To protect the environmental integrity of coral reefs and other coastal marine resources from exploration, development, and production activities for petroleum resources located in a maritime exclusive economic zone of the United States that is contiguous to a foreign exclusive economic zone.

Summary: Caribbean Coral Reef Protection Act -States that it shall be U.S. policy to: (1) undertake measures to deny the government of Cuba, the Cuban Communist Party, or any of their instrumentalities the financial resources to engage in activities that threaten U.S. national security and other interests, threaten Cuba's environment and natural resources and Florida's marine environment, and prolong the dictatorship that oppresses the Cuban people; and (2) deter foreign investments that would enhance the Cuban regime's ability to develop its petroleum resources.

Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to exclude from U.S. entry an alien who: (1) is an officer or principal of an entity, or a shareholder who owns a controlling interest in an entity that makes an investment (as defined by this Act) of $1 million or more (or any combination of investments that equals or exceeds $1 million in any 12-month period), that significantly contributes to Cuba's ability to develop petroleum resources off its submerged lands; or (2) is a spouse, minor child, or agent of such person.

Exempts on a case-by-case basis entries: (1) for medical reasons or property-related litigation; or (2) where a transition government is in place.

Defines "investment" and "petroleum resources" for purposes of this Act.

Directs the President to impose two or more specified export, procurement, financial institution, loan, or Export-Import Bank sanctions if the President determines that a person has made an investment of $1 million or more (or any combination of investments that in the aggregate equals or exceeds $1 million in any 12-month period) that contributes to the enhancement of Cuba's ability to develop petroleum resources off its submerged lands or has made an investment of any amount of money that contributes to such an enhancement and has trafficked in confiscated U.S. property.

Makes it illegal for a U.S. person to facilitate Cuba's ability to develop petroleum resources off its submerged lands.

Directs the Secretary of State to report annually respecting the impact of the development of Cuba's petroleum resources on the environment and natural resources of Cuba's submerged lands and Florida's marine environment.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Caribbean Coral Reef Protection 
Act''.

SEC. 2. STATEMENT OF POLICY.

    It shall be the policy of the United States to--
            (1) undertake the necessary measures to deny the Government 
        of Cuba, the Cuban Communist Party, or any agent or 
        instrumentality of either, the financial resources to engage in 
        activities that threaten--
                    (A) United States national security, its interests, 
                and its allies;
                    (B) Florida's marine environment, including the 
                third largest coral reef tract in the world;
                    (C) the environment and natural resources of the 
                submerged lands located off Cuba's coast; and
                    (D) to prolong the dictatorship that oppresses the 
                Cuban people; and
            (2) deter foreign investments that would enhance the 
        ability of the Government of Cuba, or any agent or 
        instrumentality thereof, to develop its petroleum resources.

SEC. 3. EXCLUSION OF CERTAIN ALIENS.

    (a) In General.--The Cuban Liberty and Democratic Solidarity 
(LIBERTAD) Act of 1996 (22 U.S.C. 6021 et seq.) is amended by inserting 
after section 401 the following new section:

``SEC. 402. EXCLUSION FROM THE UNITED STATES OF ALIENS WHO CONTRIBUTE 
              TO THE ABILITY OF CUBA TO DEVELOP PETROLEUM RESOURCES 
              LOCATED OFF CUBA'S COAST.

    ``(a) In General.--The Secretary of State shall deny a visa to, and 
the Secretary of Homeland Security shall exclude from the United 
States, any alien who the Secretary of State determines is a person 
who--
            ``(1) is an officer or principal of an entity, or a 
        shareholder who owns a controlling interest in an entity, that, 
        on or after January 10, 2005, has made or makes an investment 
        that equals or exceeds $1,000,000 (or any combination of 
        investments that in the aggregate equals or exceeds $1,000,000 
        in any 12-month period), that contributes to the enhancement of 
        the ability of the Government of Cuba, or any agent or 
        instrumentality thereof, to develop petroleum resources of the 
        submerged lands located off Cuba's coast; or
            ``(2) is a spouse, minor child, or agent of a person 
        described in paragraph (1).
    ``(b) Waiver.--The Secretary of State may waive the application of 
subsection (a) if the Secretary certifies and reports to the 
appropriate congressional committees, on a case-by-case basis, that the 
admission to the United States of a person described in subsection 
(a)--
            ``(1) is necessary for critical medical reasons or for 
        purposes of litigation of an action under title III of this 
        Act; or
            ``(2) is appropriate if the requirements of sections 204, 
        205, and 206 of this Act have been satisfied.
    ``(c) Definitions.--In this section:
            ``(1) Agent and instrumentality.--The terms `agent' and 
        `instrumentality' shall include the Cuban Communist Party.
            ``(2) Develop.--The term `develop', with respect to 
        petroleum resources, means the exploration for, or the 
        extraction, refining, or transportation by pipeline or other 
        means of, petroleum resources.
            ``(3) Investment.--The term `investment' means any of the 
        following activities if such activity is undertaken pursuant to 
        an agreement, or pursuant to the exercise of rights under such 
        an agreement, that was or is entered into with the Government 
        of Cuba (or any agency or instrumentality thereof) or a 
        nongovernmental entity in Cuba, on or after January 10, 2005:
                    ``(A) The entry into a contract that includes 
                responsibility for the development of petroleum 
                resources of the submerged lands located off Cuba's 
                coast, 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 such development.
                    ``(C) The entry into a contract providing for the 
                participation in royalties, earnings, or profits in 
                such development, without regard to the form of the 
                participation.
                    ``(D) The entry into, performance, or financing of 
                a contract to sell or purchase goods, services, or 
                technology related to such development.
            ``(4) Petroleum resources.--The term `petroleum resources' 
        includes petroleum and natural gas resources, petroleum by 
        products, and liquified natural gas.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to aliens seeking admission to the United States on or after the date 
of the enactment of this Act.

SEC. 4. IMPOSITION OF SANCTIONS AND PROHIBITION ON FACILITATION OF 
              DEVELOPMENT OF CUBA'S PETROLEUM RESOURCES.

    (a) In General.--If the President determines that a person has, on 
or after January 10, 2005, made an investment that equals or exceeds 
$1,000,000 (or any combination of investments that in the aggregate 
equals or exceeds $1,000,000 in any 12-month period) that contributes 
to the enhancement of the ability of the Government of Cuba, or any 
agent or instrumentality thereof, to develop petroleum resources of the 
submerged lands located off Cuba's coast, or has made an investment of 
any amount of money that contributes to such an enhancement and has 
trafficked in confiscated United States property, the President shall 
impose two or more of the following sanctions:
            (1) Prohibition on loans and guarantees.--Prohibit the 
        issuance by the Overseas Private Investment Corporation, the 
        Export-Import Bank, or any other United States instrument of 
        any loan, 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.--Prohibit the issuance by the United 
        States Government of any specific license and or other specific 
        permission or authority to export any goods or technology to a 
        sanctioned person under--
                    (A) the Export Administration Act of 1979;
                    (B) the Arms Export Control Act;
                    (C) the Atomic Energy Act of 1954; or
                    (D) any other statute that requires the prior 
                review and approval of the United States Government as 
                a condition for the export or reexport of goods or 
                services.
            (3) 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.--
                Prohibit the Board of Governors of the Federal Reserve 
                System and the Federal Reserve Bank of New York from 
                designating, or permitting 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.--Prohibit such financial institution 
                from serving as agent of the United States Government 
                or serving 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 this section, 
        and the imposition of both such sanctions shall be treated as 
        two sanctions for purposes of this section.
            (5) Procurement sanction.--Prohibit the United States 
        Government from procuring, or entering into any contract for 
        the procurement of, any goods or services from a sanctioned 
        person.
    (b) Termination of Sanctions.--Sanctions imposed pursuant to 
subsection (a) shall terminate if the President determines and 
certifies to the appropriate congressional committees that the 
requirements of sections 204, 205, and 206 of the Cuban Liberty and 
Democratic Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6064, 6065, and 
6066) have been satisfied.
    (c) Prohibition on Facilitation by United States Persons of Cuba's 
Ability to Develop Petroleum Resources.--It shall be unlawful for any 
United States person to provide materials, technical equipment, or 
other assistance that contributes to the enhancement of Cuba's ability 
to develop petroleum resources of the submerged lands located off 
Cuba's coast.
    (d) Reports by Secretary of State.--Not later than 180 days after 
the date of the enactment of this Act and every 180 days thereafter, 
the Secretary of State shall submit to 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 a report relating to--
            (1) investments that equal or exceed $1,000,000 (or any 
        combination of investments that in the aggregate equals or 
        exceeds $1,000,000 in any 12-month period) that contribute to 
        the enhancement of the ability of the Government of Cuba, or 
        any agent or instrumentality thereof, to develop petroleum 
        resources of the submerged lands located off Cuba's coast, 
        including information relating to the values of such 
        investments, the identity of the persons making such 
        investments, and proposed investments that would satisfy such 
        criteria, and information relating to any sanctions that have 
        been imposed pursuant to subsection (a) as a result of such 
        investments; and
            (2) investments of any amount of money, in conjunction with 
        trafficking in confiscated United States property, that 
        contribute to such an enhancement, including information 
        relating to the values of such investments, the identity of the 
        persons making such investments, and the identity of such 
        confiscated property, and information relating to any sanctions 
        that have been imposed pursuant to subsection (a) as a result 
        of such investments.
    (e) Assessments of Environmental Impacts of Development of Cuba's 
Petroleum Resources.--
            (1) In general.--Not later than one year after the date of 
        the enactment of this Act and annually thereafter, the 
        Secretary of State, in consultation with the Secretary of the 
        Interior and the Administrator of the Environmental Protection 
        Agency, shall submit to the Committee on Foreign Affairs and 
        the Committee on Natural Resources of the House of 
        Representatives and the Committee on Foreign Relations and the 
        Committee on Energy and Natural Resources of the Senate a 
        report containing an assessment of the impact that the 
        development of Cuba's petroleum resources has had on the 
        environment and natural resources of the submerged lands 
        located off Cuba's coast and Florida's marine environment.
            (2) Use of environmental impact statements.--In preparing 
        the assessment, the Secretary of State shall use as a model 
        environmental impact statements prepared pursuant to the 
        National Environmental Policy Act of 1969 (42 U.S.C. 4321 et 
        seq.).

SEC. 5. DEFINITIONS.

    In this Act--
            (1) the terms ``appropriate congressional committees'', 
        ``confiscated'', ``person'', ``property'', and ``traffics'' 
        have the meaning given such terms in section 4 of the Cuban 
        Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 (22 
        U.S.C. 6023), except that the term ``person'' shall also 
        include, for purposes of this section, a foreign subsidiary of 
        a person;
            (2) the terms ``develop'', ``investment'', and ``petroleum 
        resources'' have the meaning given such terms in section 402(c) 
        of such Act, as added by section 3 of this Act; and
            (3) the terms ``agent'' and ``instrumentality'' shall 
        include the Cuban Communist Party.