[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1905 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1905

To strengthen Iran sanctions laws for the purpose of compelling Iran to 
     abandon its pursuit of nuclear weapons and other threatening 
                  activities, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 13, 2011

Ms. Ros-Lehtinen (for herself, Mr. Berman, Mr. Royce, Mr. Sherman, Mr. 
Burton of Indiana, Mr. Deutch, Mr. Chabot, and Mr. Ackerman) introduced 
  the following bill; which was referred to the Committee on Foreign 
   Affairs, and in addition to the Committees on Financial Services, 
Oversight and Government Reform, the Judiciary, and Ways and Means, 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 strengthen Iran sanctions laws for the purpose of compelling Iran to 
     abandon its pursuit of nuclear weapons and other threatening 
                  activities, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Iran Threat 
Reduction Act of 2011''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Statement of policy.
                     TITLE I--IRAN ENERGY SANCTIONS

Sec. 101. Findings.
Sec. 102. Sense of Congress.
Sec. 103. Declaration of policy.
Sec. 104. Multilateral regime.
Sec. 105. Imposition of sanctions.
Sec. 106. Description of sanctions.
Sec. 107. Advisory opinions.
Sec. 108. Termination of sanctions.
Sec. 109. Duration of sanctions.
Sec. 110. Reports required.
Sec. 111. Determinations not reviewable.
Sec. 112. Exclusion of certain activities.
Sec. 113. Definitions.
Sec. 114. Effective date.
Sec. 115. Repeal.
                     TITLE II--IRAN FREEDOM SUPPORT

Sec. 201. Codification of sanctions.
Sec. 202. Declaration of Congress regarding United States policy toward 
                            Iran.
Sec. 203. Assistance to support democracy in Iran.
Sec. 204. Imposition of sanctions on certain persons who are 
                            responsible for or complicit in human 
                            rights abuses committed against citizens of 
                            Iran or their family members after the June 
                            12, 2009, elections in Iran.
Sec. 205. Comprehensive strategy to promote Internet freedom and access 
                            to information in Iran.
       TITLE III--IRAN REGIME AND IRAN REVOLUTIONARY GUARD CORPS 
                             ACCOUNTABILITY

Sec. 301. Exportation of petroleum, oil, and natural gas produced by 
                            Iran's Islamic Revolutionary Guard Corps or 
                            its affiliates.
Sec. 302. Iranian activities in Iraq and Afghanistan.
Sec. 303. United States policy toward Iran.
Sec. 304. Definitions.
 TITLE IV--IRAN FINANCIAL SANCTIONS; DIVESTMENT FROM CERTAIN COMPANIES 
  THAT INVEST IN IRAN; AND PREVENTION OF DIVERSION OF CERTAIN GOODS, 
                   SERVICES, AND TECHNOLOGIES TO IRAN

Sec. 401. Iran financial sanctions.
Sec. 402. Divestment from certain companies that invest in Iran.
Sec. 403. Prevention of diversion of certain goods, services, and 
                            technologies to Iran.
              TITLE V--SECURITIES AND EXCHANGE COMMISSION

Sec. 501. Disclosures to the Securities and Exchange Commission 
                            relating to sanctionable activities.
                      TITLE VI--GENERAL PROVISIONS

Sec. 601. Denial of visas for certain persons of the Government of 
                            Iran.
Sec. 602. Sunset.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Successive administrations have clearly identified the 
        unacceptability of the Iranian regime's pursuit of nuclear 
        weapons capabilities and the danger that pursuit presents to 
        the United States, to our friends and allies, and to global 
        security.
            (2) In May 1995, President Clinton stated that ``The 
        specter of an Iran armed with weapons of mass destruction and 
        the missiles to deliver them haunts not only Israel but the 
        entire Middle East and ultimately all the rest of us as well. 
        The United States and, I believe, all the Western nations have 
        an overriding interest in containing the threat posed by 
        Iran.''.
            (3) In the 2006 State of the Union Address, President Bush 
        stated that ``The Iranian government is defying the world with 
        its nuclear ambitions, and the nations of the world must not 
        permit the Iranian regime to gain nuclear weapons. America will 
        continue to rally the world to confront these threats.''.
            (4) In February 2009, President Obama committed the 
        Administration to ``developing a strategy to use all elements 
        of American power to prevent Iran from developing a nuclear 
        weapon''.
            (5) Iran is a major threat to U.S. national security 
        interests, not only exemplified by Tehran's nuclear program but 
        also by its material assistance to armed groups in Iraq and 
        Afghanistan, to the Palestinian group Hamas, to Lebanese 
        Hezbollah, and to other extremists that seek to undermine 
        regional stability. These capabilities provide the regime with 
        potential asymmetric delivery vehicles and mechanisms for 
        nuclear or other unconventional weapons.
            (6) Iran's growing inventory of ballistic missile and other 
        destabilizing types of conventional weapons provides the regime 
        the capabilities to enhance its power projection throughout the 
        region and undermine the national security interests of the 
        U.S. and its friends and allies.
            (7) Were Iran to achieve a nuclear weapons capability, it 
        would, inter alia--
                    (A) likely lead to the proliferation of such 
                weapons throughout the region, where several states 
                have already indicated interest in nuclear programs, 
                and would dramatically undercut 60 years of U.S. 
                efforts to stop the spread of nuclear weapons;
                    (B) greatly increase the threat of nuclear 
                terrorism;
                    (C) significantly expand Iran's already-growing 
                influence in the region;
                    (D) insulate the regime from international 
                pressure, giving it wider scope further to oppress its 
                citizens and pursue aggression regionally and globally;
                    (E) embolden all Iranian-supported terrorist 
                groups, including Hamas and Hezbollah; and
                    (F) directly threaten several U.S. friends and 
                allies, especially Israel, whose very right to exist 
                has been denied successively by every leader of the 
                Islamic Republic of Iran and which Iranian President 
                Ahmadinejad says should be ``wiped off the map''.
            (8) Successive Congresses have clearly recognized the 
        threat that the Iranian regime and its policies present to the 
        United States, to our friends and allies, and to global 
        security, and responded with successive bipartisan legislative 
        initiatives.
            (9) The extent of the Iranian threat is greater today than 
        when the Iran-Libya Sanctions Act was signed into law in 1996, 
        now known as the Iran Sanction Act. That landmark legislation 
        imposed sanctions on foreign companies investing in Iran's 
        energy infrastructure in an effort to undermine the strategic 
        threat from Iran, by cutting off investment in its petroleum 
        sector and thereby denying the regime its economic lifeline and 
        its ability to pursue a nuclear program.
            (10) Legislation like ILSA, which was re-titled the Iran 
        Sanctions Act in 2006, paved the way for similar legislation, 
        such as the Iran, North Korea and Syria Nonproliferation Act; 
        the Iran-Iraq Arms Nonproliferation Act (2006); the Iran 
        Freedom Support Act (2006); and the Comprehensive Iran 
        Sanctions, Accountability, and Divestment Act (2010).
            (11) U.S. sanctions on Iran have hindered Iran's ability to 
        attract capital, material, and technical support for its 
        petroleum sector, creating financial difficulties for the 
        regime.
            (12) In the Joint Explanatory Statement of the Committee of 
        Conference to the Comprehensive Iran Sanctions, Accountability, 
        and Divestment Act of 2010 (CISADA) (Public Law 111-195; 50 
        U.S.C. 1701 note) issued on June 23, 2010, the Members of the 
        Committee of Conference noted that ``Although [the Iran 
        Sanctions Act] was enacted more than a decade ago, no 
        Administration has sanctioned a foreign entity for investing 
        $20 million or more in Iran's energy sector, despite a number 
        of such investments. Indeed, on only one occasion, in 1998, did 
        the Administration make a determination regarding a sanctions-
        triggering investment, but the Administration waived sanctions 
        against the offending persons. Conferees believe that the lack 
        of enforcement of relevant enacted sanctions may have served to 
        encourage rather than deter Iran's efforts to pursue nuclear 
        weapons.''.
            (13) The Joint Explanatory Statement also noted that ``The 
        effectiveness of this Act will depend on its forceful 
        implementation. The Conferees urge the President to vigorously 
        impose the sanctions provided for in this Act.''.
            (14) The Comprehensive Iran Sanctions, Accountability, and 
        Divestment Act of 2010 mandates (among other provisions) that 
        the President initiate investigations of potentially 
        sanctionable activity under the Iran Sanctions Act (Public Law 
        104-172; 50 U.S.C. 1701 note). Although more than 6 months have 
        passed since enactment of this legislation, Congress has not 
        received notice of the imposition of sanctions on any entities 
        that do significant business in the U.S., despite multiple 
        reports of potentially sanctionable activity by such entities. 
        Although, in accordance with CISADA, some potentially 
        sanctionable entities have been persuaded to wind down and end 
        their involvement in Iran, others have not. In fact, since 
        CISADA became law, only two entities have been sanctioned, 
        neither of which does business in the U.S. and both of which 
        are therefore largely untouched by the sanctions.
            (15) It is unlikely that Iran can be compelled to abandon 
        its pursuit of nuclear weapons unless sanctions are fully and 
        effectively implemented.

SEC. 3. STATEMENT OF POLICY.

    It shall be the policy of the United States to--
            (1) prevent Iran from--
                    (A) acquiring or developing nuclear weapons and 
                associated delivery capabilities;
                    (B) developing its unconventional weapons and 
                ballistic missile capabilities; and
                    (C) continuing its support for Foreign Terrorist 
                Organizations and other activities aimed at undermining 
                and destabilizing its neighbors and other nations; and
            (2) fully implement all multilateral and bilateral 
        sanctions against Iran in order to compel the Government of 
        Iran to--
                    (A) abandon and verifiably dismantle its nuclear 
                capabilities;
                    (B) abandon and verifiably dismantle its ballistic 
                missile and unconventional weapons programs; and
                    (C) cease all support for Foreign Terrorist 
                Organizations and other activities aimed at undermining 
                and destabilizing its neighbors and other nations.

                     TITLE I--IRAN ENERGY SANCTIONS

SEC. 101. FINDINGS.

    Congress makes the following findings:
            (1) The efforts of the Government of Iran to achieve 
        nuclear weapons capability and to acquire other unconventional 
        weapons and the means to deliver them, both through ballistic-
        missile and asymmetric means, and its support for foreign 
        terrorist organizations and other extremists endanger the 
        national security and foreign policy interests of the United 
        States and those countries with which the United States shares 
        common strategic and foreign policy objectives.
            (2) The objectives of preventing the proliferation of 
        nuclear and other unconventional weapons and countering the 
        activities of foreign terrorist organizations and other 
        extremists through existing multilateral and bilateral 
        initiatives require further efforts to deny Iran the financial 
        means to sustain its nuclear, chemical, biological, and missile 
        weapons programs and its active support for terrorism.
            (3) The Government of Iran uses its diplomatic facilities 
        and quasi-governmental institutions outside of Iran to support 
        foreign terrorist organizations and other extremists, and 
        assist its unconventional weapons and missile programs, 
        including its nuclear program.

SEC. 102. SENSE OF CONGRESS.

    It is the sense of Congress that the goal of compelling Iran to 
abandon its pursuit of nuclear weapons and other threatening activities 
can be achieved most effectively through full implementation of all 
sanctions enacted into law, including those sanctions set out in this 
title.

SEC. 103. DECLARATION OF POLICY.

    Congress declares that it is the policy of the United States to 
deny Iran the ability to support acts of foreign terrorist 
organizations and extremists and develop unconventional weapons and 
ballistic missiles. A critical means of achieving that goal is 
sanctions that limit Iran's ability to develop its energy resources, 
including its ability to explore for, extract, refine, and transport by 
pipeline its hydrocarbon resources, in order to limit the funds Iran 
has available for pursuing its objectionable activities.

SEC. 104. MULTILATERAL REGIME.

    (a) Multilateral Negotiations.--In order to further the objectives 
of section 103, Congress urges the President immediately to initiate 
diplomatic efforts, both in appropriate international fora such as the 
United Nations, and bilaterally with allies of the United States, to 
expand the multilateral sanctions regime regarding Iran, including--
            (1) qualitatively expanding the United Nations Security 
        Council sanctions regime against Iran;
            (2) qualitatively expanding the range of sanctions by the 
        European Union, South Korea, Japan, Australia, and other key 
        United States allies;
            (3) further efforts to limit Iran's development of 
        petroleum resources and import of refined petroleum; and
            (4) initiatives aimed at increasing non-Iranian crude oil 
        product output for current purchasers of Iranian petroleum and 
        petroleum byproducts.
    (b) Reports to Congress.--Not later than 180 days after the date of 
the enactment of this Act, and annually thereafter, the President shall 
submit to the appropriate congressional committees a report on the 
extent to which diplomatic efforts described in subsection (a) have 
been successful. Each report shall include--
            (1) the countries that have agreed to undertake measures to 
        further the objectives of section 103 with respect to Iran, and 
        a description of those measures; and
            (2) the countries that have not agreed to measures 
        described in paragraph (1), and, with respect to those 
        countries, other measures the President recommends that the 
        United States take to further the objectives of section 103 
        with respect to Iran.
    (c) Interim Report on Multilateral Sanctions; Monitoring.--Not 
later than 90 days after the date of the enactment of this Act, the 
President shall submit to the appropriate congressional committees a 
report on--
            (1) the countries that have established legislative or 
        administrative standards providing for the imposition of trade 
        sanctions on persons or their affiliates that conduct business 
        or have investments in Iran;
            (2) the extent and duration of each instance of the 
        application of such sanctions; and
            (3) the disposition of any decision with respect to such 
        sanctions by the World Trade Organization or its predecessor 
        organization.
    (d) Investigations.--
            (1) In general.--The President shall initiate an 
        investigation into the possible imposition of sanctions under 
        section 105 against a person upon receipt by the United States 
        of credible information indicating that such person is engaged 
        in an activity described in such section.
            (2) Determination and notification.--Not later than 180 
        days after the date on which an investigation is initiated 
        under paragraph (1), the President shall (unless paragraph (6) 
        applies) determine, pursuant to section 105, if a person has 
        engaged in an activity described in such section and shall 
        notify the appropriate congressional committees of the basis 
        for any such determination.
            (3) Briefing.--
                    (A) In general.--Not later than 30 days after the 
                date of the enactment of this Act, and at the end of 
                every three-month period thereafter, the President, 
                acting through the Secretary of State, shall brief the 
                appropriate congressional committees regarding 
                investigations initiated under this subsection.
                    (B) Form.--The briefings required under 
                subparagraph (A) shall be provided in unclassified 
                form, but may be provided in classified form.
            (4) Submission of information.--
                    (A) In general.--The Secretary of State shall, in 
                accordance with section 15(b) of the State Department 
                Basic Authorities Act of 1956 (22 U.S.C. 2680(b)), 
                provide to the appropriate congressional committees all 
                requested information relating to investigations or 
                reviews initiated under this title.
                    (B) Form.--The information required under 
                subparagraph (A) shall be provided in unclassified 
                form, but may contain a classified annex.
            (5) Termination.--Subject to paragraph (6), the President 
        may, on a case-by-case basis, terminate an investigation of a 
        person initiated under this subsection.
            (6) Special rule.--
                    (A) In general.--The President need not initiate an 
                investigation, and may terminate an investigation, on a 
                case-by-case basis under this subsection if the 
                President certifies in writing in to the appropriate 
                congressional committees 15 days prior to the 
                determination that--
                            (i) the person whose activity was the basis 
                        for the investigation is no longer engaging in 
                        the activity or is divesting all holdings and 
                        terminating the activity within one year from 
                        the date of the certification; and
                            (ii) the President has received reliable 
                        assurances that the person will not knowingly 
                        engage in an activity described in section 
                        105(a) in the future.
                    (B) Application of sanctions.--The President shall 
                apply the sanctions described in section 106(a) in 
                accordance with section 105(a) to a person described in 
                subparagraph (A) of this paragraph if the person fails 
                to verifiably divest all holdings and terminate the 
                activity described in subparagraph (A) of this 
                paragraph within one year from the date of 
                certification.

SEC. 105. IMPOSITION OF SANCTIONS.

    (a) Sanctions With Respect to the Development of Petroleum 
Resources of Iran, Production of Refined Petroleum Products in Iran, 
and Exportation of Refined Petroleum Products to Iran.--
            (1) Development of petroleum resources of iran.--
                    (A) In general.--Except as provided in subsection 
                (f), the President shall impose a majority of the 
                sanctions described in section 106(a) with respect to a 
                person if the President determines that the person 
                knowingly, on or after the date of the enactment of 
                this Act--
                            (i) makes an investment described in 
                        subparagraph (B) of $20,000,000 or more; or
                            (ii) makes a combination of investments 
                        described in subparagraph (B) in a 12-month 
                        period if each such investment is of at least 
                        $5,000,000 and such investments equal or exceed 
                        $20,000,000 in the aggregate.
                    (B) Investment described.--An investment described 
                in this subparagraph is an investment that directly and 
                significantly contributes to the enhancement of Iran's 
                ability to develop petroleum resources.
            (2) Production of refined petroleum products.--
                    (A) In general.--Except as provided in subsection 
                (f), the President shall impose a majority of the 
                sanctions described in section 106(a) with respect to a 
                person if the President determines that the person 
                knowingly, on or after the date of the enactment this 
                Act, sells, leases, or provides to Iran goods, 
                services, technology, information, or support described 
                in subparagraph (B)--
                            (i) any of which has a fair market value of 
                        $1,000,000 or more; or
                            (ii) that, during a 12-month period, have 
                        an aggregate fair market value of $5,000,000 or 
                        more.
                    (B) Goods, services, technology, information, or 
                support described.--Goods, services, technology, 
                information, or support described in this subparagraph 
                are goods, services, technology, information, or 
                support that could directly and significantly 
                facilitate the maintenance or expansion of Iran's 
                domestic production of refined petroleum products, 
                including any direct and significant assistance with 
                respect to the construction, modernization, or repair 
                of petroleum refineries or associated infrastructure, 
                including construction of port facilities, railways, 
                and roads, the primary use of which is to support the 
                delivery of refined petroleum products.
            (3) Exportation of refined petroleum products to iran.--
                    (A) In general.--Except as provided in subsection 
                (f), the President shall impose a majority of the 
                sanctions described in section 106(a) with respect to a 
                person if the President determines that the person 
                knowingly, on or after the date of the enactment of 
                this Act--
                            (i) sells or provides to Iran refined 
                        petroleum products--
                                    (I) that have a fair market value 
                                of $1,000,000 or more; or
                                    (II) that, during a 12-month 
                                period, have an aggregate fair market 
                                value of $5,000,000 or more; or
                            (ii) sells, leases, or provides to Iran 
                        goods, services, technology, information, or 
                        support described in subparagraph (B)--
                                    (I) any of which has a fair market 
                                value of $1,000,000 or more; or
                                    (II) that, during a 12-month 
                                period, have an aggregate fair market 
                                value of $5,000,000 or more.
                    (B) Goods, services, technology, information, or 
                support described.--Goods, services, technology, 
                information, or support described in this subparagraph 
                are goods, services, technology, information, or 
                support that could directly and significantly 
                contribute to the enhancement of Iran's ability to 
                import refined petroleum products, including--
                            (i) except as provided in subparagraph (C), 
                        underwriting or entering into a contract to 
                        provide insurance or reinsurance for the sale, 
                        lease, or provision of such goods, services, 
                        service contracts, technology, information, or 
                        support;
                            (ii) financing or brokering such sale, 
                        lease, or provision;
                            (iii) purchasing, subscribing to, or 
                        facilitating the issuance of Iranian sovereign 
                        debt; or
                            (iv) providing ships or shipping services.
                    (C) Exception for underwriters and insurance 
                providers exercising due diligence.--The President may 
                not impose sanctions under this paragraph with respect 
                to a person that provides underwriting services or 
                insurance or reinsurance if the President determines 
                that the person has exercised due diligence in 
                establishing and enforcing official policies, 
                procedures, and controls to ensure that the person does 
                not underwrite or enter into a contract to provide 
                insurance or reinsurance for the sale, lease, or 
                provision of goods, services, technology, information, 
                or support described in subparagraph (B).
    (b) Mandatory Sanctions With Respect to Development of Weapons of 
Mass Destruction or Other Military Capabilities.--
            (1) In general.--The President shall impose a majority of 
        the sanctions described in section 106(a) if the President 
        determines that a person, on or after the date of the enactment 
        of this Act, has knowingly exported, transferred, permitted, 
        hosted, or otherwise facilitated transshipment that may have 
        enabled a person to export, transfer, or transship to Iran or 
        otherwise provided to Iran any goods, services, technology, or 
        other items that would contribute materially to the ability of 
        Iran to--
                    (A) acquire or develop chemical, biological, or 
                nuclear weapons or related technologies; or
                    (B) acquire or develop destabilizing numbers and 
                types of advanced conventional weapons.
            (2) Additional mandatory sanctions relating to transfer of 
        nuclear technology.--
                    (A) In general.--Except as provided in 
                subparagraphs (B) and (C), in any case in which a 
                person is subject to sanctions under paragraph (1) 
                because of an activity described in that paragraph that 
                relates to the acquisition or development of nuclear 
                weapons or related technology or of missiles or 
                advanced conventional weapons that are designed or 
                modified to deliver a nuclear weapon, no license may be 
                issued for the export, and no approval may be given for 
                the transfer or retransfer, directly or indirectly, to 
                the country the government of which has primary 
                jurisdiction over the person, of any nuclear material, 
                facilities, components, or other goods, services, or 
                technology that are or would be subject to an agreement 
                for cooperation between the United States and that 
                government.
                    (B) Exception.--The sanctions described in 
                subparagraph (A) shall not apply with respect to a 
                country the government of which has primary 
                jurisdiction over a person that engages in an activity 
                described in that subparagraph if the President 
                determines and notifies the appropriate congressional 
                committees that the government of the country--
                            (i) does not know or have reason to know 
                        about the activity; or
                            (ii) has taken, or is taking, all 
                        reasonable steps necessary to prevent a 
                        recurrence of the activity and to penalize the 
                        person for the activity.
                    (C) Individual approval.--Notwithstanding 
                subparagraph (A), the President may, on a case-by-case 
                basis, approve the issuance of a license for the 
                export, or approve the transfer or retransfer, of any 
                nuclear material, facilities, components, or other 
                goods, services, or technology that are or would be 
                subject to an agreement for cooperation, to a person in 
                a country to which subparagraph (A) applies (other than 
                a person that is subject to the sanctions under 
                paragraph (1)) if the President--
                            (i) determines that such approval is vital 
                        to the national security interests of the 
                        United States; and
                            (ii) not later than 15 days before issuing 
                        such license or approving such transfer or 
                        retransfer, submits to the Committee on Foreign 
                        Affairs of the House of Representatives and the 
                        Committee on Foreign Relations of the Senate 
                        the justification for approving such license, 
                        transfer, or retransfer.
                    (D) Construction.--The restrictions in subparagraph 
                (A) shall apply in addition to all other applicable 
                procedures, requirements, and restrictions contained in 
                the Atomic Energy Act of 1954 and other related laws.
                    (E) Definition.--In this paragraph, the term 
                ``agreement for cooperation'' has the meaning given 
                that term in section 11 b. of the Atomic Energy Act of 
                1954 (42 U.S.C. 2014(b)).
                    (F) Applicability.--The sanctions described in 
                subparagraph (A) shall apply only in a case in which a 
                person is subject to sanctions under paragraph (1) 
                because of an activity described in such paragraph in 
                which such person engages on or after the date of the 
                enactment of this Act.
    (c) Persons Against Which the Sanctions Are To Be Imposed.--The 
sanctions described in subsections (a) and (b)(1) shall be imposed on--
            (1) any person the President determines has carried out the 
        activities described in subsection (a) or (b), respectively; 
        and
            (2) any person that--
                    (A) is a successor entity to the person referred to 
                in paragraph (1);
                    (B) owns or controls the person referred to in 
                paragraph (1), if the person that owns or controls the 
                person referred to in paragraph (1) had actual 
                knowledge or should have known that the person referred 
                to in paragraph (1) engaged in the activities referred 
                to in that paragraph; or
                    (C) is owned or controlled by, or under common 
                ownership or control with, the person referred to in 
                paragraph (1), if the person owned or controlled by, or 
                under common ownership or control with (as the case may 
                be), the person referred to in paragraph (1) knowingly 
                engaged in the activities referred to in that 
                paragraph.
        For purposes of this title, any person or entity described in 
        this subsection shall be referred to as a ``sanctioned 
        person''.
    (d) Publication in Federal Register.--The President shall cause to 
be published in the Federal Register a current list of persons and 
entities on whom sanctions have been imposed under this title. The 
removal of persons or entities from, and the addition of persons and 
entities to, the list, shall also be so published.
    (e) Publication of Projects.--The President shall cause to be 
published in the Federal Register a list of all significant projects 
that have been publicly tendered in the oil and gas sector in Iran.
    (f) Exceptions.--The President shall not be required to apply or 
maintain the sanctions under subsection (a) or (b)--
            (1) in the case of procurement of defense articles or 
        defense services--
                    (A) under existing contracts or subcontracts, 
                including the exercise of options for production 
                quantities to satisfy requirements essential to the 
                national security of the United States;
                    (B) if the President determines in writing that the 
                person to which the sanctions would otherwise be 
                applied is a sole source supplier of the defense 
                articles or services, that the defense articles or 
                services are essential, and that alternative sources 
                are not readily or reasonably available; or
                    (C) if the President determines in writing that 
                such articles or services are essential to the national 
                security under defense coproduction agreements;
            (2) in the case of procurement, to eligible products, as 
        defined in section 308(4) of the Trade Agreements Act of 1979 
        (19 U.S.C. 2518(4)), of any foreign country or instrumentality 
        designated under section 301(b) of that Act (19 U.S.C. 
        2511(b));
            (3) to products, technology, or services provided under 
        contracts entered into before the date on which the President 
        publishes in the Federal Register the name of the person on 
        whom the sanctions are to be imposed;
            (4) to--
                    (A) spare parts which are essential to United 
                States products or production;
                    (B) component parts, but not finished products, 
                essential to United States products or production; or
                    (C) routine servicing and maintenance of products, 
                to the extent that alternative sources are not readily 
                or reasonably available;
            (5) to information and technology essential to United 
        States products or production; or
            (6) to medicines, medical supplies, or other humanitarian 
        items.

SEC. 106. DESCRIPTION OF SANCTIONS.

    (a) In General.--The sanctions to be imposed on a sanctioned person 
under section 105 are as follows:
            (1) Export-import bank assistance for exports to sanctioned 
        persons.--The President may direct the Export-Import Bank of 
        the United States to not give approval to for the issuance of 
        any guarantee, insurance, extension of credit, or participation 
        in the extension of credit in connection with the export of any 
        goods or services to any sanctioned person.
            (2) Export sanction.--Except as provided in subparagraph 
        (B), the President may order the United States Government not 
        to issue any specific license and not to grant any other 
        specific permission or authority to export any goods or 
        technology to a sanctioned person under--
                    (A) the Export Administration Act of 1979 (as 
                continued in effect pursuant to the International 
                Emergency Economic Powers Act);
                    (B) the Arms Export Control Act;
                    (C) the Atomic Energy Act of 1954; or
                    (D) any other law that requires the prior review 
                and approval of the United States Government as a 
                condition for the export or re-export of goods or 
                services.
            (3) Loans from united states financial institutions.--The 
        United States Government may prohibit any United States 
        financial institution from making loans or providing credits to 
        any sanctioned person totaling more than $10,000,000 in any 12-
        month period unless such person is engaged in activities to 
        relieve human suffering and the loans or credits are provided 
        for such activities.
            (4) Prohibitions on financial institutions.--The following 
        prohibitions may be imposed against a sanctioned person that is 
        a financial institution:
                    (A) Prohibition on designation as primary dealer.--
                Neither the Board of Governors of the Federal Reserve 
                System nor the Federal Reserve Bank of New York may 
                designate, or permit the continuation of any prior 
                designation of, such financial institution as a primary 
                dealer in United States Government debt instruments.
                    (B) Prohibition on service as a repository of 
                government funds.--Such financial institution may not 
                serve as agent of the United States Government or serve 
                as repository for United States Government funds.
        The imposition of either sanction under subparagraph (A) or (B) 
        shall be treated as one sanction for purposes of section 105, 
        and the imposition of both such sanctions shall be treated as 
        two sanctions for purposes of section 105.
            (5) Procurement sanction.--The United States Government may 
        not procure, or enter into any contract for the procurement of, 
        any goods or services from a sanctioned person.
            (6) Foreign exchange.--The President may prohibit any 
        transactions in foreign exchange that are subject to the 
        jurisdiction of the United States and in which the sanctioned 
        person has any interest.
            (7) Banking transactions.--The President may prohibit any 
        transfers of credit or payments between financial institutions 
        or by, through, or to any financial institution, to the extent 
        that such transfers or payments are subject to the jurisdiction 
        of the United States and involve any interest of the sanctioned 
        person.
            (8) Property transactions.--The President may prohibit any 
        person from--
                    (A) acquiring, holding, withholding, using, 
                transferring, withdrawing, transporting, importing, or 
                exporting any property that is subject to the 
                jurisdiction of the United States and with respect to 
                which a sanctioned person has any interest;
                    (B) dealing in or exercising any right, power, or 
                privilege with respect to such property; or
                    (C) conducting any transaction involving such 
                property.
            (9) Grounds for exclusion.--The Secretary of State may deny 
        a visa to, and the Secretary of Homeland Security may exclude 
        from the United States, any alien whom the Secretary of State 
        determines is an alien who, on or after the date of the 
        enactment of this Act, is a--
                    (A) corporate officer, principal, or shareholder 
                with a controlling interest of a person against whom 
                sanctions have been imposed under subsection (a) or 
                (b);
                    (B) corporate officer, principal, or shareholder 
                with a controlling interest of a successor entity to or 
                a parent or subsidiary of such a sanctioned person;
                    (C) corporate officer, principal, or shareholder 
                with a controlling interest of an affiliate of such a 
                sanctioned person, if such affiliate engaged in a 
                sanctionable activity described in subsection (a) or 
                (b) and if such affiliate is controlled in fact by such 
                sanctioned person; or
                    (D) spouse, minor child, or agent of a person 
                excludable under subparagraph (A), (B), or (C).
            (10) Sanctions on principal executive officers.--The 
        President may impose on the principal executive officer or 
        officers of any sanctioned person, or on persons performing 
        similar functions and with similar authorities as such officer 
        or officers, any of the sanctions under this subsection. The 
        President shall include on the list published under section 
        105(d) the name of any person against whom sanctions are 
        imposed under this paragraph.
            (11) Additional sanctions.--The President shall impose 
        sanctions, as appropriate, to restrict imports with respect to 
        a sanctioned person, in accordance with the International 
        Emergency Economic Powers Act (50 U.S.C. 1701 et seq.).
    (b) Additional Measure Relating to Government Contracts.--
            (1) Modification of federal acquisition regulation.--The 
        Federal Acquisition Regulation issued pursuant to section 25 of 
        the Office of Federal Procurement Policy Act (41 U.S.C. 421) 
        shall require a certification from each person that is a 
        prospective contractor that such person does not engage in any 
        activity for which sanctions may be imposed under section 105.
            (2) Remedies.--
                    (A) In general.--If the head of an executive agency 
                determines that a person has submitted a false 
                certification under paragraph (1) after the date on 
                which the Federal Acquisition Regulation is revised to 
                implement the requirements of this subsection, the head 
                of that executive agency shall terminate a contract 
                with such person or debar or suspend such person from 
                eligibility for Federal contracts for a period of not 
                more than three years. Any such debarment or suspension 
                shall be subject to the procedures that apply to 
                debarment and suspension under the Federal Acquisition 
                Regulation under subpart 9.4 of part 9 of title 48, 
                Code of Federal Regulations.
                    (B) 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 pursuant to section 25 of the Office of Federal 
                Procurement Policy Act (41 U.S.C. 421) each person that 
                is debarred, suspended, or proposed for debarment or 
                suspension by the head of an executive agency on the 
                basis of a determination of a false certification under 
                subparagraph (A).
            (3) Clarification regarding certain products.--The remedies 
        specified in paragraph (2) shall not apply with respect to the 
        procurement of eligible products, as defined in section 308(4) 
        of the Trade Agreements Act of 1974 (19 U.S.C. 2518(4)), of any 
        foreign country or instrumentality designated under section 
        301(b) of such Act (19 U.S.C. 2511(b)).
            (4) Rule of construction.--This subsection 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).
            (5) Waiver.--The President may, on a case-by-case basis, 
        waive the requirement that a person make a certification under 
        paragraph (1) if the President determines and certifies in 
        writing to the appropriate congressional committees that it is 
        in the national interest of the United States to do so.
            (6) Executive agency defined.--In this subsection, the term 
        ``executive agency'' has the meaning given such term in section 
        104 of the Office of Federal Procurement Policy Act (41 U.S.C. 
        403).
            (7) Applicability.--The revisions to the Federal 
        Acquisition Regulation required under paragraph (1) shall apply 
        with respect to contracts for which solicitations are issued on 
        or after the date that is 90 days after the date of the 
        enactment of this Act.

SEC. 107. ADVISORY OPINIONS.

    The Secretary of State may, upon the request of any person, issue 
an advisory opinion to such person as to whether a proposed activity by 
such person would subject such person to sanctions under this title. 
Any person who relies in good faith on such an advisory opinion which 
states that such proposed activity would not subject such person to 
such sanctions, and any such person who thereafter engages in such 
activity, shall not be made subject to such sanctions on account of 
such activity.

SEC. 108. TERMINATION OF SANCTIONS.

    (a) Certification.--The requirement under section 105 to impose 
sanctions shall no longer have force or effect with respect to Iran if 
the President determines and certifies to the appropriate congressional 
committees that Iran--
            (1) has ceased and verifiably dismantled its efforts to 
        design, develop, manufacture, or acquire--
                    (A) a nuclear explosive device or related materials 
                and technology;
                    (B) chemical and biological weapons; and
                    (C) ballistic missiles and ballistic missile launch 
                technology;
            (2) no longer provides support for acts of international 
        terrorism; and
            (3) poses no threat to the national security, interests, or 
        allies of the United States.
    (b) Notification.--The President shall notify the appropriate 
congressional committees not later than 15 days before making the 
certification described in subsection (a).

SEC. 109. DURATION OF SANCTIONS.

    (a) Delay of Sanctions.--
            (1) Consultations.--If the President makes a determination 
        described in section 105 with respect to a foreign person, 
        Congress urges the President to initiate consultations 
        immediately with the government with primary jurisdiction over 
        such foreign person with respect to the imposition of sanctions 
        under such section.
            (2) Actions by government of jurisdiction.--In order to 
        pursue consultations under paragraph (1) with the government 
        concerned, the President may delay for up to 90 days the 
        imposition of sanctions under section 105. Following such 
        consultations, the President shall immediately impose on the 
        foreign person referred to in paragraph (1) such sanctions 
        unless the President determines and certifies to Congress that 
        the government has taken specific and effective actions, 
        including, as appropriate, the imposition of appropriate 
        penalties to terminate the involvement of the foreign person in 
        the activities that resulted in the determination by the 
        President under section 105 concerning such foreign person and 
        the foreign person is no longer engaged in such activities.
    (b) Duration of Sanctions.--A sanction imposed under section 105 
shall remain in effect--
            (1) for a period of not less than two years beginning on 
        the date on which such sanction is imposed; or
            (2) until such time as the President determines and 
        certifies to Congress that the person whose activities were the 
        basis for imposing such sanction is no longer engaging in such 
        activities and that the President has received reliable 
        assurances that such person will not knowingly engage in such 
        activities in the future, except that such sanction shall 
        remain in effect for a period of at least one year.
    (c) Waiver.--
            (1) Authorization.--
                    (A) In general.--The President may waive the 
                requirements in section 105(a) or 105(b)(2) to impose a 
                sanction or sanctions, and may waive, on a case-by-case 
                basis, the continued imposition of a sanction or 
                sanctions under subsection (b) of this section, if the 
                President determines and so reports to the appropriate 
                congressional committees 15 days prior to the exercise 
                of waiver authority that failure to exercise such 
                waiver authority would pose an unusual and 
                extraordinary threat to the vital national security 
                interests of the United States.
                    (B) Contents of report.--Any report under 
                subparagraph (A) shall provide a specific and detailed 
                rationale for a determination made pursuant to such 
                paragraph, including--
                            (i) a description of the conduct that 
                        resulted in the determination under section 
                        105(a);
                            (ii) in the case of a foreign person, an 
                        explanation of the efforts to secure the 
                        cooperation of the government with primary 
                        jurisdiction over such person to terminate or, 
                        as appropriate, penalize the activities that 
                        resulted in the determination under section 
                        105(a);
                            (iii) an estimate of the significance of 
                        the conduct of the person concerned in 
                        contributing to the ability of Iran to develop 
                        petroleum resources, produce refined petroleum 
                        products, or import refined petroleum products; 
                        and
                            (iv) a statement as to the response of the 
                        United States in the event that the person 
                        concerned engages in other activities that 
                        would be subject to a sanction or sanctions 
                        under section 105(a).
            (2) Waiver with respect to persons in countries that 
        cooperate in multilateral efforts with respect to iran.--
                    (A) In general.--The President may, on a case by 
                case basis, waive for a period of not more than 12 
                months the application of section 105(a) with respect 
                to a person if the President, at least 30 days before 
                the waiver is to take effect--
                            (i) certifies to the appropriate 
                        congressional committees that--
                                    (I) the government with primary 
                                jurisdiction over the person is closely 
                                cooperating with the United States in 
                                multilateral efforts to prevent Iran 
                                from--
                                            (aa) acquiring or 
                                        developing chemical, 
                                        biological, or nuclear weapons 
                                        or related technologies; or
                                            (bb) acquiring or 
                                        developing destabilizing 
                                        numbers and types of advanced 
                                        conventional weapons; and
                                    (II) such a waiver is vital to the 
                                national security interests of the 
                                United States; and
                            (ii) submits to the appropriate 
                        congressional committees a report identifying--
                                    (I) the person with respect to 
                                which the President waives the 
                                application of sanctions; and
                                    (II) the actions taken by the 
                                government described in clause (i)(I) 
                                to cooperate in multilateral efforts 
                                described in that clause.
                    (B) Subsequent renewal of waiver.--At the 
                conclusion of the period of a waiver under subparagraph 
                (A), the President may renew the waiver--
                            (i) if the President determines, in 
                        accordance with subparagraph (A) that the 
                        waiver is appropriate; and
                            (ii) for subsequent periods of not more 
                        than 12 months each.

SEC. 110. REPORTS REQUIRED.

    (a) Report on Certain International Initiatives.--Not later than 
180 days after the date of the enactment of this Act and every 180 days 
thereafter, the President shall transmit to the appropriate 
congressional committees a report describing--
            (1) the efforts of the President to mount a multilateral 
        campaign to persuade all countries to pressure Iran to cease 
        its nuclear, chemical, biological, and missile weapons programs 
        and its support of acts of international terrorism;
            (2) the efforts of the President to persuade other 
        governments to ask Iran to reduce in the countries of such 
        governments the presence of Iranian diplomats and 
        representatives of other government and military or quasi-
        governmental institutions of Iran, and to withdraw any such 
        diplomats or representatives who participated in the takeover 
        of the United States Embassy in Tehran, Iran, on November 4, 
        1979, or the subsequent holding of United States hostages for 
        444 days;
            (3) the extent to which the International Atomic Energy 
        Agency has established regular inspections of all nuclear 
        facilities in Iran, including those facilities presently under 
        construction; and
            (4) Iran's use of Iranian diplomats and representatives of 
        other government and military or quasi-governmental 
        institutions of Iran to promote acts of international terrorism 
        or to develop or sustain Iran's nuclear, chemical, biological, 
        or missile weapons programs.
    (b) Report on Effectiveness of Actions Under This Act.--Not later 
than 180 days after the date of the enactment of this Act and annually 
thereafter, the President shall transmit to Congress a report that 
describes--
            (1) the extent to which actions relating to trade taken 
        pursuant to this title have--
                    (A) been effective in achieving the policy 
                objective described in section 103 and any other 
                foreign policy or national security objectives of the 
                United States with respect to Iran; and
                    (B) affected humanitarian interests in Iran, the 
                country in which a sanctioned person is located, or in 
                other countries; and
            (2) the impact of actions relating to trade taken pursuant 
        to this title on other national security, economic, and foreign 
        policy interests of the United States, including relations with 
        countries friendly to the United States, and on the United 
        States economy.
The President may include in such reports the President's 
recommendation on whether or not this Act should be terminated or 
modified.
    (c) Other Reports.--The President shall ensure the continued 
transmittal to Congress of reports describing--
            (1) the nuclear and other military capabilities of Iran, as 
        required under section 601(a) of the Nuclear Non-Proliferation 
        Act of 1978 and section 1607 of the National Defense 
        Authorization Act for Fiscal Year 1993; and
            (2) the support provided by Iran for acts of international 
        terrorism, as part of the Department of State's annual reports 
        on international terrorism.
    (d) Reports on Global Trade Relating to Iran.--Not later than 180 
days after the date of the enactment of the this Act and annually 
thereafter, the President shall transmit to the appropriate 
congressional committees a report, with respect to the most recent 12-
month period for which data are available, on the dollar value amount 
of trade, including in the energy sector, between Iran and each country 
maintaining membership in the Group of 20 Finance Ministers and Central 
Bank Governors.

SEC. 111. DETERMINATIONS NOT REVIEWABLE.

    A determination to impose sanctions under this title shall not be 
reviewable in any court.

SEC. 112. EXCLUSION OF CERTAIN ACTIVITIES.

    Nothing in this title shall apply to any activities subject to the 
reporting requirements of title V of the National Security Act of 1947.

SEC. 113. DEFINITIONS.

    In this title:
            (1) Act of international terrorism.--The term ``act of 
        international terrorism'' has the meaning given such term in 
        section 2331 of title 18, United States Code.
            (2) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Finance, the Committee on 
                Banking, Housing, and Urban Affairs, and the Committee 
                on Foreign Relations of the Senate; and
                    (B) the Committee on Ways and Means, the Committee 
                on Banking and Financial Services, the Committee on 
                Financial Services, and the Committee on Foreign 
                Affairs of the House of Representatives.
            (3) Component part.--The term ``component part'' has the 
        meaning given such term in section 11A(e)(1) of the Export 
        Administration Act of 1979 (50 U.S.C. App. 2410a(e)(1)).
            (4) Credible information.--The term ``credible 
        information'' means, with respect to a person, such person's 
        public announcement of an investment described in section 105, 
        Iranian governmental announcements of such an investment, 
        reports to stockholders, annual reports, industry reports, 
        Government Accountability Office products, and trade 
        publications.
            (5) Develop and development.--The terms ``develop'' and 
        ``development'' mean the exploration for, or the extraction, 
        refining, or transportation by pipeline of, petroleum 
        resources.
            (6) Financial institution.--The term ``financial 
        institution'' includes--
                    (A) a depository institution (as defined in section 
                3(c)(1) of the Federal Deposit Insurance Act), 
                including a branch or agency of a foreign bank (as 
                defined in section 1(b)(7) of the International Banking 
                Act of 1978);
                    (B) a credit union;
                    (C) a securities firm, including a broker or 
                dealer;
                    (D) an insurance company, including an agency or 
                underwriter; and
                    (E) any other company that provides financial 
                services including joint ventures with Iranian entities 
                both inside and outside of Iran and partnerships or 
                investments with Iranian government-controlled entities 
                or affiliated entities.
            (7) Finished product.--The term ``finished product'' has 
        the meaning given such term in section 11A(e)(2) of the Export 
        Administration Act of 1979 (50 U.S.C. App. 2410a(e)(2)).
            (8) Foreign person.--The term ``foreign person'' means--
                    (A) an individual who is not a United States person 
                or an alien lawfully admitted for permanent residence 
                into the United States; or
                    (B) a corporation, partnership, joint venture, 
                cooperative venture, or other nongovernmental entity 
                which is not a United States person.
            (9) Foreign terrorist organization.--The term ``foreign 
        terrorist organization'' means an organization designated by 
        the Secretary of State as a foreign terrorist organization in 
        accordance with section 219(a) of the Immigration and 
        Nationality Act (8 U.S.C. 1189(a)).
            (10) Goods and technology.--The terms ``goods'' and 
        ``technology'' have the meanings given such terms in section 16 
        of the Export Administration Act of 1979 (50 U.S.C. App. 2415).
            (11) Investment.--The term ``investment'' means any of the 
        following activities if any of such activities is undertaken 
        pursuant to an agreement, or pursuant to the exercise of rights 
        under such an agreement, that is entered into with the 
        Government of Iran or a nongovernmental entity in Iran, on or 
        after the date of the enactment of this Act:
                    (A) The entry into a contract that includes 
                responsibility for the development of petroleum 
                resources located in Iran, or the entry into a contract 
                providing for the general supervision and guarantee of 
                another person's performance of such a contract.
                    (B) The purchase of a share of ownership, including 
                an equity interest, in the development described in 
                subparagraph (A).
                    (C) The entry into a contract providing for the 
                participation in royalties, earnings, or profits in the 
                development described in subparagraph (A), without 
                regard to the form of such participation.
                    (D) The provision of goods, services, or technology 
                related to petroleum resources.
            (12) Iran.--The term ``Iran'' includes any agency or 
        instrumentality of Iran.
            (13) Iranian diplomats and representatives of other 
        government and military or quasi-governmental institutions of 
        iran.--The term ``Iranian diplomats and representatives of 
        other government and military or quasi-governmental 
        institutions of Iran'' includes employees, representatives, or 
        affiliates of Iran's--
                    (A) Foreign Ministry;
                    (B) Ministry of Intelligence and Security;
                    (C) Revolutionary Guard Corps and affiliated 
                entities;
                    (D) Crusade for Reconstruction;
                    (E) Qods (Jerusalem) Forces;
                    (F) Interior Ministry;
                    (G) Foundation for the Oppressed and Disabled;
                    (H) Prophet's Foundation;
                    (I) June 5th Foundation;
                    (J) Martyr's Foundation;
                    (K) Islamic Propagation Organization; and
                    (L) Ministry of Islamic Guidance.
            (14) Knowingly.--The term ``knowingly'', with respect to 
        conduct, a circumstance, or a result means that a person has 
        actual knowledge, or should have known, of the conduct, the 
        circumstance, or the result of such conduct, circumstance, or 
        result.
            (15) Nuclear explosive device.--The term ``nuclear 
        explosive device'' means any device, whether assembled or 
        disassembled, that is designed to produce an instantaneous 
        release of an amount of nuclear energy from special nuclear 
        material (as defined in section 11 aa. of the Atomic Energy Act 
        of 1954 (42 U.S.C. 2014 aa.)) that is greater than the amount 
        of energy that would be released from the detonation of one 
        pound of trinitrotoluene (TNT).
            (16) Person.--
                    (A) In general.--The term ``person'' means--
                            (i) a natural person;
                            (ii) a corporation, business association, 
                        partnership, society, trust, financial 
                        institution, insurer, underwriter, guarantor, 
                        or any other business organization, any other 
                        nongovernmental entity, organization, or group, 
                        and any governmental entity operating as a 
                        business enterprise; and
                            (iii) any successor to any entity described 
                        in clause (ii).
                    (B) Exclusion.--The term ``person'' does not 
                include a government or governmental entity that is not 
                operating as a business enterprise.
            (17) Petroleum resources.--The term ``petroleum resources'' 
        includes petroleum and natural gas resources, refined petroleum 
        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 liquefied natural gas.
            (18) Refined petroleum products.--The term ``refined 
        petroleum products'' means diesel, gasoline, jet fuel 
        (including naphtha-type and kerosene-type jet fuel), and 
        aviation gasoline.
            (19) United states or state.--The terms ``United States'' 
        and ``State'' mean the several States, the District of 
        Columbia, the Commonwealth of Puerto Rico, the Commonwealth of 
        the Northern Mariana Islands, American Samoa, Guam, the United 
        States Virgin Islands, and any other territory or possession of 
        the United States.
            (20) United states person.--The term ``United States 
        person'' means--
                    (A) a natural person who is a citizen of the United 
                States or who owes permanent allegiance to the United 
                States; and
                    (B) a corporation or other legal entity that is 
                organized under the laws of the United States or any 
                State if a natural person described in subparagraph (A) 
                owns, directly or indirectly, more than 50 percent of 
                the outstanding capital stock or other beneficial 
                interest in such corporation or legal entity.

SEC. 114. EFFECTIVE DATE.

    This title shall take effect on the date of the enactment of this 
Act and shall apply with respect to an investment or activity described 
in subsection (a) or (b) of section 105 that is commenced on or after 
such date of enactment.

SEC. 115. REPEAL.

    (a) In General.--The Iran Sanctions Act of 1996 (50 U.S.C. 1701 
note) is repealed.
    (b) Federal Acquisition Regulation.--Notwithstanding the repeal 
made by subsection (a), the modification to the Federal Acquisition 
Regulation made pursuant to section 6(b)(1) of the Iran Sanctions Act 
of 1996 shall continue in effect until the modification to such 
Regulation that is made pursuant to section 106(b)(1) of this Act takes 
effect.

                     TITLE II--IRAN FREEDOM SUPPORT

SEC. 201. CODIFICATION OF SANCTIONS.

    United States sanctions with respect to Iran imposed pursuant to 
sections 1 and 3 of Executive Order 12957, sections 1(e), (1)(g), and 
(3) of Executive Order 12959, sections 2, 3, and 5 of Executive Order 
13059 (relating to exports and certain other transactions with Iran), 
and sections 1, 5, 6, 7, and 8 of Executive Order 13553, as in effect 
on January 1, 2011, shall remain in effect until the President 
certifies to the appropriate congressional committees, at least 90 days 
before the removal of such sanctions, that the Government of Iran has 
verifiably dismantled its nuclear weapons program, its biological and 
chemical weapons programs, its ballistic missile development programs, 
and ceased its support for international terrorism.

SEC. 202. DECLARATION OF CONGRESS REGARDING UNITED STATES POLICY TOWARD 
              IRAN.

    It shall be the policy of the United States to support those 
individuals in Iran seeking a free, democratic government that respects 
the rule of law and protects the rights of all citizens.

SEC. 203. ASSISTANCE TO SUPPORT DEMOCRACY IN IRAN.

    (a) Statement of Policy.--The President is authorized to provide 
financial and political assistance (including the award of grants) to 
foreign and domestic individuals, organizations, and entities that 
support democracy and the promotion of democracy in Iran. Such 
assistance may include the award of grants to eligible independent pro-
democracy broadcasting organizations and new media that broadcast into 
Iran.
    (b) Eligibility for Assistance.--Financial and political assistance 
authorized under this section shall be provided only to an individual, 
organization, or entity that--
            (1) officially opposes the use of violence and terrorism 
        and has not been designated as a foreign terrorist organization 
        under section 219(a) of the Immigration and Nationality Act (8 
        U.S.C. 1189(a)) at any time during the preceding four years;
            (2) advocates the adherence by Iran to nonproliferation 
        regimes for nuclear, chemical, and biological weapons and 
        materiel;
            (3) is dedicated to democratic values and supports the 
        adoption of a democratic form of government in Iran;
            (4) is dedicated to respect for human rights, including the 
        fundamental equality of women;
            (5) works to establish equality of opportunity for all 
        people; and
            (6) supports freedom of the press, freedom of speech, 
        freedom of association, and freedom of religion.
    (c) Funding.--Financial and political assistance authorized under 
this section may only be provided using--
            (1) funds available to the Middle East Partnership 
        Initiative (MEPI), the Broader Middle East and North Africa 
        Initiative, the Human Rights and Democracy Fund, and the Near 
        East Regional Democracy Fund; and
            (2) amounts made available pursuant to the authorization of 
        appropriations under subsection (f).
    (d) Notification.--Not later than 15 days before each obligation of 
assistance under this section, and in accordance with the procedures 
under section 634A of the Foreign Assistance Act of 1961 (22 U.S.C. 
2394-l), the President shall notify the Committee on Foreign Affairs 
and the Committee on Appropriations of the House of Representatives and 
the Committee on Foreign Relations and the Committee on Appropriations 
of the Senate of such obligation of assistance. Such notification shall 
include, as practicable, a description of the types of programs 
supported by such assistance and an identification of the recipients of 
such assistance.
    (e) Sense of Congress Regarding Diplomatic Assistance.--It is the 
sense of Congress that--
            (1) contacts should be expanded with opposition groups in 
        Iran that meet the criteria for eligibility for assistance 
        under subsection (b);
            (2) support for those individuals seeking democracy in Iran 
        should be expressed by United States representatives and 
        officials in all appropriate international fora; and
            (3) officials and representatives of the United States 
        should--
                    (A) strongly and unequivocally support indigenous 
                efforts in Iran calling for free, transparent, and 
                democratic elections; and
                    (B) draw international attention to violations by 
                the Government of Iran of human rights, freedom of 
                religion, freedom of assembly, and freedom of the 
                press.

SEC. 204. IMPOSITION OF SANCTIONS ON CERTAIN PERSONS WHO ARE 
              RESPONSIBLE FOR OR COMPLICIT IN HUMAN RIGHTS ABUSES 
              COMMITTED AGAINST CITIZENS OF IRAN OR THEIR FAMILY 
              MEMBERS AFTER THE JUNE 12, 2009, ELECTIONS IN IRAN.

    (a) List of Persons Who Are Responsible for or Complicit in Certain 
Human Rights Abuses; Sanctions on Such Persons.--
            (1) In general.--Not later than 90 days after the date of 
        the enactment of this Act, the President shall transmit to the 
        appropriate congressional committees a list of all persons who 
        are officials of the Government of Iran, including the Supreme 
        Leader, the President, Members of the Cabinet, Members of the 
        Assembly of Experts, Members of the Ministry of Intelligence 
        Services, or any Member of the Iranian Revolutionary Guard 
        Corps with the rank of brigadier general and above, including 
        members of paramilitary organizations such as Ansar-e-Hezbollah 
        and Basij-e Mostaz'afin.
            (2) Certification.--The President shall impose on the 
        persons specified in the list under paragraph (1) the sanctions 
        described in subsection (b). The President shall exempt any 
        such person from such imposition if the President determines 
        and certifies to the appropriate congressional committees that 
        such person, based on credible evidence, is not responsible for 
        or complicit in, or responsible for ordering, controlling, or 
        otherwise directing, the commission of serious human rights 
        abuses against citizens of Iran or their family members on or 
        after June 12, 2009, regardless of whether such abuses occurred 
        in Iran.
            (3) Updates of list.--The President shall transmit to the 
        appropriate congressional committees an updated list under 
        paragraph (1)--
                    (A) not later than every 60 days beginning after 
                the date of the initial transmittal under such 
                paragraph; and
                    (B) as new information becomes available.
            (4) Form of report; public availability.--
                    (A) Form.--The list required under paragraph (1) 
                shall be submitted in unclassified form but may contain 
                a classified annex.
                    (B) Public availability.--The unclassified portion 
                of the list required under paragraph (1) shall be made 
                available to the public and posted on the Web sites of 
                the Department of the Treasury and the Department of 
                State.
            (5) Consideration of data from other countries and 
        nongovernmental organizations.--In preparing the list required 
        under paragraph (1), the President shall consider credible data 
        already obtained by other countries and nongovernmental 
        organizations, including organizations in Iran, that monitor 
        the human rights abuses of the Government of Iran.
    (b) Sanctions Described.--The sanctions described in this 
subsection are ineligibility for a visa to enter the United States and 
sanctions pursuant to the International Emergency Economic Powers Act 
(50 U.S.C. 1701 et seq.), including blocking of property and 
restrictions or prohibitions on financial transactions and the 
exportation and importation of property, subject to such regulations as 
the President may prescribe, including regulatory exceptions to permit 
the United States to comply with the Agreement between the United 
Nations and the United States of America regarding the Headquarters of 
the United Nations, signed June 26, 1947, and entered into force 
November 21, 1947, and other applicable international obligations.
    (c) Termination of Sanctions.--The provisions of this section shall 
terminate on the date on which the President determines and certifies 
to the appropriate congressional committees that the Government of Iran 
has--
            (1) unconditionally released all political prisoners, 
        including the citizens of Iran detained in the aftermath of the 
        June 12, 2009, presidential election in Iran;
            (2) ceased its practices of violence, unlawful detention, 
        torture, and abuse of citizens of Iran while engaging in 
        peaceful political activity;
            (3) conducted a transparent investigation into the 
        killings, arrests, and abuse of peaceful political activists 
        that occurred in the aftermath of the June 12, 2009, 
        presidential election in Iran and prosecuted the individuals 
        responsible for such killings, arrests, and abuse; and
            (4) has--
                    (A) established an independent judiciary; and
                    (B) is respecting the human rights and basic 
                freedoms recognized in the Universal Declaration of 
                Human Rights.

SEC. 205. COMPREHENSIVE STRATEGY TO PROMOTE INTERNET FREEDOM AND ACCESS 
              TO INFORMATION IN IRAN.

    (a) In General.--Not later than 90 days after the date of the 
enactment of this Act and annually thereafter, the Secretary of State 
shall submit to the Committees on Foreign Affairs and Appropriations of 
the House of Representatives and the Committees on Foreign Relations 
and Appropriations of the Senate a comprehensive strategy to--
            (1) help the people of Iran produce, access, and share 
        information freely and safely via the Internet, including in 
        Farsi and regional languages;
            (2) support the development of counter-censorship 
        technologies that enable the citizens of Iran to undertake 
        Internet activities without interference from the Government of 
        Iran;
            (3) increase the capabilities and availability of secure 
        mobile communications among human rights and democracy 
        activists in Iran;
            (4) provide resources for digital safety training for 
        media, unions, and academic and civil society organizations in 
        Iran;
            (5) increase the amount of accurate Internet content in 
        local languages in Iran;
            (6) increase emergency resources for the most vulnerable 
        human rights advocates seeking to organize, share information, 
        and support human rights in Iran;
            (7) expand surrogate radio, television, live stream, and 
        social network communications inside Iran;
            (8) expand activities to safely assist and train human 
        rights, civil society, and union activists in Iran to operate 
        effectively and securely;
            (9) defeat all attempts by the Government of Iran to jam or 
        otherwise deny international satellite broadcasting signals; 
        and
            (10) expand worldwide United States embassy and consulate 
        programming for and outreach to Iranian dissident communities.
    (b) Form.--The comprehensive strategies required under subsection 
(a) shall be in unclassified form and may include a classified annex.

       TITLE III--IRAN REGIME AND IRAN REVOLUTIONARY GUARD CORPS 
                             ACCOUNTABILITY

SEC. 301. EXPORTATION OF PETROLEUM, OIL, AND NATURAL GAS PRODUCED BY 
              IRAN'S ISLAMIC REVOLUTIONARY GUARD CORPS OR ITS 
              AFFILIATES.

    (a) In General.--Except as provided in subsection (c), the 
President shall impose the sanctions described in section 106(a) with 
respect to a person if the President determines that such person 
knowingly, on or after the date of the enactment of the Iran Threat 
Reduction Act of 2011, provides any service described in subsection (b) 
with respect to the exportation of petroleum, oil, or liquefied natural 
gas to be refined or otherwise processed outside of Iran if--
            (1) Iran's Islamic Revolutionary Guard Corps or any of its 
        affiliates was directly and significantly involved in the 
        development, extraction, production, transportation, or sale of 
        such petroleum, oil, or liquefied natural gas in Iran; and
            (2)(A) the fair market value of such petroleum, oil, or 
        liquefied natural gas is $1,000,000 or more; or
            (B) during a 12-month period, the aggregate fair market 
        value of such petroleum, oil, or liquefied natural gas is 
        $5,000,000 or more.
    (b) Services Described.--The services referred to in subsection (a) 
are--
            (1) refining or otherwise processing petroleum, oil, or 
        liquefied natural gas;
            (2) the provision of ships or shipping services; or
            (3) financing, brokering, underwriting, or providing 
        insurance or reinsurance.
    (c) Exception for Underwriters and Insurance Providers Exercising 
Due Diligence.--The President may not impose sanctions under this 
paragraph with respect to a person that provides underwriting services 
or insurance or reinsurance if the President determines that such 
person has exercised due diligence in establishing and enforcing 
official policies, procedures, and controls to ensure that such person 
does not underwrite or enter into a contract to provide insurance or 
reinsurance with respect to the exportation of petroleum, oil, or 
liquefied natural gas in violation of subsection (a).

SEC. 302. IRANIAN ACTIVITIES IN IRAQ AND AFGHANISTAN.

    (a) Freezing of Assets.--In accordance with subsection (b), all 
property and interests in property of the foreign persons described in 
Executive Orders 13382 and 13224, or their affiliates, that are in the 
United States, that on or after the date of the enactment of this Act 
come within the United States, or that on or after the date of the 
enactment of this Act come within the possession or control of United 
States persons, are blocked and may not be transferred, paid, exported, 
withdrawn, or otherwise dealt in with respect to any such person 
determined by the Secretary of State, in consultation with the 
Secretary of the Treasury and the Secretary of Defense to--
            (1) have committed, or to pose a significant risk of 
        committing, an act or acts of violence that have the purpose or 
        effect of--
                    (A) threatening the peace or stability of Iraq or 
                the Government of Iraq;
                    (B) undermining efforts to promote economic 
                reconstruction and political reform in Iraq or to 
                provide humanitarian assistance to the Iraqi people;
                    (C) threatening the peace or stability of 
                Afghanistan or the Government of Afghanistan; or
                    (D) undermining efforts to promote economic 
                reconstruction and political reform in Afghanistan or 
                to provide humanitarian assistance to the Afghan 
                people;
            (2) have 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 or entity whose property and interests 
        in property are blocked pursuant this subsection; or
            (3) be owned or controlled by, or to have 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 this subsection.
    (b) Description of Prohibitions.--The prohibitions described in 
subsection (a) include--
            (1) the making of any contribution or provision of funds, 
        goods, or services by, to, or for the benefit of any person 
        whose property and interests in property are blocked; and
            (2) the receipt of any contribution or provision of funds, 
        goods, or services from any such person.
    (c) Statement of Policy.--An increase in both the quantity and 
quality of Iranian arms shipments and technological expertise to the 
Iraqi insurgents, the Taliban, other terrorist organizations, and 
criminal elements has the potential to significantly change the 
battlefield in both Iraq and Afghanistan, and lead to a large increase 
in United States, International Security Assistance Force, Coalition, 
and Iraqi and Afghan casualties.

SEC. 303. UNITED STATES POLICY TOWARD IRAN.

    (a) National Strategy Required.--The President shall develop a 
strategy, to be known as the ``National Strategy to Counter Iran'' that 
provides strategic guidance for activities that support the objective 
of addressing, countering, and containing the threats posed by Iran.
    (b) Annual Report.--
            (1) In general.--Not later than January 30 of each year, 
        the President shall transmit to the appropriate congressional 
        committees in Congress a report on the current and future 
        strategy of the United States toward Iran, and the 
        implementation of the National Strategy to Counter Iran 
        required under subsection (a).
            (2) Form.--If the President considers it appropriate, the 
        report required under this subsection, or appropriate parts 
        thereof, may be transmitted in classified form.
    (c) Matters To Be Included.--The report required under subsection 
(b) shall include a description of the security posture and objectives 
of Iran, including at least the following:
            (1) A description and assessment of Iranian grand strategy 
        and security strategy, including--
                    (A) the goals of Iran's grand strategy and security 
                strategy, and strategic objectives; and
                    (B) Iranian strategy to achieve such objectives in 
                the Middle East, Europe, Africa, Western Hemisphere, 
                and Asia.
            (2) An assessment of the capabilities of Iran's 
        conventional forces and Iran's unconventional forces, 
        including--
                    (A) the size and capabilities of Iran's 
                conventional forces and Iran's unconventional forces;
                    (B) an analysis of the formal and informal national 
                command authority for Iran's conventional forces and 
                Iran's unconventional forces;
                    (C) the size and capability of Iranian foreign and 
                domestic intelligence and special operations units, 
                including the Iranian Revolutionary Guard Corps-Quds 
                Force;
                    (D) a description and analysis of Iranian military 
                doctrine;
                    (E) the types and amount of support, including 
                funding, lethal and nonlethal supplies, and training, 
                provided to groups designated by the United States as 
                foreign terrorist organizations and regional militant 
                groups; and
                    (F) an estimate of the levels of funding and 
                funding and procurement sources by Iran to develop and 
                support Iran's conventional forces and Iran's 
                unconventional forces.
            (3) An assessment of Iranian strategy and capabilities 
        related to nuclear, unconventional, and missile forces 
        development, including--
                    (A) a summary and analysis of nuclear weapons 
                capabilities;
                    (B) an estimate of the amount and sources of 
                funding expended by, and an analysis of procurement 
                networks utilized by, Iran to develop its nuclear 
                weapons capabilities;
                    (C) a summary of the capabilities of Iran's 
                unconventional weapons and Iran's ballistic missile 
                forces and Iran's cruise missile forces, including 
                developments in the preceding year, the size of Iran's 
                ballistic missile forces and Iran's cruise missile 
                forces, and the locations of missile launch sites;
                    (D) a detailed analysis of the effectiveness of 
                Iran's unconventional weapons and Iran's ballistic 
                missile forces and Iran's cruise missile forces; and
                    (E) an estimate of the amount and sources of 
                funding expended by, and an analysis of procurement 
                networks utilized by, Iran on programs to develop a 
                capability to develop unconventional weapons and Iran's 
                ballistic missile forces and Iran's cruise missile 
                forces.
            (4) The Government of Iran's economic strategy, including--
                    (A) sources of funding for the activities of the 
                Government of Iran described in this section;
                    (B) the role of the Government of Iran in the 
                formal and informal sector of the domestic Iranian 
                economy;
                    (C) evasive and other efforts by the Government of 
                Iran to circumvent international and bilateral 
                sanctions regimes;
                    (D) the effect of bilateral and multilateral 
                sanctions on the ability of Iran to implement its grand 
                strategy and security strategy described in paragraph 
                (1); and
                    (E) Iran's strategy and efforts to leverage 
                economic and political influence, cooperation, and 
                activities in the Middle East Europe, Africa, Western 
                Hemisphere, and Asia.
            (5) Key vulnerabilities identified in paragraph (1), and an 
        implementation plan for the National Strategy to Counter Iran 
        required under subsection (a).
    (d) Classified Annex.--The reports required under subsection (b) 
shall be in unclassified form to the greatest extent possible, and may 
include a classified annex where necessary.

SEC. 304. DEFINITIONS.

    In this title:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Affairs, the Committee 
                on Armed Services, the Committee on Appropriations, and 
                the Permanent Select Committee on Intelligence of the 
                House of Representatives; and
                    (B) the Committee on Foreign Relations, the 
                Committee on Armed Services, the Committee on 
                Appropriations, and the Permanent Select Committee on 
                Intelligence of the Senate.
            (2) Iran's ballistic missile forces.--The term ``Iran's 
        ballistic missile forces'' means those elements of the 
        Government of Iran that employ ballistic missiles.
            (3) Iran's ballistic missile and unconventional weapons.--
        The term ``Iran's ballistic missile and unconventional 
        weapons'' means Iran's ballistic missile forces and chemical, 
        biological, and radiological weapons programs.
            (4) Iran's cruise missile forces.--The term ``Iran's cruise 
        missile forces'' means those elements of the Government of Iran 
        that employ cruise missiles capable of flights less than 500 
        kilometers.
            (5) Iran's conventional forces.--The term ``Iran's 
        conventional forces''--
                    (A) means military forces of Iran designed to 
                conduct operations on sea, air, or land, other than 
                Iran's unconventional forces and Iran's ballistic 
                missile forces and Iran's cruise missile forces; and
                    (B) includes Iran's Army, Air Force, Navy, domestic 
                law enforcement, and elements of the Iranian 
                Revolutionary Guard Corps, other than the Iranian 
                Revolutionary Guard Corps Quds Force.
            (6) Iran's unconventional forces.--The term ``Iran's 
        unconventional forces''--
                    (A) means forces of Iran that carry out missions 
                typically associated with special operations forces; 
                and
                    (B) includes--
                            (i) the Iranian Revolutionary Guard Corps-
                        Quds Force;
                            (ii) paramilitary organizations;
                            (iii) formal and informal intelligence 
                        agencies and entities; and
                            (iv) any organization that--
                                    (I) has been designated as a 
                                foreign terrorist organization under 
                                section 219(a) of the Immigration and 
                                Nationality Act (8 U.S.C. 1189(a));
                                    (II) receives assistance from Iran; 
                                and
                                    (III) is assessed--
                                            (aa) as being willing in 
                                        some or all cases of carrying 
                                        out attacks on behalf of Iran; 
                                        or
                                            (bb) as likely to carry out 
                                        attacks in response to an 
                                        attack by another country on 
                                        Iran or its interests.

 TITLE IV--IRAN FINANCIAL SANCTIONS; DIVESTMENT FROM CERTAIN COMPANIES 
  THAT INVEST IN IRAN; AND PREVENTION OF DIVERSION OF CERTAIN GOODS, 
                   SERVICES, AND TECHNOLOGIES TO IRAN

SEC. 401. IRAN FINANCIAL SANCTIONS.

    (a) Financial Institution Certification.--Section 104(e) of the 
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 
2010 (Public Law 111-195; 22 U.S.C. 8513(e)) is amended by adding at 
the end the following new paragraph:
            ``(3) Certification.--Not later than 90 days after the date 
        of the enactment of this paragraph, the Secretary of the 
        Treasury shall prescribe regulations to require any person 
        owned or controlled by a domestic financial institution to 
        provide positive certification to the Secretary that such 
        person is not engaged in corresponding relations or business 
        activity with a foreign person or financial institution that 
        facilitates transactions from persons and domestic financial 
        institutions described in subsection (d).''.
    (b) Report on the Activities of the Central Bank of Iran.--Section 
104 of the Comprehensive Iran Sanctions, Accountability, and Divestment 
Act of 2010 is amended--
            (1) by redesignating subsection (i) as subsection (j); and
            (2) by inserting after subsection (h) the following new 
        subsection:
    ``(i) Report on the Activities of the Central Bank of Iran.--
            ``(1) In general.--Not later than 90 days after the date of 
        the enactment of this subsection and annually thereafter, the 
        Secretary of State, in consultation with the Secretary of the 
        Treasury, shall submit to Congress a report on how the 
        activities of the Central Bank of Iran facilitate Iran's 
        efforts to acquire nuclear weapons capabilities, unconventional 
        weapons and ballistic and cruise missile development, and 
        activities as a designated state sponsor of terrorism.
            ``(2) Form.--The reports required under this subsection 
        shall be submitted in unclassified form and may contain a 
        classified annex.''.
    (c) Continuation in Effect.--Sections 104, 106, 107, 108, 109, 110, 
111, and 115 of the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 shall remain in effect until the President makes 
the certification described in section 602 of this Act.

SEC. 402. DIVESTMENT FROM CERTAIN COMPANIES THAT INVEST IN IRAN.

    Title II of the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 shall remain in effect until the President makes 
the certification described in section 602 of this Act.

SEC. 403. PREVENTION OF DIVERSION OF CERTAIN GOODS, SERVICES, AND 
              TECHNOLOGIES TO IRAN.

    Title III of the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 shall remain in effect until the President makes 
the certification described in section 602 of this Act.

              TITLE V--SECURITIES AND EXCHANGE COMMISSION

SEC. 501. DISCLOSURES TO THE SECURITIES AND EXCHANGE COMMISSION 
              RELATING TO SANCTIONABLE ACTIVITIES.

    (a) In General.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the following new 
subsection:
    ``(r) Disclosure of Certain Activities Relating to Iran, Terrorism, 
and the Proliferation of Weapons of Mass Destruction.--
            ``(1) General disclosure required.--Each issuer required to 
        file an annual or quarterly report under subsection (a) shall 
        include with such report a statement of whether, during the 
        period since the issuer made the last such report, the issuer 
        or any affiliate of the issuer--
                    ``(A) engaged in an activity described in section 5 
                of the Iran Sanctions Act of 1996 (Public Law 104-172; 
                50 U.S.C. 1701 note);
                    ``(B) knowingly engaged in an activity described in 
                subsection (c)(2) of section 104 of the Comprehensive 
                Iran Sanctions, Accountability, and Divestment Act of 
                2010 (Public Law 111-195; 22 U.S.C. 8513) or knowingly 
                violated regulations prescribed under subsection (d)(1) 
                or (e)(1) of such section 104; or
                    ``(C) knowingly conducted any transaction or 
                dealing with--
                            ``(i) any person the property and interests 
                        in property of which are blocked pursuant to 
                        Executive Order 13224 (66 Fed. Reg. 49079; 
                        relating to blocking property and prohibiting 
                        transacting with persons who commit, threaten 
                        to commit, or support terrorism);
                            ``(ii) any person the property and 
                        interests in property of which are blocked 
                        pursuant to Executive Order 13382 (70 Fed. Reg. 
                        38567; relating to blocking of property of 
                        weapons of mass destruction proliferators and 
                        their supporters); or
                            ``(iii) any person on the list contained in 
                        Appendix A to part 560 of title 31, Code of 
                        Federal Regulations (commonly known as the 
                        `Iranian Transactions Regulations').
            ``(2) Specific disclosure required.--If an issuer reports 
        under paragraph (1) that the issuer or an affiliate of the 
        issuer has engaged in any activity described in that paragraph, 
        the issuer shall include with the statement required under that 
        paragraph a detailed description of each such activity, 
        including--
                    ``(A) the nature and extent of the activity;
                    ``(B) the revenues and profits, if any, 
                attributable to the activity; and
                    ``(C) whether the issuer or the affiliate of the 
                issuer (as the case may be) intends to continue the 
                activity.
            ``(3) Investigation of disclosures.--When the Commission 
        receives a report under paragraph (1) from an issuer that the 
        issuer or an affiliate of the issuer has engaged in any 
        activity described in that paragraph, the President shall--
                    ``(A) initiate an investigation into the possible 
                imposition of sanctions under the Iran Sanctions Act of 
                1996 (Public Law 104-172; 50 U.S.C. 1701 note), section 
                104 of the Comprehensive Iran Sanctions, 
                Accountability, and Divestment Act of 2010 (22 U.S.C. 
                8513), the Executive Orders or regulations specified in 
                paragraph (1)(C), or any other provision of law; and
                    ``(B) not later than 180 days after initiating such 
                an investigation, make a determination with respect to 
                whether sanctions should be imposed with respect to the 
                issuer or the affiliate of the issuer (as the case may 
                be).
            ``(4) Public disclosure of information.--The Commission 
        shall promptly--
                    ``(A) make the information provided to the 
                Commission under paragraphs (1) and (2) available to 
                the public by posting the information on the Internet 
                Web site of the Commission; and
                    ``(B) provide a copy of that information to--
                            ``(i) the President;
                            ``(ii) the Committee on Foreign Affairs and 
                        the Committee on Financial Services of the 
                        House of Representatives; and
                            ``(iii) the Committee on Foreign Relations 
                        and the Committee on Banking, Housing, and 
                        Urban Affairs of the Senate.
            ``(5) Sunset.--The provisions of this subsection 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 (22 U.S.C. 8551(a)).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect with respect to reports required to be filed with the 
Securities and Exchange Commission after the date that is 90 days after 
the date of the enactment of this Act.

                      TITLE VI--GENERAL PROVISIONS

SEC. 601. DENIAL OF VISAS FOR CERTAIN PERSONS OF THE GOVERNMENT OF 
              IRAN.

    (a) In General.--Except as necessary to meet United States 
obligations under the Agreement between the United Nations and the 
United States of America regarding the Headquarters of the United 
Nations, signed June 26, 1947, and entered into force November 21, 
1947, and other applicable international treaty obligations, the 
Secretary of State shall deny a visa to and the Secretary of Homeland 
Security shall exclude from the United States a person of the 
Government of Iran pursuant to section 6(j)(1)(A) of the Export 
Administration Act of 1979 (as in effect pursuant to the International 
Emergency Economic Powers Act; 50 U.S.C. 1701 et seq.), section 40(d) 
of the Arms Export Control Act (22 U.S.C. 2780(d)), and section 620A of 
the Foreign Assistance Act of 1961 (22 U.S.C. 2371) if the Secretary 
determines that such person--
            (1) is an agent, instrumentality, or official of, is 
        affiliated with, or is serving as a representative of the 
        Government of Iran; and
            (2) presents a threat to the United States or is directly 
        or indirectly affiliated with terrorist organizations.
    (b) Restriction on Movement.--The Secretary of State shall restrict 
in Washington, DC, and at the United Nations in New York City, the 
travel to only within a 25-mile radius of Washington, DC, or the United 
Nations headquarters building, respectively, of any person identified 
in subsection (a).

SEC. 602. SUNSET.

    (a) Sunset.--The provisions of this Act shall terminate, and shall 
cease to be effective, on the date that is 30 days after the date on 
which the President certifies to Congress that Iran--
            (1) has ceased and verifiably dismantled its efforts to 
        design, develop, manufacture, or acquire--
                    (A) a nuclear explosive device or related materials 
                and technology;
                    (B) chemical and biological weapons; and
                    (C) ballistic missiles and ballistic missile launch 
                technology;
            (2) no longer provides support for acts of international 
        terrorism; and
            (3) poses no threat to United States national security, 
        interests, or allies.
    (b) Notification.--The President shall notify the Committee on 
Foreign Affairs of the House of Representatives and the Committee on 
Foreign Relations of the Senate not later than 15 days before making a 
certification described in subsection (a).
                                 <all>