[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 957 Reported in House (RH)]






                                                 Union Calendar No. 144
110th CONGRESS
  1st Session
                                H. R. 957

                      [Report No. 110-163, Part I]

   To amend the Iran Sanctions Act of 1996 to expand and clarify the 
            entities against which sanctions may be imposed.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 8, 2007

Ms. Ros-Lehtinen (for herself, Mr. Lantos, Mr. Pence, Mr. Ackerman, Mr. 
Chabot, Mr. Sherman, Mr. Poe, Ms. Berkley, Mr. Royce, Mr. Faleomavaega, 
  Mr. McCotter, Mr. Crowley, Mr. Burton of Indiana, and Mr. Klein of 
   Florida) introduced the following bill; which was referred to the 
  Committee on Foreign Affairs, and in addition to the Committees on 
   Financial Services, Ways and Means, 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

                              May 22, 2007

    Reported from the Committee on Foreign Affairs with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                              May 22, 2007

         Committee on Oversight and Government Reform discharged

                              May 22, 2007

  Referral to the Committees on Financial Services and Ways and Means 
       extended for a period ending not later than June 29, 2007

                             June 29, 2007

  Referral to the Committees on Financial Services and Ways and Means 
       extended for a period ending not later than July 13, 2007

                             July 13, 2007

 Additional sponsors: Mr. Blunt, Mr. Wexler, Mr. Kirk, Mr. Cantor, Mr. 
Berman, Mr. Fortuno, Mr. McNulty, Ms. Harman, Mrs. Myrick, Mr. Kildee, 
Mr. Davis of Illinois, Mr. Bonner, Mr. Terry, Mr. McCaul of Texas, Mr. 
 Engel, Mr. Wilson of South Carolina, Mr. Davis of Kentucky, Mr. Mica, 
Mr. Higgins, Mr. Mack, Mr. Boren, Mr. Carnahan, Mr. Weller of Illinois, 
Mr. Calvert, Mr. Linder, Mr. Bilirakis, Mr. Bishop of Utah, Mrs. Cubin, 
 Mr. Mario Diaz-Balart of Florida, Mr. Fortenberry, Mr. Garrett of New 
Jersey, Mr. Rogers of Michigan, Mrs. Jo Ann Davis of Virginia, Mr. King 
of New York, Mr. Brown of South Carolina, Mr. Buyer, Mr. Fossella, Mr. 
  Coble, Mr. Dent, Mrs. Wilson of New Mexico, Mr. Carter, Mr. Lincoln 
          Diaz-Balart of Florida, Mr. Saxton, and Mr. Gingrey

                             July 13, 2007

    Committees on Financial Services and Ways and Means discharged; 
committed to the Committee of the Whole House on the State of the Union 
                       and ordered to be printed

_______________________________________________________________________

                                 A BILL


 
   To amend the Iran Sanctions Act of 1996 to expand and clarify the 
            entities against which sanctions may be imposed.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. EXPANSION AND CLARIFICATION OF ENTITIES AGAINST 
              WHICH SANCTIONS MAY BE IMPOSED PURSUANT TO THE IRAN 
              SANCTIONS ACT OF 1996.</DELETED>

<DELETED>    Section 14 of the Iran Sanctions Act of 1996 (50 U.S.C. 
1701 note) is amended--</DELETED>
        <DELETED>    (1) in paragraph (13)(B)--</DELETED>
                <DELETED>    (A) by inserting after ``trust,'' the 
                following: ``financial institution, insurer, 
                underwriter, guarantor, any other business 
                organization, including any foreign subsidiaries of the 
                foregoing,''; and</DELETED>
                <DELETED>    (B) by inserting before the semicolon at 
                the end the following: ``, such as an export credit 
                agency''; and</DELETED>
        <DELETED>    (2) in paragraph (14), by inserting after 
        ``petroleum'' the second place it appears the following: ``, 
        petroleum by-products, liquified natural gas,''.</DELETED>

SECTION 1. EXPANSION AND CLARIFICATION OF ENTITIES AGAINST WHICH 
              SANCTIONS MAY BE IMPOSED PURSUANT TO THE IRAN SANCTIONS 
              ACT OF 1996.

    Section 14 of the Iran Sanctions Act of 1996 (50 U.S.C. 1701 note) 
is amended--
            (1) in paragraph (13)(B)--
                    (A) by inserting after ``trust,'' the following: 
                ``financial institution, insurer, underwriter, 
                guarantor, any other business organization, including 
                any foreign subsidiaries of the foregoing,''; and
                    (B) by inserting before the semicolon at the end 
                the following: ``, such as an export credit agency''; 
                and
            (2) in paragraph (14), by inserting after ``petroleum'' the 
        second place it appears the following: ``, petroleum by-
        products, liquified natural gas,''.

SEC. 2. LIABILITY OF PARENT COMPANIES FOR VIOLATIONS OF SANCTIONS BY 
              FOREIGN ENTITIES.

    (a) In General.--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, 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.) and if that entity was created or availed of for the purpose of 
engaging in such an act, 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) Definitions.--In this section--
            (1) an entity is a ``parent company'' of another entity if 
        it owns, directly or indirectly, more than 50 percent of the 
        equity interest in that other entity and is a United States 
        person; and
            (2) the term ``entity'' means a partnership, association, 
        trust, joint venture, corporation, or other organization.
                                                 Union Calendar No. 144

110th CONGRESS

  1st Session

                               H. R. 957

                      [Report No. 110-163, Part I]

_______________________________________________________________________

                                 A BILL

   To amend the Iran Sanctions Act of 1996 to expand and clarify the 
            entities against which sanctions may be imposed.

_______________________________________________________________________

                             July 13, 2007

    Committees on Financial Services and Ways and Means discharged; 
committed to the Committee of the Whole House on the State of the Union 
                       and ordered to be printed