[Congressional Record Volume 165, Number 18 (Tuesday, January 29, 2019)]
[Senate]
[Pages S746-S747]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 60. Ms. McSALLY submitted an amendment intended to be proposed by
her to the bill S. 1, to make improvements to certain defense and
security assistance provisions and to authorize the appropriation of
funds to Israel, to reauthorize the United States-Jordan Defense
Cooperation Act of 2015, and to halt the wholesale slaughter of the
Syrian people, and for other purposes; which was ordered to lie on the
table; as follows:
At the end, add the following:
TITLE V--AUTHORITY OF STATE AND LOCAL GOVERNMENTS TO RESTRICT
INVESTMENT ACTIVITIES IN IRAN
SEC. 501. AUTHORITY OF STATE AND LOCAL GOVERNMENTS TO
RESTRICT INVESTMENT ACTIVITIES IN IRAN.
(a) Additional Authority.--Section 202 of the Comprehensive
Iran Sanctions, Accountability, and Divestment Act of 2010
(22 U.S.C. 8532) is amended as follows:
(1) Subsection (a) is amended--
(A) by striking ``should support'' and inserting ``should
not interfere with''; and
(B) by striking ``in the energy sector of Iran'' and all
that follows through ``United States'' and inserting ``in the
business sector in Iran, or prohibits or limits any person
from engaging in investment activities in the business sector
of Iran, until such time as all Federal laws that either
expressly authorize or require the imposition of sanctions by
the Federal Government on Iran are rescinded by an Act or
Acts of Congress''.
(2) Subsection (b) is amended--
(A) by amending the subsection heading to read as follows:
``(b) Authority To Restrict Investment in Iran.--'';
(B) by striking ``Notwithstanding'' and inserting the
following:
``(1) In general.--Notwithstanding'';
(C) by striking ``may adopt and enforce measures that
meet'' and inserting ``may--
``(A) adopt and enforce measures--
``(i) that meet'';
(D) by striking ``subsection (c).'' and inserting
``subsection (c); or''; and
(E) by adding at the end the following:
``(ii) to prohibit or limit any person from engaging in
investment activities in Iran described in subsection (c);
and
``(B) enter into interstate compacts regarding measures
described in subparagraph (A).
``(2) Disclosure requirements.--Enforcement of measures
under paragraph (1) may include the imposition of disclosure
and other transparency requirements to carry out paragraph
(1).''.
(3) Subsection (c) is amended--
(A) in paragraph (1)--
(i) by striking ``$20,000,000 or more in the energy
sector'' and inserting ``$10,000,000 or more--
``(A) in the energy sector''; and
(ii) by adding at the end the following:
``(B) in any other business enterprise in Iran, including
an entity that is owned or controlled by the Government of
Iran; or''; and
(B) in paragraph (2)--
(i) by striking ``$20,000,000'' and inserting
``$10,000,000''; and
(ii) by adding after ``energy sector of Iran'' the
following: ``or otherwise in a business enterprise in Iran,
including an entity that is owned or controlled by the
Government of Iran''.
(4) Subsection (f) is amended to read as follows:
``(f) Nonpreemption; No Conflict With United States
Policy.--A measure of a State or local government authorized
under subsection (b), (i), or (j)--
``(1) is authorized and not preempted by any Federal law or
regulation or any policy, agreement, or exercise of waiver
authority of the executive branch; and
``(2) is consistent with United States Federal policy,
including United States foreign policy.''.
(5) Subsection (g) is amended by adding at the end the
following:
``(3) Owned or controlled.--An entity is `owned or
controlled' by the Government of Iran if the Government of
Iran--
``(A) holds more than 20 percent of the equity interest by
vote or value in the entity;
``(B) has the right or ability to elect a majority of seats
on the board of directors of the entity; or
``(C) otherwise controls the actions, policies, or
personnel decisions of the entity.''.
(6) Subsection (h) is amended--
(A) in paragraph (1), by striking ``or subsection (i)'' and
inserting ``and subsections (i) and (j)''; and
(B) in paragraph (2), by striking ``subsection (i)'' and
inserting ``subsections (i) and (j)''.
(7) Subsection (i) is amended by adding at the end the
following:
``(3) Applicability of prior provisions.--Paragraphs (1)
and (2) apply with respect to this section as in effect on
the day before the effective date of the State Sanctions
Against Iranian Terrorism Act.''.
(8) Section 202 is further amended--
(A) by redesignating subsection (j) as subsection (k); and
(B) by inserting after subsection (i) the following:
``(j) Applicability.--
``(1) In general.--Notwithstanding any other provision of
this section or any other provision of law, a State or local
government may enforce a measure (without regard to the
requirements of subsection (d), except as provided in
paragraph (2)) adopted by the State or local government
before the date of the enactment of the State Sanctions
Against Iranian Terrorism Act (other than a measure covered
by subsection (i)) that--
``(A) provides for the divestment of assets of the State or
local government from, or prohibits the investment of the
assets of the State or local government in, any person that
the State or local government determines, using credible
information available to the public, engages in investment
activities in Iran (determined without regard to subsection
(c)) or other business activities in Iran that are identified
in the measure; or
``(B) prohibits or limits any person from engaging in
investment activities in Iran described in subsection (c).
``(2) Application of notice requirements.--A measure
described in paragraph (1) shall be subject to the
requirements of paragraphs (1) and (2) and the first sentence
of paragraph (3) of subsection (d) on and after the date that
is 2 years after the date of the enactment of the State
Sanctions Against Iranian Terrorism Act.''.
(b) Congressional Resolution of Disapproval of Presidential
Certification Relating to Sunset of Act.--Section 401(a)
[[Page S747]]
of the Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010 (22 U.S.C. 855(a)) is amended--
(1) by striking ``The provisions of this Act'' and
inserting the following:
``(1) In general.--Subject to paragraph (2), the provisions
of this Act'';
(2) by striking ``(1) the Government of Iran'' and
inserting ``(A) the Government of Iran'' and moving the text
of subparagraph (A) (as redesignated) 2 ems to the right;
(3) by striking ``(A) section 6(j)(1)(A)'' and inserting
``(i) section 6(j)(1)(A)'' and moving the text of clause (i)
(as redesignated) 2 ems to the right;
(4) by striking ``(B) section 40(d)'' and inserting ``(ii)
section 40(d)'' and moving the text of clause (ii) (as
redesignated) 2 ems to the right;
(5) by striking ``(C) section 620A(a)'' and inserting
``(iii) section 620A(a)'' and moving the text of clause (iii)
(as redesignated) 2 ems to the right;
(6) by striking ``(2) Iran has ceased'' and inserting ``(B)
Iran has ceased''; and
(7) by adding at the end the following:
``(2) Congressional resolution of disapproval with respect
to sunset of section 202.--
``(A) In general.--Section 202 shall not terminate pursuant
to a certification of the President submitted to Congress
under subsection (a) if Congress, not later than 60 days
after the date on which the President submits such
certification, enacts a joint resolution disapproving such
certification.
``(B) Expedited procedures.--A joint resolution described
in subparagraph (A) and introduced not later than 60 days
after the date on which the President submits a certification
under subsection (a) shall be considered in the Senate and
the House of Representatives in accordance with paragraphs
(3) through (7) of section 8066(c) of the Department of
Defense Appropriations Act (as contained in Public Law 98-
473), except that references in such paragraphs to the
Committees on Appropriations of the House of Representatives
and the Senate shall be deemed to be references to the
Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate, respectively.''.
(c) Conforming Amendments.--
(1) Title heading.--The heading for title II of the
Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 (22 U.S.C. 8531 et seq.) is amended to read as
follows:
``TITLE II--RESTRICTIONS BY STATE AND LOCAL GOVERNMENTS ON INVESTMENT
ACTIVITIES IN IRAN''.
(2) Section heading.--The heading for section 202 of the
Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 (22 U.S.C. 8532) is amended to read as follows:
``SEC. 202. AUTHORITY OF STATE AND LOCAL GOVERNMENTS TO
RESTRICT INVESTMENT ACTIVITIES IN IRAN.''.
(3) Table of contents.--The table of contents of the
Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 (22 U.S.C. 8501 et seq.) is amended--
(A) by amending the item relating to title II to read as
follows:
``TITLE II--RESTRICTIONS BY STATE AND LOCAL GOVERNMENTS ON INVESTMENT
IN IRAN'';
and
(B) by amending the item relating to section 202 to read as
follows:
``Sec. 202. Authority of State and local governments to restrict
investment activities in Iran.''.
(d) Effective Date.--The amendments made by this section
shall apply to measures adopted by a State or local
government on or after the date of the enactment of this Act,
except as provided in section 202(j) of the Comprehensive
Iran Sanctions, Accountability, and Divestment Act of 2010,
as amended by this section.
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