Iran Ballistic Missile Prevention and Sanctions Act of 2016

Summary: Iran Ballistic Missile Prevention and Sanctions Act of 2016 This bill directs the President to impose five or more sanctions with respect to a person (or an entity) that knowingly transfers to or from Iran advanced conventional weapons or ballistic missiles, or technology, parts, components, or technical information related to advanced conventional weapons or ballistic missiles. Sanctions may include:  prohibitions on Export-Import Bank assistance, prohibitions on loans from U.S. financial institutions and other financial services, prohibitions on foreign exchange and other banking transactions, prohibitions on property transactions, prohibitions on exports and federal procurement, prohibitions on equity and debt investment, U.S. exclusion of corporate officers, and imposition of sanctions on principal executive officers.  The President shall include a sanctioned person on the list of specially designated nationals and blocked persons maintained by the Department of the Treasury's Office of Foreign Assets Control.  The President may, with prior congressional notice, waive the application of sanctions on a case-by-case basis if in the U.S. national security interests.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran Ballistic Missile Prevention 
and Sanctions Act of 2016''.

SEC. 2. SANCTIONS ON PERSONS THAT TRANSFER TO OR FROM IRAN ADVANCED 
              CONVENTIONAL WEAPONS OR BALLISTIC MISSILES, OR 
              TECHNOLOGY, PARTS, COMPONENTS, OR TECHNICAL INFORMATION 
              RELATED TO ADVANCED CONVENTIONAL WEAPONS OR BALLISTIC 
              MISSILES.

    (a) In General.--The President shall impose 5 or more of the 
sanctions described in subsection (b)(1) with respect to a person if 
the President determines that the person knowingly, on or after the 
date of enactment of this Act, transfers to or from Iran advanced 
conventional weapons or ballistic missiles, or technology, parts, 
components, or technical information related to advanced conventional 
weapons or ballistic missiles. For purposes of this section, any person 
or entity described in this subsection shall be referred to as a 
``sanctioned person''.
    (b) Sanctions.--
            (1) In general.--The sanctions to be imposed on a 
        sanctioned person under subsection (a) are as follows:
                    (A) Export-import bank assistance for exports to 
                sanctioned persons.--The President may direct the 
                Export-Import Bank of the United States not to give 
                approval to 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.
                    (B) Export sanction.--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--
                            (i) the Export Administration Act of 1979 
                        (as continued in effect under the International 
                        Emergency Economic Powers Act);
                            (ii) the Arms Export Control Act;
                            (iii) the Atomic Energy Act of 1954; or
                            (iv) 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.
                    (C) 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.
                    (D) Prohibitions on financial institutions.--The 
                following prohibitions may be imposed against a 
                sanctioned person that is a financial institution:
                            (i) 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.
                            (ii) 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 clause (i) or 
                (ii) shall be treated as 1 sanction for purposes of 
                subsection (a), and the imposition of both such 
                sanctions shall be treated as 2 sanctions for purposes 
                of subsection (a).
                    (E) 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.
                    (F) Foreign exchange.--The President may, pursuant 
                to such regulations as the President may prescribe, 
                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.
                    (G) Banking transactions.--The President may, 
                pursuant to such regulations as the President may 
                prescribe, 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.
                    (H) Property transactions.--The President may, 
                pursuant to such regulations as the President may 
                prescribe, prohibit any person from--
                            (i) 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 the sanctioned 
                        person has any interest;
                            (ii) dealing in or exercising any right, 
                        power, or privilege with respect to such 
                        property; or
                            (iii) conducting any transaction involving 
                        such property.
                    (I) Ban on investment in equity or debt of 
                sanctioned person.--The President may, pursuant to such 
                regulations or guidelines as the President may 
                prescribe, prohibit any United States person from 
                investing in or purchasing significant amounts of 
                equity or debt instruments of a sanctioned person.
                    (J) Exclusion of corporate officers.--The President 
                may direct the Secretary of State to deny a visa to, 
                and the Secretary of Homeland Security to exclude from 
                the United States, any alien that the President 
                determines is a corporate officer or principal of, or a 
                shareholder with a controlling interest in, a 
                sanctioned person.
                    (K) 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 paragraph.
            (2) Inclusion of list of specially designated nationals and 
        blocked persons.--The President shall, pursuant to Executive 
        Order 12938 and 13382, include a person who is a sanctioned 
        person under subsection (a) on the list of specially designated 
        nationals and blocked persons maintained by the Office of 
        Foreign Assets Control of the Department of the Treasury.
    (c) Waiver.--The President may waive the application of sanctions 
under this section, on a case by case basis, if the President 
determines it is in the national security interests of the United 
States to do so and, not less than 15 days in advance of the issuance 
of such waiver, submits to Congress justification of the waiver in 
writing
    (d) Definitions.--In this section, the terms ``financial 
institution'', ``Iran'', ``knowingly'', ``person'', and ``United States 
person'' have the meanings given such terms in section 14 of the Iran 
Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. note).