<enum>I</enum><header>Iran’s Revolutionary Guard Corps Watch List and Report</header> <section id="H65213704C2C24620A7EAA70EC6D94F25"><enum>101.</enum><header>Findings</header><text display-inline="no-display-inline">Congress finds the following:</text> <paragraph id="H71603D5EF8F047FF8974436B2B738EB0"><enum>(1)</enum><text display-inline="yes-display-inline">Iran’s Revolutionary Guard Corps (IRGC) threatens the national security of the United States and United States allies.</text> </paragraph><paragraph id="HF3721F31AD3D4B6DBD96CE4D5D4B5244"><enum>(2)</enum><text>The IRGC provides direct sponsorship and support to numerous foreign terrorist organizations, including Hamas and Hezbollah, and maintains support for the Bashar al-Assad regime in Syria which is responsible for hundreds of thousands of deaths.</text> </paragraph><paragraph id="H9B727E23AC254588B58F15EE8FE88B0D"><enum>(3)</enum><text>The United States holds the IRGC responsible for severe and continuing human rights violations against the Iranian people, including unlawful arrests, torture, and harassment.</text> </paragraph><paragraph id="HA220F194E9EA4FBEBE29EE5314789709"><enum>(4)</enum><text>The United States currently upholds sanctions against the IRGC for its support of terrorism and human rights abuses.</text> </paragraph><paragraph id="HA5EC184ECE9845CDAD5C6360FD2C06D2"><enum>(5)</enum><text display-inline="yes-display-inline">The Office of Foreign Assets Control of the Department of the Treasury currently includes the IRGC on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury (in this section referred to as the <quote>SDN list</quote>).</text> </paragraph><paragraph id="H2CB58C244D3F4FC9809B2FDDABCEA41F"><enum>(6)</enum><text>The Office of Foreign Assets Control of the Department of the Treasury includes on the SDN list entities in which the IRGC owns a 50 percent or greater interest. The inclusion of an entity on the SDN list results in the blocking of all assets and property of such entity. This regulation, commonly termed the <quote>50 percent rule</quote>, is codified in section 561.405 of title 31, Code of Federal Regulations, and is the standard used by the Office of Foreign Assets Control when determining ownership of entities owned or controlled by blocked or sanctioned persons.</text> </paragraph><paragraph id="HBFF20FB613624DC3A12CAFD2330AE310"><enum>(7)</enum><text>The IRGC maintains a powerful and expansive presence throughout Iran’s financial, commercial, and oil sectors, owning, controlling, operating, and influencing Iranian entities while producing revenues estimated in the billions of dollars. According to the Department of the Treasury, <quote>The IRGC has a growing presence in Iran’s financial and commercial sectors and extensive economic interests in the defense production, construction, and oil industries, controlling billions of dollars in corporate business.</quote>.</text> </paragraph><paragraph id="H79A25E036BE4440D8C3A1D29810107E4"><enum>(8)</enum><text>The IRGC has continuously practiced sanctions evasion and deceptive business practices to conceal its ownership over Iranian entities, owning numerous Iranian entities which are not on the SDN list because IRGC ownership is below 50 percent, leaving such entities unsanctioned and open to business.</text> </paragraph><paragraph id="H312399CB783443E88B0EA44668E800CB"><enum>(9)</enum><text>As sanctions are lifted and Iran becomes more open to international commerce, the international community must be aware of any and all entities that are IRGC-owned, -controlled, -operated, or influenced, including those entities that do not make the threshold to be included on the SDN list.</text> </paragraph></section><section id="H3AE46275A4A842E39CE57DDCF9B1BCA2" section-type="subsequent-section"><enum>102.</enum><header>Imposition of sanctions against entities owned in whole or in part by IRGC</header> <subsection id="HDC8D5C73D7844891BAD30A0DE7932684"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The President shall impose the sanctions described in subsection (b) against any entity with respect to which Iran’s Revolutionary Guard Corps owns, directly or indirectly, a 20 percent or greater interest in the entity, regardless of whether the entity itself is included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury.</text> </subsection><subsection id="H01FB7599D39243ABB4C258698C0416E2"><enum>(b)</enum><header>Sanctions described</header> <paragraph id="HE19C7BA01DDD4A568F1D9A5808F6F962"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The blocking, in accordance with the International Emergency Economic Powers Act (<external-xref legal-doc="usc" parsable-cite="usc/50/1701">50 U.S.C. 1701 et seq.</external-xref>), of all transactions in all property and interests in property of an entity if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person.</text> </paragraph><paragraph id="HC723FE6B286F4A179E4DD947B98AA441"><enum>(2)</enum><header>Inapplicability of national emergency requirement</header><text display-inline="yes-display-inline">The requirements of section 202 of the International Emergency Economic Powers Act (<external-xref legal-doc="usc" parsable-cite="usc/50/1701">50 U.S.C. 1701</external-xref>) shall not apply for purposes of this section.</text> </paragraph></subsection><subsection id="H392C44E0B7994309A91C72CF99CF0BC6"><enum>(c)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="H2C45A897BB6A4B09926322AD2A61250C"><enum>(1)</enum><header>Person</header><text>The term <term>person</term> means an individual or entity.</text> </paragraph><paragraph id="H9401F856DB8547649F8D08F490F8B653"><enum>(2)</enum><header>United States person</header><text display-inline="yes-display-inline">The term <term>United States person</term> means—</text> <subparagraph id="HCAC5DA60A6B54E9693EBA7E73CFFEE80"><enum>(A)</enum><text>a United States citizen or an alien lawfully admitted for permanent residence to the United States; or</text> </subparagraph><subparagraph id="HD3A59933B6D04F59ACF54018D08BC12A"><enum>(B)</enum><text>an entity organized under the laws of the United States or of any jurisdiction within the United States, including a foreign branch of such an entity.</text> </subparagraph></paragraph></subsection></section><section id="H1057AB6E81004C8886CA65594F0C2C60"><enum>103.</enum><header>IRGC Watch List and report</header> <subsection id="H508EF3AFC9374386B3B306D7B4B4BEFE"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall establish, maintain, and publish in the Federal Register a list of each entity with respect to which Iran’s Revolutionary Guard Corps—</text> <paragraph id="HFD51432B014645B2941B18F601D769E4"><enum>(1)</enum><text>owns, directly or indirectly, any interest that is less than 20 percent in the entity; or</text> </paragraph><paragraph id="HF06485BB14F44B4281ACF713D2DEED5B"><enum>(2)</enum><text display-inline="yes-display-inline">does not own any interest in the entity but maintains a presence on the board of directors of the entity or otherwise influences the actions, policies, or personnel decisions of the entity.</text> </paragraph></subsection><subsection id="HAFA272DA472C48EEB10EC70E62771473"><enum>(b)</enum><header>Report</header><text>Not later than 90 days after the date of the enactment of the Act, and annually thereafter, the Secretary of the Treasury shall submit to Congress a report on any changes to the list required by subsection (a).</text> </subsection><subsection id="HBB1774FCCDF64D659F5A3FADAD9B9C73"><enum>(c)</enum><header>Reference</header><text>The list required by subsection (a) shall be known as the <quote>IRGC Watch List</quote>.</text> </subsection></section><section id="HC79C103D907A47FFB6EB2DF875066216"><enum>104.</enum><header>Definitions</header><text display-inline="no-display-inline">Except as otherwise provided, in this title:</text> <paragraph id="HDC36DC5FA2CA44878003BD82C4614E94"><enum>(1)</enum><header>Entity</header><text>The term <term>entity</term> means any corporation, business association, partnership, trust, society, or any other entity.</text> </paragraph><paragraph id="HC1F6DFD92B2945A7BCED626E399E8A70"><enum>(2)</enum><header>IRGC</header><text display-inline="yes-display-inline">The term <term>IRGC</term> means Iran’s Revolutionary Guard Corps.</text> </paragraph></section>

114 HR 4258 IH: Quarantining the Ayatollah’s State-Sponsored Aggression and Militancy (QASSAM) Act U.S. House of Representatives 2015-12-15 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

Short title

This Act may be cited as the

Quarantining the Ayatollah’s State-Sponsored Aggression and Militancy (QASSAM) Act

<enum>I</enum><header>Iran’s Revolutionary Guard Corps Watch List and Report</header> <section id="H65213704C2C24620A7EAA70EC6D94F25"><enum>101.</enum><header>Findings</header><text display-inline="no-display-inline">Congress finds the following:</text> <paragraph id="H71603D5EF8F047FF8974436B2B738EB0"><enum>(1)</enum><text display-inline="yes-display-inline">Iran’s Revolutionary Guard Corps (IRGC) threatens the national security of the United States and United States allies.</text> </paragraph><paragraph id="HF3721F31AD3D4B6DBD96CE4D5D4B5244"><enum>(2)</enum><text>The IRGC provides direct sponsorship and support to numerous foreign terrorist organizations, including Hamas and Hezbollah, and maintains support for the Bashar al-Assad regime in Syria which is responsible for hundreds of thousands of deaths.</text> </paragraph><paragraph id="H9B727E23AC254588B58F15EE8FE88B0D"><enum>(3)</enum><text>The United States holds the IRGC responsible for severe and continuing human rights violations against the Iranian people, including unlawful arrests, torture, and harassment.</text> </paragraph><paragraph id="HA220F194E9EA4FBEBE29EE5314789709"><enum>(4)</enum><text>The United States currently upholds sanctions against the IRGC for its support of terrorism and human rights abuses.</text> </paragraph><paragraph id="HA5EC184ECE9845CDAD5C6360FD2C06D2"><enum>(5)</enum><text display-inline="yes-display-inline">The Office of Foreign Assets Control of the Department of the Treasury currently includes the IRGC on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury (in this section referred to as the <quote>SDN list</quote>).</text> </paragraph><paragraph id="H2CB58C244D3F4FC9809B2FDDABCEA41F"><enum>(6)</enum><text>The Office of Foreign Assets Control of the Department of the Treasury includes on the SDN list entities in which the IRGC owns a 50 percent or greater interest. The inclusion of an entity on the SDN list results in the blocking of all assets and property of such entity. This regulation, commonly termed the <quote>50 percent rule</quote>, is codified in section 561.405 of title 31, Code of Federal Regulations, and is the standard used by the Office of Foreign Assets Control when determining ownership of entities owned or controlled by blocked or sanctioned persons.</text> </paragraph><paragraph id="HBFF20FB613624DC3A12CAFD2330AE310"><enum>(7)</enum><text>The IRGC maintains a powerful and expansive presence throughout Iran’s financial, commercial, and oil sectors, owning, controlling, operating, and influencing Iranian entities while producing revenues estimated in the billions of dollars. According to the Department of the Treasury, <quote>The IRGC has a growing presence in Iran’s financial and commercial sectors and extensive economic interests in the defense production, construction, and oil industries, controlling billions of dollars in corporate business.</quote>.</text> </paragraph><paragraph id="H79A25E036BE4440D8C3A1D29810107E4"><enum>(8)</enum><text>The IRGC has continuously practiced sanctions evasion and deceptive business practices to conceal its ownership over Iranian entities, owning numerous Iranian entities which are not on the SDN list because IRGC ownership is below 50 percent, leaving such entities unsanctioned and open to business.</text> </paragraph><paragraph id="H312399CB783443E88B0EA44668E800CB"><enum>(9)</enum><text>As sanctions are lifted and Iran becomes more open to international commerce, the international community must be aware of any and all entities that are IRGC-owned, -controlled, -operated, or influenced, including those entities that do not make the threshold to be included on the SDN list.</text> </paragraph></section><section id="H3AE46275A4A842E39CE57DDCF9B1BCA2" section-type="subsequent-section"><enum>102.</enum><header>Imposition of sanctions against entities owned in whole or in part by IRGC</header> <subsection id="HDC8D5C73D7844891BAD30A0DE7932684"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The President shall impose the sanctions described in subsection (b) against any entity with respect to which Iran’s Revolutionary Guard Corps owns, directly or indirectly, a 20 percent or greater interest in the entity, regardless of whether the entity itself is included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury.</text> </subsection><subsection id="H01FB7599D39243ABB4C258698C0416E2"><enum>(b)</enum><header>Sanctions described</header> <paragraph id="HE19C7BA01DDD4A568F1D9A5808F6F962"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The blocking, in accordance with the International Emergency Economic Powers Act (<external-xref legal-doc="usc" parsable-cite="usc/50/1701">50 U.S.C. 1701 et seq.</external-xref>), of all transactions in all property and interests in property of an entity if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person.</text> </paragraph><paragraph id="HC723FE6B286F4A179E4DD947B98AA441"><enum>(2)</enum><header>Inapplicability of national emergency requirement</header><text display-inline="yes-display-inline">The requirements of section 202 of the International Emergency Economic Powers Act (<external-xref legal-doc="usc" parsable-cite="usc/50/1701">50 U.S.C. 1701</external-xref>) shall not apply for purposes of this section.</text> </paragraph></subsection><subsection id="H392C44E0B7994309A91C72CF99CF0BC6"><enum>(c)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="H2C45A897BB6A4B09926322AD2A61250C"><enum>(1)</enum><header>Person</header><text>The term <term>person</term> means an individual or entity.</text> </paragraph><paragraph id="H9401F856DB8547649F8D08F490F8B653"><enum>(2)</enum><header>United States person</header><text display-inline="yes-display-inline">The term <term>United States person</term> means—</text> <subparagraph id="HCAC5DA60A6B54E9693EBA7E73CFFEE80"><enum>(A)</enum><text>a United States citizen or an alien lawfully admitted for permanent residence to the United States; or</text> </subparagraph><subparagraph id="HD3A59933B6D04F59ACF54018D08BC12A"><enum>(B)</enum><text>an entity organized under the laws of the United States or of any jurisdiction within the United States, including a foreign branch of such an entity.</text> </subparagraph></paragraph></subsection></section><section id="H1057AB6E81004C8886CA65594F0C2C60"><enum>103.</enum><header>IRGC Watch List and report</header> <subsection id="H508EF3AFC9374386B3B306D7B4B4BEFE"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall establish, maintain, and publish in the Federal Register a list of each entity with respect to which Iran’s Revolutionary Guard Corps—</text> <paragraph id="HFD51432B014645B2941B18F601D769E4"><enum>(1)</enum><text>owns, directly or indirectly, any interest that is less than 20 percent in the entity; or</text> </paragraph><paragraph id="HF06485BB14F44B4281ACF713D2DEED5B"><enum>(2)</enum><text display-inline="yes-display-inline">does not own any interest in the entity but maintains a presence on the board of directors of the entity or otherwise influences the actions, policies, or personnel decisions of the entity.</text> </paragraph></subsection><subsection id="HAFA272DA472C48EEB10EC70E62771473"><enum>(b)</enum><header>Report</header><text>Not later than 90 days after the date of the enactment of the Act, and annually thereafter, the Secretary of the Treasury shall submit to Congress a report on any changes to the list required by subsection (a).</text> </subsection><subsection id="HBB1774FCCDF64D659F5A3FADAD9B9C73"><enum>(c)</enum><header>Reference</header><text>The list required by subsection (a) shall be known as the <quote>IRGC Watch List</quote>.</text> </subsection></section><section id="HC79C103D907A47FFB6EB2DF875066216"><enum>104.</enum><header>Definitions</header><text display-inline="no-display-inline">Except as otherwise provided, in this title:</text> <paragraph id="HDC36DC5FA2CA44878003BD82C4614E94"><enum>(1)</enum><header>Entity</header><text>The term <term>entity</term> means any corporation, business association, partnership, trust, society, or any other entity.</text> </paragraph><paragraph id="HC1F6DFD92B2945A7BCED626E399E8A70"><enum>(2)</enum><header>IRGC</header><text display-inline="yes-display-inline">The term <term>IRGC</term> means Iran’s Revolutionary Guard Corps.</text> </paragraph></section><enum>II</enum><header>Other provisions</header> <section id="H9AE320F7FB734D199340363B5F48BCE0"><enum>201.</enum><header>Authority of States and local governments to divest from certain companies that engage in investment or business activities with Iran’s Revolutionary Guard Corps</header> <subsection id="H66EB163214664F46A0EC67FAD605570D"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subtitle B of title III of the Iran Threat Reduction and Syria Human Rights Act of 2012 (<external-xref legal-doc="public-law" parsable-cite="pl/112/158">Public Law 112–158</external-xref>; 126 Stat. 1247), is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="H479F55A1BDBD4CE796ED258C923B1D0B" style="OLC"> <section id="H27543290C5EB43BD96B61170182C99AF"><enum>313.</enum><header>Authority of States and local governments to divest from persons that engage in investment or business activities with Iran’s Revolutionary Guard Corps</header> <subsection id="H1DBB923A26ED475F886D80FF67E90501"><enum>(a)</enum><header>Sense of Congress</header><text display-inline="yes-display-inline">It is the sense of Congress that the United States should support the decision of any State or local government that for moral, prudential, or reputational reasons divests from, or prohibits the investment of assets of the State or local government in, a person that engages in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies, as long as Iran’s Revolutionary Guard Corps is subject to economic sanctions imposed by the United States.</text> </subsection><subsection id="HCBA63153ECDA4512BA156E9BC8FE8269"><enum>(b)</enum><header>Authority To divest</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, a State or local government may adopt and enforce measures that meet the requirements of subsection (d) to divest the assets of the State or local government from, or prohibit investment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies described in subsection (c).</text> </subsection><subsection id="H9879B178D033423EAFB5C292F1E6A5B3"><enum>(c)</enum><header>Investment or business activities described</header><text display-inline="yes-display-inline">A person engages in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies if the person—</text> <paragraph id="H6B51B1D2C7BC4D8B8CCD0422495EDC13"><enum>(1)</enum><text>has a financial investment in Iran’s Revolutionary Guard Corps or an Iran’s Revolutionary Guard Corps-related company;</text> </paragraph><paragraph id="H19054D856AD446DBA3A0CF483BE46581"><enum>(2)</enum><text display-inline="yes-display-inline">owns, in whole or in part, an Iran’s Revolutionary Guard Corps-related company; or</text> </paragraph><paragraph commented="no" id="H9932868C2E284A27ACE30C41C94EEE0A"><enum>(3)</enum><text display-inline="yes-display-inline">is a financial institution that extends credit or financing to another person, for 45 days or more, if that person will use the credit or financing for investment in an Iran’s Revolutionary Guard Corps-related company.</text> </paragraph></subsection><subsection id="H7F08ACB268DA4894A096DFAE714C6552"><enum>(d)</enum><header>Requirements</header><text display-inline="yes-display-inline">Any measure taken by a State or local government under subsection (b) shall meet the following requirements:</text> <paragraph id="H667B52CEE3A746F484FB61AF3F66F160"><enum>(1)</enum><header>Notice</header><text>The State or local government shall provide written notice to each person to which a measure is to be applied.</text> </paragraph><paragraph id="H4CF93318D73E443D81FB7D49D6A2C25D"><enum>(2)</enum><header>Timing</header><text>The measure shall apply to a person not earlier than the date that is 90 days after the date on which written notice is provided to the person under paragraph (1).</text> </paragraph><paragraph id="H8D8F4D7B131840429D742DD5531C3088"><enum>(3)</enum><header>Opportunity for hearing</header><text display-inline="yes-display-inline">The State or local government shall provide an opportunity to comment in writing to each person to which a measure is to be applied. If the person demonstrates to the State or local government that the person does not engage in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies described in subsection (c), the measure shall not apply to the person.</text> </paragraph><paragraph id="H17B0C0BB0AF544EBAD31299646898753"><enum>(4)</enum><header>Sense of Congress on avoiding erroneous targeting</header><text>It is the sense of Congress that a State or local government should not adopt a measure under subsection (b) with respect to a person unless the State or local government has made every effort to avoid erroneously targeting the person and has verified that the person engages in business or investment activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies described in subsection (c).</text> </paragraph></subsection><subsection id="H038A4007C681407CA40B53E8CED17169"><enum>(e)</enum><header>Notice to Department of Justice</header><text display-inline="yes-display-inline">Not later than 30 days after adopting a measure pursuant to subsection (b), a State or local government shall submit written notice to the Attorney General describing the measure.</text> </subsection><subsection id="H47EABF257C4D4F02B7FEFD499C95D4EA"><enum>(f)</enum><header>Nonpreemption</header><text>A measure of a State or local government authorized under subsection (b) or (i) is not preempted by any Federal law or regulation.</text> </subsection><subsection id="HECE8AFD5357846D38163A63919F04078"><enum>(g)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="HE7E9CD8495134B03B95E4304175BBCDD"><enum>(1)</enum><header>Assets</header> <subparagraph id="H386EF446944E44999C918D0F77CFBF10"><enum>(A)</enum><header>In general</header><text>Except as provided in subparagraph (B), the term <term>assets</term> refers to public monies and includes any pension, retirement, annuity, or endowment fund, or similar instrument, that is controlled by a State or local government.</text> </subparagraph><subparagraph id="H1F4D2903370740BA8EE3DB3C8883288A"><enum>(B)</enum><header>Exception</header><text>The term <term>assets</term> does not include employee benefit plans covered by title I of the Employee Retirement Income Security Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/29/1001">29 U.S.C. 1001 et seq.</external-xref>).</text> </subparagraph></paragraph><paragraph id="H28DF317A9D1C46538CEAF483F25C20AD"><enum>(2)</enum><header>Investment</header><text>The <quote>investment</quote> includes—</text> <subparagraph id="H8B41CCEB1FBF412BB76514E5194A703A"><enum>(A)</enum><text>a commitment or contribution of funds or property;</text> </subparagraph><subparagraph id="H4981AEBBA4544A129ADC35BFA88ADB41"><enum>(B)</enum><text>a loan or other extension of credit; and</text> </subparagraph><subparagraph id="H55451C6EE5A44BE3B2A4A7640317EB2A"><enum>(C)</enum><text>the entry into or renewal of a contract for goods or services.</text> </subparagraph></paragraph></subsection><subsection id="HAC7D7FBD8A5B4BCCA70F6DFB19A478B1"><enum>(h)</enum><header>Effective date</header> <paragraph id="HB09EA608978A42A4ABC2DE958413F3D9"><enum>(1)</enum><header>In general</header><text>Except as provided in paragraph (2) or subsection (i), this section applies to measures adopted by a State or local government before, on, or after the date of the enactment of this Act.</text> </paragraph><paragraph id="H229ABF6C43E7443398F50F9F6BA575B2"><enum>(2)</enum><header>Notice requirements</header><text>Except as provided in subsection (i), subsections (d) and (e) apply to measures adopted by a State or local government on or after the date of the enactment of this Act.</text> </paragraph></subsection><subsection id="HD3E7AB829310466D9FF487205CE2F9C9"><enum>(i)</enum><header>Authorization for prior enacted measures</header> <paragraph id="H5DF53AEF476C422CA0239A9D07D697C1"><enum>(1)</enum><header>In general</header><text>Notwithstanding any other provision of this section or any other provision of law, a State or local government may enforce a measure (without regard to the requirements of subsection (d), except as provided in paragraph (2)) adopted by the State or local government before the date of this section that provides for the divestment of assets of the State or local government from, or prohibits the investment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in business or investment activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies (determined without regard to subsection (c)) or other business or investment activities that are identified in the measure.</text> </paragraph><paragraph id="H34BA24A9070546AE9031609B6A3F3C51"><enum>(2)</enum><header>Application of notice requirements</header><text>A measure described in paragraph (1) shall be subject to the requirements of paragraphs (1) and (2) and the first sentence of paragraph (3) of subsection (d) on and after the date that is 2 years after the date of the enactment of this Act.</text> </paragraph></subsection><subsection id="H0EE6F44C4A8348F8A78B199AF77389EA"><enum>(j)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section or any other provision of law authorizing sanctions with respect to Iran shall be construed to abridge the authority of a State to issue and enforce rules governing the safety, soundness, and solvency of a financial institution subject to its jurisdiction or the business of insurance pursuant to the Act of March 9, 1945 (<external-xref legal-doc="usc" parsable-cite="usc/15/1011">15 U.S.C. 1011 et seq.</external-xref>) (commonly known as the <quote>McCarran-Ferguson Act</quote>).</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="HD0B931BD2CB34370A5C4FAC46D15D780"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents for the Iran Threat Reduction and Syria Human Rights Act of 2012 is amended by adding after the item relating to section 312 the following:</text> <quoted-block display-inline="no-display-inline" id="HFE63F1094ACB43D7A77B153740AF00A0" style="OLC"> <toc regeneration="no-regeneration"> <toc-entry level="section">Sec. 313. Authority of States and local governments to divest from certain companies that engage in investment or business activities with Iran’s Revolutionary Guard Corps.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block> </subsection></section><enum>III</enum><header>Termination</header> <section id="HC2EAD90641EF4A44B130E7005BB364DA"><enum>301.</enum><header>Termination</header><text display-inline="no-display-inline">This Act and the amendments made by this Act shall terminate on the date that is 30 days after the date on which the President makes the certification described in section 401(a) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/22/8551">22 U.S.C. 8551(a)</external-xref>).</text> </section>