To require the President to report annually to the Congress on the effects of the imposition of unilateral economic sanctions by the United States.

Summary: Unilateral Sanction Reporting Act - Directs the President to report annually to all committees of Congress with jurisdiction affected by U.S. policies on unilateral economic sanctions on: (1) the costs and benefits within the United States, and, to the extent possible, the economic implications for the targeted foreign countries or entities concerned, of the imposition of unilateral economic U.S. sanctions during the previous calendar year; and (2) the policy goals intended to be achieved by such sanctions, and the extent to which they were achieved. Requires other specified reports with respect to such sanctions. Defines "unilateral economic sanction" to include export and import restrictions, financial transaction suspensions, investment suspensions, increased tariffs, restrictions on the authority of the Export-Import Bank, restrictions on defense articles, and voting requirements for U.S. representatives to international financial institutions.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Unilateral Sanction Reporting Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) in the face of a more politically complicated and 
        commercially integrated world in the post-cold war era, the 
        unilateral economic sanctions policy of the United States must 
        become a more sophisticated tool in order to better serve the 
        national interests of the United States;
            (2) Members of Congress need more detailed and unbiased 
        information that can be compared on a yearly basis in order to 
        evaluate accurately the costs and benefits of unilateral 
        economic sanctions; and
            (3) a comprehensive annual report to pertinent 
        congressional committees from the executive branch on sanctions 
        policy will allow the United States Government to view economic 
        sanctions in a more effective, targeted, and flexible manner 
        and better analyze the success of meeting foreign policy 
        objectives.

SEC. 3. ANNUAL REPORT TO CONGRESS BY THE PRESIDENT.

    (a) In General.--The President shall, in consultation with the 
Secretaries of State, Commerce, Defense, Agriculture, Energy, and 
Transportation, and the United States Trade Representative, by not 
later than January 31 of each year, report to all committees of 
Congress with jurisdiction affected by United States policies on 
unilateral economic sanctions on--
            (1) the costs and benefits within the United States, and, 
        to the extent possible, the economic implications for the 
        targeted foreign countries or entities concerned, of the 
        imposition of unilateral economic sanctions by the United 
        States during the preceding calendar year; and
            (2) the policy goals intended to be achieved by such 
        sanctions, and the extent to which such goals were achieved.
    (b) Specific Reports.--
            (1) Secretary of state.--The Secretary of State shall 
        prepare and submit to the President an annual report on the 
        policy goals intended to be achieved by unilateral economic 
        sanctions imposed by the United States, and the extent to which 
        such goals were achieved. The report shall cover the same 
        period as the report by the President under subsection (a) and 
        shall be included with the President's report under subsection 
        (a).
            (2) Assistant secretary of commerce for information and 
        technology.--The Assistant Secretary of Commerce for 
        Information and Technology shall prepare and submit to the 
        President an annual report on the costs and benefits on the 
        information and technology sectors within the United States, 
        and, to the extent possible, the implications for the 
        information and technology sectors in targeted foreign 
        countries or entities concerned, of the imposition of 
        unilateral economic sanctions by the United States. The report 
        shall cover the same period as the report by the President 
        under subsection (a) and shall be included with the President's 
        report under subsection (a).
            (3) Securities and exchange commission.--The Securities and 
        Exchange Commission shall prepare and submit to the President 
        an annual report on the costs and benefits on securities 
        markets within the United States, and, to the extent possible, 
        the implications for the securities markets of targeted foreign 
        countries or entities concerned, of the imposition of 
        unilateral economic sanctions by the United States. The report 
        shall cover the same period as the report by the President 
        under subsection (a) and shall be included with the President's 
        report under subsection (a).
            (4) Small business administration.--The Administrator of 
        the Small Business Administration shall prepare and submit to 
        the President an annual report on the costs and benefits on 
        small business concerns in the United States, and, to the 
        extent possible, the implications for small businesses of 
        targeted foreign countries or entities concerned, of the 
        imposition of unilateral economic sanctions by the United 
        States. The report shall cover the same period as the report by 
        the President under subsection (a) and shall be included with 
        the President's report under subsection (a).
    (c) Details of Reports.--
            (1) In general.--Each report under subsection (a) shall set 
        forth the costs and benefits of unilateral economic sanctions 
        to specific sectors of the United States economy, including the 
        services sector, expressed in terms of economic indicators. 
        Among other indicators, the report shall compare levels of 
        imports and exports of domestic products and services with 
        those of internationally competitive products and services. The 
        analyses in the reports under subsection (a) shall be presented 
        in a consistent fashion so as to ensure an accurate comparison 
        of the costs and effects of unilateral economic sanctions from 
        year to year. Each report shall, as well as stating current 
        effects, project future effects of the unilateral economic 
        sanctions at issue.
            (2) Economic effects on targeted countries or entities.--To 
        the extent possible, each report shall address the economic 
        effects of unilateral economic sanctions on the countries and 
        entities on which the sanctions are imposed, and the extent to 
        which the foreign policy goals of the United States have been 
        achieved by the sanctions. The report shall also project the 
        economic effects of the continued application of unilateral 
        economic sanctions on each such country or entity and how this 
        will further achieve the foreign policy goals of the United 
        States.
            (3) Relationship to specific sanctions.--The analyses in 
        each report under subsection (a) and (b) shall be made with 
        respect to the specific provision of law or Executive Order 
        imposing the sanctions addressed in the report.
    (d) Applicability.--The reports under this section shall apply to 
unilateral economic sanctions imposed before the enactment of this Act 
that are in effect during the period covered by the reports, and to 
unilateral economic sanctions imposed on or after the date of the 
enactment of this Act.

SEC. 4. DEFINITIONS.

    In this Act:
            (1) Unilateral economic sanction.--
                    (A) In general.--The term ``unilateral economic 
                sanction'' means any prohibition, restriction, or 
                condition on economic activity, including economic 
                assistance, with respect to a foreign country or 
                foreign entity that is imposed by the United States for 
                reasons of foreign policy or national security, 
                including any of the measures described in subparagraph 
                (B), except in a case in which the United States 
                imposes the measure pursuant to a multilateral regime 
                and the other members of that regime have agreed to 
                impose substantially equivalent measures.
                    (B) Particular measures.--The measures referred to 
                in subparagraph (A) are the following:
                            (i) The suspension, restriction, or 
                        prohibition of exports or imports of any 
                        product, technology, or service to or from a 
                        foreign country or entity.
                            (ii) The suspension of, or any restriction 
                        or prohibition on, financial transactions with 
                        a foreign country or entity.
                            (iii) The suspension of, or any restriction 
                        or prohibition on, direct or indirect 
                        investment in or from a foreign country or 
                        entity.
                            (iv) The imposition of increased tariffs 
                        on, or other restrictions on imports of, 
                        products of a foreign country or entity, 
                        including the denial, revocation, or 
                        conditioning of nondiscriminatory trade 
                        treatment (normal trade relations treatment).
                            (v) The suspension of, or any restriction 
                        or prohibition on--
                                    (I) the authority of the Export-
                                Import Bank of the United States to 
                                give approval to the issuance of any 
                                guarantee, insurance, or extension of 
                                credit in connection with the export of 
                                goods or services to a foreign country 
                                or entity;
                                    (II) the authority of the Trade and 
                                Development Agency to provide 
                                assistance in connection with projects 
                                in a foreign country or in which a 
                                particular foreign entity participates; 
                                or
                                    (III) the authority of the Overseas 
                                Private Investment Corporation to 
                                provide insurance, reinsurance, or 
                                financing, or conduct other activities 
                                in connection with projects in a 
                                foreign country or in which a 
                                particular foreign entity participates.
                            (vi) Any prohibition or restriction on the 
                        sale, export, lease, or other transfer of any 
                        defense article, defense service, or design and 
                        construction service under the Arms Export 
                        Control Act, or on any financing provided under 
                        that Act.
                            (vii) A requirement that the United States 
                        representative to an international financial 
                        institution vote against any loan or other 
                        utilization of funds to, for, or in a foreign 
                        country or particular foreign entity.
                            (viii) A measure imposing any restriction 
                        or condition on economic activity on any 
                        foreign government or entity on the grounds 
                        that such government or entity does business in 
                        or with a foreign country.
                            (ix) A measure imposing any restriction or 
                        condition on economic activity on any person 
                        that is a national of a foreign country, or on 
                        any government or other entity of a foreign 
                        country, on the grounds that the government of 
                        that country has not taken measures in 
                        cooperation with, or similar to, sanctions 
                        imposed by the United States on a third 
                        country.
                            (x) The suspension of, or any restriction 
                        or prohibition on, travel rights or air 
                        transportation to or from a foreign country.
                            (xi) Any restriction on the filing or 
                        maintenance in a foreign country of any 
                        proprietary interest in intellectual property 
                        rights (including patents, copyrights, and 
                        trademarks), including payment of patent 
                        maintenance fees.
                    (C) Multilateral regime.--In this paragraph, the 
                term ``multilateral regime'' means an agreement, 
                arrangement, or obligation under which the United 
                States cooperates with other countries in restricting 
                commerce for reasons of foreign policy or national 
                security, including--
                            (i) obligations under resolutions of the 
                        United Nations;
                            (ii) nonproliferation and export control 
                        arrangements, such as the Australia Group, the 
                        Nuclear Supplier's Group, the Missile 
                        Technology Control Regime, and the Wassenaar 
                        Arrangement;
                            (iii) treaty obligations, such as under the 
                        Chemical Weapons Convention, the Treaty on the 
                        Non-Proliferation of Nuclear Weapons, and the 
                        Biological Weapons Convention; and
                            (iv) agreements concerning protection of 
                        the environment, such as the International 
                        Convention for the Conservation of Atlantic 
                        Tunas, the Declaration of Panama referred to in 
                        section 2(a)(1) of the International Dolphin 
                        Conservation Act (16 U.S.C. 1361 note), the 
                        Convention on International Trade in Endangered 
                        Species, the Montreal Protocol on Substances 
                        that Deplete the Ozone Layer, and the Basel 
                        Convention on the Control of Transboundary 
                        Movements of Hazardous Wastes.
                    (D) Economic assistance.--In this paragraph, the 
                term ``economic assistance'' means--
                            (i) any assistance under part I or chapter 
                        2, 4, 5, or 8 of part II of the Foreign 
                        Assistance Act of 1961 (including programs 
                        under title IV of chapter 2, relating to the 
                        Overseas Private Investment Corporation), any 
                        benefits under part IV of that Act (relating to 
                        the Enterprise for the Americas Initiative), or 
                        any benefits under part V of that Act, relating 
                        to tropical forest preservation;
                            (ii) the provision of agricultural 
                        commodities, or other assistance or benefits, 
                        under the Agricultural Trade Development and 
                        Assistance Act of 1954, including the 
                        Enterprise for the Americas Initiative; and
                            (iii) any assistance under the FREEDOM 
                        Support Act or the Support for East European 
                        Democracy (SEED) Act of 1989.
                    (E) Financial transaction.--In this paragraph, the 
                term ``financial transaction'' has the meaning given 
                that term in section 1956(c)(4) of title 18, United 
                States Code.
                    (F) Investment.--In this paragraph, the term 
                ``investment'' means any contribution or commitment of 
                funds, commodities, services, patents, or other forms 
                of intellectual property, processes, or techniques, 
                including--
                            (i) a loan or loans;
                            (ii) the purchase of a share of ownership;
                            (iii) participation in royalties, earnings, 
                        or profits; and
                            (iv) the furnishing or commodities or 
                        services pursuant to a lease or other contract.
                    (G) Exclusions.--The term ``unilateral economic 
                sanction'' does not include--
                            (i) any measure imposed to remedy unfair 
                        trade practices or to enforce United States 
                        rights under a trade agreement, including under 
                        section 337 of the Tariff Act of 1930, title 
                        VII of that Act, title III of the Trade Act of 
                        1974, and sections 1374, 1376, and 1377 of the 
                        Omnibus Trade and Competitiveness Act of 1988 
                        (19 U.S.C. 3103, 3106, and 3107);
                            (ii) any measure imposed to remedy market 
                        disruption or to respond to injury to a 
                        domestic industry for which increased imports 
                        are a substantial cause or threat thereof, 
                        including remedies under sections 201, 406, 
                        421, and 422 of the Trade Act of 1974, and 
                        textile import restrictions (including those 
                        imposed under section 204 of the Agricultural 
                        Act of 1956 (7 U.S.C. 1784));
                            (iii) any measure imposed to restrict 
                        imports of agricultural commodities to protect 
                        food safety or to ensure the orderly marketing 
                        of commodities in the United States, including 
                        actions taken under section 22 of the 
                        Agricultural Adjustment Act (7 U.S.C. 624);
                            (iv) any measure imposed to restrict 
                        imports of any other products in order to 
                        protect domestic health or safety; and
                            (v) any measure authorized by, or imposed 
                        under, a multilateral or bilateral trade 
                        agreement to which the United States is a 
                        signatory, including the Uruguay Round 
                        Agreements (as defined in section 2 of the 
                        Uruguay Round Agreements Act (19 U.S.C. 3501)), 
                        the North American Free Trade Agreement, the 
                        United States-Israel Free Trade Agreement, and 
                        the United States-Canada Free Trade Agreement.
            (2) Agricultural commodity.--The term ``agricultural 
        commodity'' has the meaning given that term in section 102(1) 
        of the Agricultural Trade Act of 1978 (7 U.S.C. 5602(1)).