[Congressional Record Volume 168, Number 158 (Thursday, September 29, 2022)]
[Senate]
[Pages S5719-S5720]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 6196. Mr. VAN HOLLEN (for himself and Mr. Toomey) submitted an 
    amendment intended to be proposed to amendment SA 5499 submitted by 
    Mr. Reed (for himself and Mr. Inhofe) and intended to be proposed 
    to the bill H.R. 7900, to authorize appropriations for fiscal year 
    2023 for military activities of the Department of Defense, for 
    military construction, and for defense activities of the Department 
    of Energy, to prescribe military personnel strengths for such 
    fiscal year, and for other purposes; which was ordered to lie on 
    the table; as follows:

        At the end of subtitle C of title XII, add the following:

     SEC. 1239. ESTABLISHMENT AND ENFORCEMENT OF PRICE CAP ON 
                   EXPORTS OF PETROLEUM AND PETROLEUM PRODUCTS 
                   FROM THE RUSSIAN FEDERATION.

       (a) Price Cap on Russian Petroleum and Petroleum 
     Products.--
       (1) Establishment of price cap.--
       (A) In general.--Not later than March 30, 2023, the 
     President shall, in consultation with the governments of 
     countries that are allies and partners of the United States, 
     establish a cap on the price of seaborne petroleum and 
     petroleum products exported from the Russian Federation.
       (B) Reductions in price cap.--The President shall reduce 
     the price cap established under subparagraph (A) not less 
     frequently than once each year, on or before March 30, 2024, 
     March 30, 2025, and March 30, 2026, in a manner that ensures 
     that, by March 30, 2026, the cap is low enough to prevent the 
     Russian Federation from making a profit on exports of 
     seaborne petroleum and petroleum products.
       (2) Suspension of price cap reduction.--For any year for 
     which the President is required under subparagraph (B) of 
     paragraph (1) to reduce the cap established under 
     subparagraph (A) of that paragraph, the President may suspend 
     the requirement to reduce the cap if--
       (A) the President--
       (i) determines that the suspension is necessary to prevent 
     an unacceptable increase in the global price of petroleum; 
     and
       (ii) not less than 30 days before the suspension is to take 
     effect, submits to the appropriate congressional committees a 
     report on the suspension that includes an explanation of the 
     basis for the suspension; and
       (B) a joint resolution of disapproval is not enacted into 
     law under subsection (d) during the 30-day period referred to 
     in subparagraph (A)(ii).
       (3) Imposition of sanctions to enforce price cap.--The 
     President shall impose one of the sanctions described in 
     subsection (b) with respect to any foreign person that, on or 
     after March 30, 2023, knowingly imports, brokers, insures, 
     reinsures, or finances the sale of seaborne petroleum or 
     petroleum products exported from the Russian Federation at a 
     price that is higher than the price cap in effect under 
     paragraph (1).
       (b) Sanctions Described.--The sanctions that may be imposed 
     with respect to a foreign person under subsection (a) are the 
     following:
       (1) Property blocking.--The exercise of all powers granted 
     to the President by the International Emergency Economic 
     Powers Act (50 U.S.C. 1701 et seq.) to the extent necessary 
     to block and prohibit all transactions in property and 
     interests in property of the foreign person if such property 
     and interests in property are in the United States, come 
     within the United States, or are or come within the 
     possession or control of a United States person.
       (2) Prohibition on correspondent and payable-through 
     accounts.--A prohibition on the opening or maintaining in the 
     United States of a correspondent account or a payable-through 
     account by the foreign person.
       (c) National Interest Waiver.--The President may waive the 
     imposition of sanctions under this section with respect to a 
     foreign person if--
       (1) the President--
       (A) determines the waiver in the national interests of the 
     United States; and
       (B) not less than 30 days before the waiver is to take 
     effect, submits to the appropriate congressional committees a 
     report on the waiver that includes an explanation of the 
     basis for the waiver; and
       (2) a joint resolution of disapproval is not enacted into 
     law under subsection (d) during the 30-day period referred to 
     in paragraph (1)(B).
       (d) Joint Resolutions of Disapproval.--
       (1) Definition.--In this subsection, the term ``joint 
     resolution of disapproval'' means--
       (A) in the case of a joint resolution of disapproval 
     referred to in subsection (a)(2)(B), a joint resolution of 
     either House of Congress the sole matter after the resolving 
     clause of which is the following: ``Congress disapproves of 
     the suspension of the requirement to reduce the price cap 
     established under subsection (a) of section 1239 of the James 
     M. Inhofe National Defense Authorization Act for Fiscal Year 
     2023 proposed by the President in the report submitted to 
     Congress under paragraph (2)(A)(ii) of that subsection on 
     ___.'', with the blank space being filled with the 
     appropriate date; and
       (B) in the case of a joint resolution of disapproval 
     referred to in subsection (c)(2), a joint resolution of 
     either House of Congress the sole matter after the resolving 
     clause of which is the following: ``Congress disapproves of 
     the waiver of the imposition of sanctions under subsection 
     (c) of section 1239 of the James M. Inhofe National Defense 
     Authorization Act for Fiscal Year 2023 proposed by the 
     President in the report submitted to Congress under paragraph 
     (1)(B) of that subsection on ___ relating to ___'', with the

[[Page S5720]]

     first blank space being filled with the appropriate date and 
     the second blank space being filled with the name of the 
     person to which the waiver would apply; and
       (2) Introduction.--During the 30-day period referred to in 
     subsection (a)(2)(B) or (c)(2), as the case may be, a joint 
     resolution of disapproval may be introduced--
       (A) in the House of Representatives, by the majority leader 
     or the minority leader; and
       (B) in the Senate, by the majority leader (or the majority 
     leader's designee) or the minority leader (or the minority 
     leader's designee).
       (3) Floor consideration in house of representatives.--If a 
     committee of the House of Representatives to which a joint 
     resolution of disapproval has been referred has not reported 
     the joint resolution within 10 calendar days after the date 
     of referral, that committee shall be discharged from further 
     consideration of the joint resolution.
       (4) Consideration in the senate.--
       (A) Committee referral.--A joint resolution of disapproval 
     introduced in the Senate shall be referred to the Committee 
     on Banking, Housing, and Urban Affairs.
       (B) Reporting and discharge.--If the Committee on Banking, 
     Housing, and Urban Affairs has not reported the joint 
     resolution within 10 calendar days after the date of referral 
     of the joint resolution, that committee shall be discharged 
     from further consideration of the joint resolution and the 
     joint resolution shall be placed on the appropriate calendar.
       (C) Proceeding to consideration.--Notwithstanding Rule XXII 
     of the Standing Rules of the Senate, it is in order at any 
     time after the Committee on Banking, Housing, and Urban 
     Affairs reports a joint resolution of disapproval to the 
     Senate or has been discharged from consideration of such a 
     joint resolution (even though a previous motion to the same 
     effect has been disagreed to) to move to proceed to the 
     consideration of the joint resolution, and all points of 
     order against the joint resolution (and against consideration 
     of the joint resolution) are waived. The motion to proceed is 
     not debatable. The motion is not subject to a motion to 
     postpone. A motion to reconsider the vote by which the motion 
     is agreed to or disagreed to shall not be in order.
       (D) Rulings of the chair on procedure.--Appeals from the 
     decisions of the Chair relating to the application of the 
     rules of the Senate, as the case may be, to the procedure 
     relating to a joint resolution of disapproval shall be 
     decided without debate.
       (E) Consideration of veto messages.--Debate in the Senate 
     of any veto message with respect to a joint resolution of 
     disapproval, including all debatable motions and appeals in 
     connection with the joint resolution, shall be limited to 10 
     hours, to be equally divided between, and controlled by, the 
     majority leader and the minority leader or their designees.
       (5) Rules relating to senate and house of 
     representatives.--
       (A) Treatment of senate joint resolution in house.--In the 
     House of Representatives, the following procedures shall 
     apply to a joint resolution of disapproval received from the 
     Senate (unless the House has already passed a joint 
     resolution relating to the same proposed action):
       (i) The joint resolution shall be referred to the 
     appropriate committees.
       (ii) If a committee to which a joint resolution has been 
     referred has not reported the joint resolution within 2 
     calendar days after the date of referral, that committee 
     shall be discharged from further consideration of the joint 
     resolution.
       (iii) Beginning on the third legislative day after each 
     committee to which a joint resolution has been referred 
     reports the joint resolution to the House or has been 
     discharged from further consideration thereof, it shall be in 
     order to move to proceed to consider the joint resolution in 
     the House. All points of order against the motion are waived. 
     Such a motion shall not be in order after the House has 
     disposed of a motion to proceed on the joint resolution. The 
     previous question shall be considered as ordered on the 
     motion to its adoption without intervening motion. The motion 
     shall not be debatable. A motion to reconsider the vote by 
     which the motion is disposed of shall not be in order.
       (iv) The joint resolution shall be considered as read. All 
     points of order against the joint resolution and against its 
     consideration are waived. The previous question shall be 
     considered as ordered on the joint resolution to final 
     passage without intervening motion except 2 hours of debate 
     equally divided and controlled by the sponsor of the joint 
     resolution (or a designee) and an opponent. A motion to 
     reconsider the vote on passage of the joint resolution shall 
     not be in order.
       (B) Treatment of house joint resolution in senate.--
       (i) Receipt before passage.--If, before the passage by the 
     Senate of a joint resolution of disapproval, the Senate 
     receives an identical joint resolution from the House of 
     Representatives, the following procedures shall apply:

       (I) That joint resolution shall not be referred to a 
     committee.
       (II) With respect to that joint resolution--

       (aa) the procedure in the Senate shall be the same as if no 
     joint resolution had been received from the House of 
     Representatives; but
       (bb) the vote on passage shall be on the joint resolution 
     from the House of Representatives.
       (ii) Receipt after passage.--If, following passage of a 
     joint resolution of disapproval in the Senate, the Senate 
     receives an identical joint resolution from the House of 
     Representatives, that joint resolution shall be placed on the 
     appropriate Senate calendar.
       (iii) No companion measure.--If a joint resolution of 
     disapproval is received from the House, and no companion 
     joint resolution has been introduced in the Senate, the 
     Senate procedures under this subsection shall apply to the 
     House joint resolution.
       (C) Application to revenue measures.--The provisions of 
     this paragraph shall not apply in the House of 
     Representatives to a joint resolution of disapproval that is 
     a revenue measure.
       (6) Rules of house of representatives and senate.--This 
     subsection is enacted by Congress--
       (A) as an exercise of the rulemaking power of the Senate 
     and the House of Representatives, respectively, and as such 
     is deemed a part of the rules of each House, respectively, 
     and supersedes other rules only to the extent that it is 
     inconsistent with such rules; and
       (B) with full recognition of the constitutional right of 
     either House to change the rules (so far as relating to the 
     procedure of that House) at any time, in the same manner, and 
     to the same extent as in the case of any other rule of that 
     House.
       (e) Implementation; Penalties.--
       (1) Implementation.--The President may exercise all 
     authorities provided to the President under sections 203 and 
     205 of the International Emergency Economic Powers Act (50 
     U.S.C. 1702 and 1704) to carry out this section.
       (2) Penalties.--A person that violates, attempts to 
     violate, conspires to violate, or causes a violation of this 
     section or any regulation, license, or order issued to carry 
     out this section shall be subject to the penalties set forth 
     in subsections (b) and (c) of section 206 of the 
     International Emergency Economic Powers Act (50 U.S.C. 1705) 
     to the same extent as a person that commits an unlawful act 
     described in subsection (a) of that section.
       (f) Exceptions.--
       (1) Exception for intelligence and law enforcement 
     activities.--This section shall not apply with respect to 
     activities subject to the reporting requirements under title 
     V of the National Security Act of 1947 (50 U.S.C. 3091 et 
     seq.) or any authorized intelligence or law enforcement 
     activities of the United States.
       (2) Exception relating to importation of goods.--
       (A) In general.--The authority or a requirement to impose 
     sanctions under this section shall not include the authority 
     or a requirement to impose sanctions on the importation of 
     goods.
       (B) Good defined.--In this paragraph, the term ``good'' 
     means any article, natural or manmade substance, material, 
     supply, or manufactured product, including inspection and 
     test equipment, and excluding technical data.
       (g) Termination.--This section and the requirements to 
     impose sanctions under this section shall terminate on the 
     earlier of--
       (1) the date that is 7 years after the date of the 
     enactment of this Act; or
       (2) the date on which the President submits to the 
     appropriate congressional committees a certification that--
       (A) the Government of Ukraine has reached a diplomatic 
     agreement with the Government of the Russian Federation that 
     is supported by the United States to provide for the 
     cessation of hostilities in Ukraine; and
       (B) it is in the national security interests of the United 
     States to terminate the requirements to impose sanctions 
     under this Act.
       (h) Definitions.--In this section:
       (1) Account; correspondent account; payable-through 
     account.--The terms ``account'', ``correspondent account'', 
     and ``payable-through account'' have the meanings given those 
     terms in section 5318A of title 31, United States Code.
       (2) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Banking, Housing, and Urban Affairs 
     and the Committee on Foreign Relations of the Senate; and
       (B) the Committee on Financial Services and the Committee 
     on Foreign Affairs of the House of Representatives.
       (3) Foreign person.--The term ``foreign person'' means an 
     individual or entity that is not a United States person.
       (4) Knowingly.--The term ``knowingly'', with respect to 
     conduct, a circumstance, or a result, means that a person had 
     actual knowledge, or should have known, of the conduct, the 
     circumstance, or the result.
       (5) United states person.--The term ``United States 
     person'' means--
       (A) an individual who is a United States citizen or an 
     alien lawfully admitted for permanent residence to the United 
     States;
       (B) an entity organized under the laws of the United States 
     or any jurisdiction within the United States, including a 
     foreign branch of such an entity; or
       (C) any person in the United States.
                                 ______