government of Iran.--
``(1) Termination of nonrecognition treatment.--Effective
on the date when the requirements described in paragraph (2)
are met, subsection (a) shall not apply to any Iran discouraged
activity after such date.
``(2) Requirements.--The requirements described in this
paragraph are--
``(A) a declaration by the President which states
that, in the opinion of the President, Iran is no
longer engaging in efforts to develop or retain weapons
of mass destruction, and has not developed and is not
developing the capacity to enrich or reprocess uranium
or plutonium, and
``(B) a determination by the Secretary of State
that Iran should no longer be listed as a state sponsor
of acts of international terrorism pursuant to section
6(j) of the Export Administration Act of 1979, section
620A of the Foreign Assistance Act of 1961, section 40
of the Arms Export Control Act, or any other provision
of law.''.
(b) Clerical Amendment.--The table of sections for part III of
subchapter O of chapter 1 of such Code is amended by adding at the end
the following new item:
``Sec. 1046. Rollover of gain from divesting certain qualified
securities of business entities engaged in
discouraged activities in Iran or Sudan.''.
(c) Effective Date.--The amendments made by this section shall
apply to with respect to sales of securities after the date of the
enactment of this Act.
TITLE VI--PROHIBITION ON UNITED STATES GOVERNMENT CONTRACTS AND
INVESTMENT FOR COMPANIES CONDUCTING BUSINESS IN IRAN
SEC. 601. PROHIBITION ON UNITED STATES GOVERNMENT CONTRACTS.
(a) Certification Requirement.--The head of each executive agency
shall ensure that each contract with a company entered into by such
executive agency for the procurement of goods or services or agreement
for the use of Federal funds as part of a grant, loan, or loan
guarantee, the provision of insurance or reinsurance, or the provision
of technical assistance to a company, includes a clause that requires
the company to certify to the contracting officer that the company does
not conduct business operations in Iran described in section 605.
(b) Remedies.--
(1) In general.--The head of an executive agency may impose
remedies as provided in this subsection if the head of the
executive agency determines that the contractor has submitted a
false certification under subsection (a) after the date the
Federal Acquisition Regulation is revised pursuant to
subsection (e) to implement the requirements of this section.
(2) Termination.--The head of an executive agency may
terminate a covered contract with a company upon the
determination of a false certification under paragraph (1).
(3) Suspension and debarment.--The head of an executive
agency may debar or suspend a contractor from eligibility for
Federal contracts upon the determination of a false
certification under paragraph (1). The debarment period may not
exceed 3 years.
(4) Inclusion on list of parties excluded from federal
procurement and nonprocurement programs.--The Administrator of
General Services shall include on the List of Parties Excluded
from Federal Procurement and Nonprocurement Programs maintained
by the Administrator under part 9 of the Federal Acquisition
Regulation issued under section 25 of the Office of Federal
Procurement Policy Act (41 U.S.C. 421) each contractor that is
debarred, suspended, proposed for debarment or suspension, or
declared ineligible by the head of an executive agency on the
basis of a determination of a false certification under
paragraph (1).
(5) Rule of construction.--This section shall not be
construed to limit the use of other remedies available to the
head of an executive agency or any other official of the
Federal Government on the basis of a determination of a false
certification under paragraph (1).
(c) Waiver.--
(1) In general.--The President may waive the requirement of
subsection (a) on a case-by-case basis if the President
determines and certifies in writing to the appropriate
congressional committees that it is in the national interest to
do so.
(2) Reporting requirement.--Not later than 120 days after
the date of the enactment of this Act and semi-annually
thereafter, the Administrator for Federal Procurement Policy
shall submit to the appropriate congressional committees a
report on waivers granted under paragraph (1).
(d) Implementation Through the Federal Acquisition Regulation.--Not
later than 120 days after the date of the enactment of this Act, the
Federal Acquisition Regulation issued pursuant to section 25 of the
Office of Federal Procurement Policy Act (41 U.S.C. 421) shall be
revised to provide for the implementation of the requirements of this
section.
(e) Report.--Not later than one year after the date the Federal
Acquisition Regulation is revised pursuant to subsection (e) to
implement the requirements of this section, the Administrator of
General Services, with the assistance of other executive agencies,
shall submit to the Office of Management and Budget and the appropriate
congressional committees a report on the actions taken under this
section.
SEC. 602. AUTHORITY OF STATE AND LOCAL GOVERNMENTS TO PROHIBIT
CONTRACTS.
Notwithstanding any other provision of law, a State or local
government may adopt and enforce measures to prohibit the State or
local government, as the case may be, from entering into or renewing a
contract for the procurement of goods or services with persons that
conduct business operations in Iran described in section 605.
SEC. 603. UNITED STATES PENSION PLANS.
(a) Divestiture From Iran.--The managers of United States
Government pension plans or thrift savings plans, shall take, to the
extent consistent with the legal and fiduciary duties otherwise imposed
on them, immediate steps to divest all investments in any entity with
respect to which sanctions are applied for activities described in
section 5(a) of the Iran Sanctions Act of 1996 (Public Law 104-172; 50
U.S.C. 1701 note), as amended by this Act, section 302(a) of this Act,
or section 106(a) of the Comprehensive Iran Sanctions, Accountability,
and Divestment Act of 2010 (Public Law 111-195; 22 U.S.C. 8515).
(b) Prohibition on Future Investment.--The managers of United
States Government pension plans or thrift savings plans shall ensure
that there is no future investment in any entity described in
subsection (a) for the duration of the period of time during which the
entity is sanctioned under the applicable provision of law described in
subsection (a).
SEC. 604. SUNSET.
This title shall terminate 30 days after the date on which--
(1) the President has certified to Congress that the
Government of Iran has ceased providing support for acts of
international terrorism and no longer satisfies the
requirements for designation as a state-sponsor of terrorism
for purposes of section 6(j) of the Export Administration Act
of 1979, section 620A of the Foreign Assistance Act of 1961,
section 40 of the Arms Export Control Act, or any other
provision of law; and
(2) Iran has permanently ceased the pursuit, acquisition,
and development of nuclear, biological, and chemical weapons
and missiles.
SEC. 605. DEFINITIONS.
In this title:
(1) Company.--The term ``company'' means--
(A) a sole proprietorship, organization,
association, corporation, partnership, limited
liability company, venture, or other entity, its
subsidiary or affiliate; and
(B) includes a company owned or controlled, either
directly or indirectly, by the government of a foreign
country, that is established or organized under the
laws of, or has its principal place of business in,
such foreign country and includes United States
subsidiaries of the same.
(2) Affiliate.--The term ``affiliate'' means any individual
or entity that directly or indirectly controls, is controlled
by, or is under common control with, the company, including
without limitation direct and indirect subsidiaries of the
company.
(3) Entity.--The term ``entity'' means a sole
proprietorship, a partnership, limited liability corporation,
association, trust, joint venture, corporation, or other
organization.
(4) Federal funds.--The term ``Federal funds'' means a sum
of money or other resources derived from United States
taxpayers, which the United States Government may provide to
companies through government grants or loans, or through the
terms of a contract with the Federal Government, or through the
Emergency Economic Stabilization Act of 2008 ``Troubled Asset
Relief Program'' or other similar and related transaction
vehicles, including a grant, loan, or loan guarantee, the
provision of insurance or reinsurance, or the provision of
technical assistance.
(5) Business operations.--The term ``business operations''
means--
(A) carrying out any of the activities described in
section 5 (a) and (b) of the Iran Sanctions Act of 1996
(Public Law 104-172; 50 U.S.C. 1701 note), as amended
by this Act, that are sanctionable under such section;
(B) providing sensitive technology (as defined in
section 106(c) of the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 (Public Law
111-195; 22 U.S.C. 8515(c)) to the Government of Iran;
and
(C) carrying out any of the activities described in
section 302(a) of this Act.
(6) Government of iran.--The term ``Government of Iran''
includes the Government of Iran, any political subdivision,
agency, or instrumentality thereof, and any person owned or
controlled by, or acting for or on behalf of, the Government of
Iran.
(7) Petroleum resources.--
(A) In general.--The term ``petroleum resources''
includes petroleum, petroleum by-products, oil or
liquefied natural gas, oil or liquefied natural gas
tankers, and products used to construct or maintain
pipelines used to transport oil or compressed or
liquefied natural gas.
(B) Petroleum by-products.--The term ``petroleum
by-products'' means gasoline, kerosene, distillates,
propane or butane gas, diesel fuel, residual fuel oil,
and other goods classified in headings 2709 and 2710 of
the Harmonized Tariff Schedule of the United States.
(8) Sensitive technology.--The term ``sensitive
technology'' means hardware, software, telecommunications
equipment, or any other technology that the President
determines may be used by the Government of Iran--
(A) to restrict the free flow of unbiased
information in Iran; or
(B) to disrupt, monitor, or otherwise restrict
speech by the people of Iran.
(9) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Banking, Housing, and Urban
Affairs, the Committee on Foreign Relations, and the
Select Committee on Intelligence of the Senate; and
(B) the Committee on Financial Services, the
Committee on Foreign Affairs, and the Permanent Select
Committee on Intelligence of the House of
Representatives.
(10) 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).
TITLE VII--TERMINATION OF LOAN DISBURSEMENTS TO IRAN FROM THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
SEC. 701. TERMINATION OF LOAN DISBURSEMENTS TO IRAN FROM THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT.
(a) In General.--The President of the United States shall take all
action available to seek a termination of disbursements of funds under
loans made by the International Bank for Reconstruction and Development
to Iran.
(b) Report to the Congress.--On the date that is 6 months after the
date of the enactment of this Act, and every 6 months thereafter, the
President shall submit to the Committee on Financial Services of the
House of Representatives and the Committee on Foreign Relations of the
Senate a report on the efforts made by the United States to terminate
the loan disbursements referred to in subsection (a).
SEC. 702. UNITED STATES OPPOSITION TO NEW COUNTRY ASSISTANCE STRATEGY
FOR IRAN.
(a) Statement of Policy.--It is the policy of the United States to
oppose a new Country Assistance Strategy for Iran.
(b) Actions To Be Taken if the World Bank Violates the Policy or
Makes a New Loan to Iran.--If, after the date of the enactment of this
Act, the International Bank for Reconstruction and Development approves
a Country Assistance Strategy for Iran, or approves a loan to Iran, the
President of the United States shall--
(1) terminate any contribution by the United States to the
International Bank for Reconstruction and Development, the
International Finance Corporation, and the Multilateral
Investment Guarantee Corporation for the fiscal year in which
the Country Assistance Strategy or loan is approved, or (if
loan disbursements to Iran for that fiscal year have been made
by such institutions) for the following fiscal year;
(2) prohibit the sale of debt instruments of the
International Bank for Reconstruction and Development in the
United States, prohibit the purchase of any such debt
instrument by any United States person; and
(3) prohibit the United States Government and any state or
municipal governmental entity from purchasing any such debt
instrument.
SEC. 703. SUNSET.
Sections 701 and 702 shall terminate 30 days after the date on
which the President has certified to Congress that--
(1) the Government of Iran has ceased providing support for
acts of international terrorism and no longer satisfies the
requirements for designation as a state-sponsor of terrorism
for purposes of section 6(j) of the Export Administration Act
of 1979, section 620A of the Foreign Assistance Act of 1961,
section 40 of the Arms Export Control Act, or any other
provision of law; and
(2) Iran has ceased the pursuit, acquisition, and
development of nuclear, biological, and chemical weapons and
ballistic missiles and ballistic missile launch technology.
SEC. 704. RULE OF INTERPRETATION.
Nothing in section 701 or 702 shall be interpreted to affect United
States contributions to, or the participation of the United States in,
the International Development Association.
<all>
Introduced in House
Introduced in House
Referred to House Foreign Affairs
Referred to the Committee on Foreign Affairs, and in addition to the Committees on Ways and Means, the Judiciary, Financial Services, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Ways and Means
Referred to House Judiciary
Referred to House Financial Services
Referred to House Oversight and Government Reform
Referred to the Subcommittee on Immigration, Citizenship, Refugees, Border Security, and International Law.
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