PUBLIC LAW 107–24—AUG. 3, 2001 115 STAT. 199

Public Law 107–24

107th Congress

An Act

To extend the authorities of the Iran and Libya Sanctions Act of 1996 until 2006,

and for other purposes.

Be it enacted by the Senate and House of Representatives of

the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘‘ILSA Extension Act of 2001’’.

SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO LIBYA.

(a) IN GENERAL.—Section 5(b)(2) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note; 110 Stat. 1543) is amended

by striking ‘‘$40,000,000’’ each place it appears and inserting

‘‘$20,000,000’’.

(b) EFFECTIVE DATE.—The amendments made by subsection

(a) shall apply to investments made on or after June 13, 2001.

SEC. 3. REPORTS REQUIRED.

Section 10 of the Iran and Libya Sanctions Act of 1996 (Public

Law 104–172; 50 U.S.C. 1701 note) is amended—

(1) by redesignating subsection (b) as subsection (c); and

(2) by inserting after subsection (a) the following:

‘‘(b) REPORT ON EFFECTIVENESS OF ACTIONS UNDER THIS ACT.—

Not earlier than 24 months, and not later than 30 months, after

the date of the enactment of the ILSA Extension Act of 2001,

the President shall transmit to Congress a report that describes—

‘‘(1) the extent to which actions relating to trade taken

pursuant to this Act—

‘‘(A) have been effective in achieving the objectives

of section 3 and any other foreign policy or national security

objectives of the United States with respect to Iran and

Libya; and

‘‘(B) have affected humanitarian interests in Iran and

Libya, the country in which the sanctioned person is

located, or in other countries; and

‘‘(2) the impact of actions relating to trade taken pursuant

to this Act on other national security, economic, and foreign

policy interests of the United States, including relations with

countries friendly to the United States, and on the United

States economy.

The President may include in the report the President’s recommendation on whether or not this Act should be terminated

or modified.’’.

President.

Applicability.

50 USC 1701

note.

50 USC 1701

note.

ILSA Extension

Act of 2001.

Aug. 3, 2001

[H.R. 1954]

115 STAT. 200 PUBLIC LAW 107–24—AUG. 3, 2001

LEGISLATIVE HISTORY—H.R. 1954 (S. 1218):

HOUSE REPORTS: No. 107–107, Pt. 1 (Comm. on International Relations) and

Pt. 2 (Comm. on Ways and Means).

CONGRESSIONAL RECORD, Vol. 147 (2001):

July 24, 26, considered and passed House.

July 27, considered and passed Senate.

Æ

SEC. 4. EXTENSION OF IRAN AND LIBYA SANCTIONS ACT OF 1996.

Section 13(b) of the Iran and Libya Sanctions Act of 1996

(Public Law 104–172; 50 U.S.C. 1701 note) is amended by striking

‘‘5 years’’ and inserting ‘‘10 years’’.

SEC. 5. REVISED DEFINITION OF INVESTMENT.

Section 14(9) of the Iran and Libya Sanctions Act of 1996

(50 U.S.C. 1701 note; 110 Stat. 1549) is amended by adding at

the end the following new sentence: ‘‘For purposes of this paragraph,

an amendment or other modification that is made, on or after

June 13, 2001, to an agreement or contract shall be treated as

the entry of an agreement or contract.’’.

Approved August 3, 2001.