II 

110TH CONGRESS 

1ST SESSION S. 970 

To impose sanctions on Iran and on other countries for assisting Iran in 

developing a nuclear program, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 22, 2007 

Mr. SMITH (for himself, Mr. DURBIN, Mr. LAUTENBERG, Mr. COLEMAN, Mr. 

LIEBERMAN, Mr. BROWNBACK, Mr. BAYH, Mr. KYL, Mr. THUNE, Ms. 

MIKULSKI, and Mr. MENENDEZ) introduced the following bill; which was 

read twice and referred to the Committee on Finance 

A BILL 

To impose sanctions on Iran and on other countries for 

assisting Iran in developing a nuclear program, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Iran Counter-Pro5 liferation Act of 2007’’. 

6 SEC. 2. FINDINGS. 

7 Congress makes the following findings: 


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1 (1) For more than 20 years, Iran has pursued 

2 a secret nuclear program that is intended to produce 

3 a nuclear weapons capability for Iran. 

4 (2) The Government of Iran has consistently 

5 misled the United Nations, the International Atomic 

6 Energy Agency, and the United States as to the ob7 jectives and scope of its nuclear activities. 

8 (3) Iran has refused to comply with United Na9 tions Security Council Resolution 1737, adopted on 

10 December 23, 2006, which called for the suspension 

11 of all enrichment-related and reprocessing activities 

12 and is advancing work at its largest nuclear facility. 

13 (4) The International Atomic Energy Agency is 

14 unable to verify the absence of undeclared nuclear 

15 material and activities in Iran and its Director-Gen16 eral has stated that Iran could be 6 months to a 

17 year away from acquiring the material necessary to 

18 make a nuclear weapon. 

19 (5) An Iranian nuclear weapons capability poses 

20 a grave threat to the security of the United States 

21 and its allies around the world. 

22 (6) It is in the national security interests of the 

23 United States to prevent Iran from acquiring a nu24 clear weapons capability. 


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1 (7) The United States should use all political, 

2 economic, and diplomatic tools at its disposal to pre3 vent Iran from acquiring a nuclear weapons capa4 bility. 

5 (8) Nothing in this Act should be construed as 

6 giving the President the authority to use military 

7 force against Iran. 

8 SEC. 3. SENSE OF CONGRESS. 

9 The following is the sense of Congress: 

10 (1) The United States should pursue vigorously 

11 all measures in the international financial sector to 

12 restrict Iran’s ability to conduct international finan13 cial transactions, including prohibiting banks in the 

14 United States from handling indirect transactions 

15 with Iran’s state-owned banks and prohibiting finan16 cial institutions that operate in United States cur17 rency from engaging in dollar transactions with Ira18 nian institutions. 

19 (2) The United States Trade Representative or 

20 any other Federal official should not take any action 

21 that would extend preferential trade treatment to, or 

22 lead to the accession to the World Trade Organiza23 tion of, any country that is determined by the Sec24 retary of State to offer government-backed export 

25 credit guarantees to companies that invest in Iran or 


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1 any country in which the government owns or par2 tially owns an entity that invests in Iran. 

3 (3) Iran should comply fully with its obligations 

4 under United Nations Security Council Resolution 

5 1737, and any subsequent United Nations resolu6 tions related to Iran’s nuclear program, and in par7 ticular the requirement to suspend without delay all 

8 enrichment-related and reprocessing activities, in9 cluding research and development, and all work on 

10 all heavy water-related nuclear activities, including 

11 research and development. 

12 (4) The United Nations Security Council should 

13 take further measures beyond Resolution 1737 to 

14 tighten sanctions on Iran, including preventing new 

15 investment in Iran’s energy sector, as long as Iran 

16 fails to comply with the international community’s 

17 demand to halt its nuclear enrichment campaign. 

18 (5) The United States should encourage foreign 

19 governments to direct state-owned entities to cease 

20 all investment in Iran’s energy sector and all im21 ports to and exports from Iran of refined petroleum 

22 products and to persuade, and, where possible, re23 quire private entities based in their territories to 

24 cease all investment in Iran’s energy sector and all 


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1 imports to and exports from Iran of refined petro2 leum products. 

3 (6) Administrators of Federal and State pen4 sion plans should divest all assets or holdings from 

5 foreign companies and entities that have invested or 

6 invest in the future in Iran’s energy sector. 

7 (7) Iranian state-owned banks should not be 

8 permitted to use the banking system of the United 

9 States. 

10 (8) The Secretary of State should designate the 

11 Iranian Revolutionary Guards as a Foreign Terrorist 

12 Organization under section 219 of the Immigration 

13 and Nationality Act (8 U.S.C. 1189) and the Sec14 retary of the Treasury should place the Iranian Rev15 olutionary Guards on the list of Specially Designated 

16 Global Terrorists under Executive Order 13224 (66 

17 Fed. Reg. 186; relating to blocking property and 

18 prohibiting transactions with persons who commit, 

19 threaten to commit, or support terrorism). 

20 SEC. 4. DEFINITIONS. 

21 In this Act: 

22 (1) APPROPRIATE CONGRESSIONAL COMMIT23 TEES.—The term ‘‘appropriate congressional com24 mittees’’ has the meaning given that term in section 


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1 14(2) of the Iran Sanctions Act of 1996 (Public 

2 Law 104–172; 50 U.S.C. 1701 note). 

3 (2) INVESTMENT.—The term ‘‘investment’’ has 

4 the meaning given that term in section 14(9) of the 

5 Iran Sanctions Act of 1996 (Public Law 104–172; 

6 50 U.S.C. 1701 note). 

7 (3) IRANIAN DIPLOMATS AND REPRESENTA8 TIVES OF OTHER GOVERNMENT AND MILITARY OR

9 QUASI-GOVERNMENTAL INSTITUTIONS OF IRAN.— 

10 The term ‘‘Iranian diplomats and representatives of 

11 other government and military or quasi-govern12 mental institutions of Iran’’ has the meaning given 

13 that term in section 14(11) of the Iran Sanctions 

14 Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 

15 note). 

16 (4) FAMILY MEMBER.—The term ‘‘family mem17 ber’’ means, with respect to an individual, the 

18 spouse, children, grandchildren, or parents of the in19 dividual. 

20 SEC. 5. CLARIFICATION AND EXPANSION OF DEFINITIONS. 

21 (a) PERSON.—Section 14(13)(B) of the Iran Sanc22 tions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 

23 note) is amended— 

24 (1) by inserting ‘‘financial institution, insurer, 

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1 tion, including any foreign subsidiary, parent, or af2 filiate of the foregoing,’’ after ‘‘trust,’’; and 

3 (2) by inserting ‘‘, such as an export credit 

4 agency’’ before the semicolon. 

5 (b) PETROLEUM RESOURCES.—Section 14(14) of the 

6 Iran Sanctions Act of 1996 (Public Law 104–172; 50 

7 U.S.C. 1701 note) is amended by striking ‘‘petroleum and 

8 natural gas resources’’ and inserting ‘‘petroleum, petro9 leum by-products, liquefied natural gas, oil or liquefied 

10 natural gas, oil or liquefied natural gas tankers, and prod11 ucts used to construct or maintain pipelines used to trans12 port oil or liquefied natural gas’’. 

13 SEC. 6. RUSSIA NUCLEAR COOPERATION. 

14 (a) IN GENERAL.—Notwithstanding any other provi15 sion of law, and in addition to any other sanction in effect, 

16 beginning on the date that is 15 days after the date of 

17 the enactment of this Act, the policies described in sub18 section (b) shall apply with respect to Russia, unless the 

19 President makes a certification to Congress described in 

20 subsection (c). 

21 (b) POLICIES.—The policies described in this sub22 section are the following: 

23 (1) AGREEMENTS.—The United States may not 

24 enter into an agreement for cooperation with Russia 


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1 pursuant to section 123 of the Atomic Energy Act 

2 (42 U.S.C. 2153). 

3 (2) LICENSES TO EXPORT NUCLEAR MATERIAL, 

4 FACILITIES, OR COMPONENTS.—The United States 

5 may not issue a license to export directly or indi6 rectly to Russia any nuclear material, facilities, com7 ponents, or other goods, services, or technology that 

8 would be subject to an agreement under section 123 

9 of the Atomic Energy Act (42 U.S.C. 2153). 

10 (3) TRANSFERS OF NUCLEAR MATERIAL, FA11 CILITIES, OR COMPONENTS.—The United States 

12 may not approve the transfer or retransfer directly 

13 or indirectly to Russia of any nuclear material, fa14 cilities, components, or other goods, services, or 

15 technology that would be subject to an agreement 

16 under section 123 of the Atomic Energy Act (42 

17 U.S.C. 2153). 

18 (c) CERTIFICATION.—The certification described in 

19 this subsection means a certification made by the Presi20 dent to Congress on or after the date that is 15 days after 

21 the date of the enactment of this Act that the President 

22 has determined that— 

23 (1) Russia has suspended all nuclear assistance 

24 to Iran and all transfers of advanced conventional 

25 weapons and missiles to Iran; or 


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1 (2) Iran has completely, verifiably, and irrevers2 ibly dismantled all nuclear enrichment-related and 

3 reprocessing-related programs. 

4 (d) TERMINATION OF POLICIES.—The policies de5 scribed in subsection (b) shall remain in effect until such 

6 time as the President makes the certification to Congress 

7 described in subsection (c). 

8 SEC. 7. ECONOMIC SANCTIONS RELATING TO IRAN. 

9 (a) IN GENERAL.—Notwithstanding any other provi10 sion of law, and in addition to any other sanction in effect, 

11 beginning on the date that is 15 days after the date of 

12 the enactment of this Act, the economic sanctions de13 scribed in subsection (b) shall apply with respect to Iran, 

14 unless the President makes a certification to Congress de15 scribed in subsection (c). 

16 (b) SANCTIONS.—The sanctions described in this 

17 subsection are the following: 

18 (1) PROHIBITION ON IMPORTS.—No article that 

19 is grown, produced, or manufactured in Iran may be 

20 imported directly or indirectly into the United 

21 States. 

22 (2) PROHIBITION ON EXPORTS.— 

23 (A) IN GENERAL.—Except as provided in 

24 subparagraph (B), no article that is the growth, 


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1 product, or manufacture of the United States 

2 may be exported directly or indirectly to Iran. 

3 (B) EXCEPTION FOR FOOD AND MEDI4 CINE.—The prohibition in subparagraph (A) 

5 does not apply to exports to Iran of food and 

6 medicine grown, produced, or manufactured in 

7 the United States. 

8 (3) ACCESSION TO WTO.—The United States 

9 Trade Representative or any other Federal official 

10 may not take any action that would extend pref11 erential trade treatment to, or lead to the accession 

12 to the World Trade Organization of— 

13 (A) Iran; or 

14 (B) any other country that is determined 

15 by the Secretary of State to be— 

16 (i) engaged in nuclear cooperation 

17 with Iran, including the transfer or sale of 

18 any item, material, goods, or technology 

19 that can contribute to uranium enrichment 

20 or nuclear reprocessing activities of Iran; 

21 or 

22 (ii) contributing to the ballistic missile 

23 programs of Iran. 

24 (4) FREEZING ASSETS.— 


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1 (A) IN GENERAL.—At such time as the 

2 United States has access to the names of Ira3 nian diplomats and representatives of other 

4 government and military or quasi-governmental 

5 institutions of Iran, the President shall take 

6 such action as may be necessary to freeze im7 mediately the funds and other assets belonging 

8 to anyone so named, the family members of 

9 those so named, and any associates of those so 

10 named to whom assets or property of those so 

11 named were transferred on or after January 1, 

12 2007. The action described in the preceding 

13 sentence includes requiring any United States 

14 financial institution that holds funds and assets 

15 of a person so named to report promptly to the 

16 Office of Foreign Assets Control information 

17 regarding such funds and assets. 

18 (B) ASSET REPORTING REQUIREMENT.— 

19 Not later than 14 days after a decision is made 

20 to freeze the property or assets of any person 

21 under this paragraph, the President shall report 

22 the name of such person to the appropriate con23 gressional committees. 

24 (5) UNITED STATES GOVERNMENT CON25 TRACTS.—The United States Government may not 


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1 procure, or enter into a contract for the procurement 

2 of, any goods or services from a person that meets 

3 the criteria for the imposition of sanctions under 

4 section 5(a) of the Iran Sanctions Act of 1996 (Pub5 lic Law 104–172; 50 U.S.C. 1701 note). 

6 (c) CERTIFICATION DESCRIBED.—The certification 

7 described in this subsection means a certification made by 

8 the President to Congress beginning on the date that is 

9 15 days after the date of the enactment of this Act that 

10 the President has determined that Iran has completely, 

11 verifiably, and irreversibly dismantled all nuclear enrich12 ment-related and reprocessing-related programs. 

13 (d) TERMINATION OF SANCTIONS.—The sanctions 

14 described in subsection (b) shall remain in effect until 

15 such time as the President makes the certification to Con16 gress described in subsection (c). 

17 SEC. 8. LIABILITY OF PARENT COMPANIES FOR VIOLA18 TIONS OF SANCTIONS BY FOREIGN ENTITIES. 

19 (a) IN GENERAL.—In any case in which an entity en20 gages in an act outside the United States that, if com21 mitted in the United States or by a United States person, 

22 would violate the provisions of Executive Order 12959 (60 

23 Fed. Reg. 89) or Executive Order 13059 (62 Fed. Reg. 

24 162), or any other prohibition on transactions with respect 

25 to Iran imposed under the authority of the International 


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1 Emergency Economic Powers Act (50 U.S.C. 1701 et 

2 seq.), the parent company of the entity shall be subject 

3 to the penalties for the act to the same extent as if the 

4 parent company had engaged in the act. 

5 (b) APPLICABILITY.—Subsection (a) shall not apply 

6 to a parent company of an entity on which the President 

7 imposed a penalty for a violation described in subsection 

8 (a) that was in effect on the date of the enactment of this 

9 Act if the parent company divests or terminates its busi10 ness with such entity not later than 90 days after such 

11 date of enactment. 

12 (c) DEFINITIONS.—In this section: 

13 (1) ENTITY.—The term ‘‘entity’’ means a part14 nership, association, trust, joint venture, corpora15 tion, or other organization. 

16 (2) PARENT COMPANY.—The term ‘‘parent 

17 company’’ means an entity that is a United States 

18 person and— 

19 (A) the entity owns, directly or indirectly, 

20 more than 50 percent of the equity interest by 

21 vote or value in another entity; 

22 (B) board members or employees of the en23 tity hold a majority of board seats of another 

24 entity; or 


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1 (C) the entity otherwise controls or is able 

2 to control the actions, policies, or personnel de3 cisions of another entity. 

4 (3) UNITED STATES PERSON.—The term 

5 ‘‘United States person’’ means— 

6 (A) a natural person who is a citizen of the 

7 United States or who owes permanent alle8 giance to the United States; and 

9 (B) an entity that is organized under the 

10 laws of the United States, any State or terri11 tory thereof, or the District of Columbia, if nat12 ural persons described in subparagraph (A) 

13 own, directly or indirectly, more than 50 per14 cent of the outstanding capital stock or other 

15 beneficial interest in such entity. 

16 SEC. 9. ELIMINATION OF CERTAIN TAX INCENTIVES FOR 

17 OIL COMPANIES INVESTING IN IRAN. 

18 (a) IN GENERAL.—Subsection (h) of section 167 of 

19 the Internal Revenue Code of 1986 (relating to amortiza20 tion of geological and geophysical expenditures) is amend21 ed by adding at the end the following new paragraph: 

22 ‘‘(6) DENIAL WHEN IRAN SANCTIONS IN EF23 FECT.— 

24 ‘‘(A) IN GENERAL.—If sanctions are im25 posed under section 5(a) of the Iran Sanctions 


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1 Act of 1996 or section 7 of the Iran Counter2 Proliferation Act of 2007 (relating to sanctions 

3 with respect to the development of petroleum 

4 resources of Iran) on any member of an ex5 panded affiliated group the common parent of 

6 which is a foreign corporation, paragraph (1) 

7 shall not apply to any expense paid or incurred 

8 by any such member in any period during which 

9 the sanctions are in effect. 

10 ‘‘(B) EXPANDED AFFILIATED GROUP.— 

11 For purposes of subparagraph (A), the term 

12 ‘expanded affiliated group’ means an affiliated 

13 group as defined in section 1504(a), deter14 mined— 

15 ‘‘(i) by substituting ‘more than 50 

16 percent’ for ‘at least 80 percent’ each place 

17 it appears, and 

18 ‘‘(ii) without regard to paragraphs 

19 (2), (3), and (4) of section 1504(b).’’. 

20 (b) EFFECTIVE DATE.—The amendment made by 

21 subsection (a) shall apply to expenses paid or incurred on 

22 or after January 1, 2007. 

23 SEC. 10. WORLD BANK LOANS TO IRAN. 

24 (a) REPORT.—Not later than 180 days after the date 

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1 after, the Secretary of the Treasury shall submit to the 

2 appropriate congressional committees a report on— 

3 (1) the number of loans provided by the World 

4 Bank to Iran; 

5 (2) the dollar amount of such loans; and 

6 (3) the voting record of each member of the 

7 World Bank on such loans. 

8 (b) REDUCTION OF CONTRIBUTION OF THE UNITED

9 STATES.—The President shall reduce the total amount 

10 otherwise payable on behalf of the United States to the 

11 World Bank for fiscal year 2008 and each fiscal year 

12 thereafter by an amount that bears the same ratio to the 

13 total amount otherwise payable as— 

14 (1) the total of the amounts provided by the 

15 Bank to entities in Iran, and for projects and activi16 ties in Iran, in the preceding fiscal year, bears to 

17 (2) the total of the amounts provided by the 

18 Bank to all entities, and for all projects and activi19 ties, in the preceding fiscal year. 

20 (c) ALLOCATION OF AMOUNTS NOT CONTRIBUTED

21 TO THE WORLD BANK.—There is authorized to be appro22 priated to the United States Agency for International De23 velopment for fiscal year 2008 and each fiscal year there24 after an amount equal to the revenues made available as 

25 a result of the application of subsection (b). Funds approVerDate Aug 31 2005 21:17 Mar 26, 2007 Jkt 059200 PO 00000 Frm 00016 Fmt 6652 Sfmt 6201 E:\BILLS\S970.IS S970

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1 priated pursuant to this subsection shall be made available 

2 for the Child Survival and Health Programs Fund to carry 

3 out programs relating to maternal and child health, vul4 nerable children, and infectious diseases other than HIV/ 

5 AIDS. 

6 SEC. 11. INCREASED CAPACITY FOR EFFORTS TO COMBAT 

7 UNLAWFUL OR TERRORIST FINANCING. 

8 (a) FINDINGS.—The work of the Office of Terrorism 

9 and Financial Intelligence of the Department of Treasury, 

10 which includes the Office of Foreign Assets Control and 

11 the Financial Crimes Enforcement Center, is critical to 

12 ensuring that the international financial system is not 

13 used for purposes of supporting terrorism and developing 

14 weapons of mass destruction. 

15 (b) AUTHORIZATION.—There is authorized to be ap16 propriated to the Secretary of the Treasury for the Office 

17 of Terrorism and Financial Intelligence— 

18 (1) $59,466,000 for fiscal year 2008; and 

19 (2) such sums as may be necessary for each of 

20 the fiscal years 2009 and 2010. 

21 (c) AUTHORIZATION AMENDMENT.—Section 

22 310(d)(1) of title 31, United States Code, is amended by 

23 striking ‘‘such sums as may be necessary for fiscal years 

24 2002, 2003, 2004, and 2005’’ and inserting ‘‘$85,844,000 


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1 for fiscal year 2008 and such sums as may be necessary 

2 for each of the fiscal years 2009 and 2010’’. 

3 SEC. 12. NATIONAL INTELLIGENCE ESTIMATE ON IRAN. 

4 As required under section 1213 of the John Warner 

5 National Defense Authorization Act for Fiscal Year 2007 

6 (Public Law 109–364; 120 Stat. 2422), the Director of 

7 National Intelligence shall submit to Congress an updated, 

8 comprehensive National Intelligence Estimate on Iran. 

9 SEC. 13. EXCHANGE PROGRAMS WITH THE PEOPLE OF 

10 IRAN. 

11 (a) SENSE OF CONGRESS.—It is the sense of Con12 gress that the United States should seek to enhance its 

13 friendship with the people of Iran, particularly by identi14 fying young people of Iran to come to the United States 

15 under United States exchange programs. 

16 (b) EXCHANGE PROGRAMS AUTHORIZED.—The 

17 President is authorized to carry out exchange programs 

18 with the people of Iran, particularly the young people of 

19 Iran. Such programs shall be carried out to the extent 

20 practicable in a manner consistent with the eligibility for 

21 assistance requirements specified in section 302(b) of the 

22 Iran Freedom Support Act (Public Law 109–293; 120 

23 Stat. 1348). 

24 (c) AUTHORIZATION.—Of the amounts available 

25 under the heading ‘‘Educational and Cultural Exchange 


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1 Programs’’, under the heading ‘‘Administration of Foreign 

2 Affairs’’, under title IV of the Science, State, Justice, 

3 Commerce, and Related Agencies Appropriations Act, 

4 2006 (Public Law 109–108; 119 Stat. 2321), there is au5 thorized to be appropriated to the President to carry out 

6 this section $10,000,000 for fiscal year 2008. 

7 SEC. 14. RADIO BROADCASTING TO IRAN. 

8 The Broadcasting Board of Governors shall devote a 

9 greater proportion of the programming of the Radio Farda 

10 service to programs offering news and analysis to further 

11 the open communication of information and ideas to Iran. 

12 SEC. 15. INTERNATIONAL REGIME FOR THE ASSURED SUP13 PLY OF NUCLEAR FUEL FOR PEACEFUL 

14 MEANS. 

15 (a) SENSE OF CONGRESS.—It is the sense of Con16 gress that— 

17 (1) the Concept for a Multilateral Mechanism 

18 for Reliable Access to Nuclear Fuel, proposed by the 

19 United States, France, the Russian Federation, the 

20 Federal Republic of Germany, the United Kingdom, 

21 and the Netherlands on May 31, 2006, is welcome 

22 and should be expanded upon at the earliest possible 

23 opportunity; 

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1 ment facilities under international management and 

2 oversight is also a welcome development and should 

3 be encouraged by the United States; 

4 (3) the offer by the Nuclear Threat Initiative 

5 (NTI) of $50,000,000 in funds to support the cre6 ation of an international nuclear fuel bank by the 

7 International Atomic Energy Agency (IAEA) is also 

8 welcome, and the United States and other member 

9 states of the IAEA should pledge collectively at least 

10 an additional $100,000,000 in matching funds to 

11 fulfill the NTI proposal; and 

12 (4) the Global Nuclear Energy Partnership, ini13 tiated by President Bush in January 2006, is in14 tended to provide a reliable fuel supply throughout 

15 the fuel cycle and promote the nonproliferation goals 

16 of the United States. 

17 (b) POLICY.—It is the policy of the United States to 

18 support the establishment of an international regime for 

19 the assured supply of nuclear fuel for peaceful means 

20 under a multilateral authority, such as the International 

21 Atomic Energy Agency. 

22 (c) CONTRIBUTIONS TO IAEA.— 

23 (1) IN GENERAL.—Subject to the requirements 

24 of paragraph (2), the President is authorized to 

25 make voluntary contributions on a grant basis to the 


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1 International Atomic Energy Agency (referred to in 

2 this subsection as the ‘‘IAEA’’) for the purpose of 

3 supporting the establishment of an international nu4 clear fuel bank to maintain a reserve of low-enriched 

5 uranium for the production of reactor fuel to provide 

6 to eligible countries in the case of a disruption in the 

7 supply of reactor fuel by normal market mecha8 nisms. 

9 (2) REQUIREMENTS FOR CONTRIBUTIONS.—Be10 fore making a contribution under paragraph (1), the 

11 President shall certify to the Committee on Foreign 

12 Affairs of the House of Representatives and the 

13 Committee on Foreign Relations of the Senate 

14 that— 

15 (A) the IAEA has received pledges in a 

16 total amount of not less than $100,000,000 

17 from other governments or entities for the pur18 pose of supporting the establishment of the 

19 international nuclear fuel bank referred to in 

20 paragraph (1); 

21 (B) the international nuclear fuel bank re22 ferred to in paragraph (1) will be under the 

23 oversight of the IAEA or another multilateral 

24 authority; and 


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1 (C) the international nuclear fuel bank will 

2 provide nuclear reactor fuel to a country only 

3 if— 

4 (i) at the time of the request for nu5 clear reactor fuel, the country is in full 

6 compliance with its IAEA safeguards 

7 agreement and has an additional protocol 

8 for safeguards in force; 

9 (ii) in the case of a country that at 

10 any time prior to the request for nuclear 

11 reactor fuel has been determined to be in 

12 noncompliance with its IAEA safeguards 

13 agreement, the IAEA Board of Governors 

14 determines that the country has taken all 

15 necessary actions to satisfy any concerns of 

16 the IAEA Director General regarding the 

17 activities that led to the prior determina18 tion of noncompliance; 

19 (iii) the country agrees to use the nu20 clear reactor fuel in accordance with its 

21 IAEA safeguards agreement; and 

22 (iv) the country does not operate ura23 nium enrichment or spent-fuel reprocessing 

24 facilities of any scale. 


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1 (3) AUTHORIZATION OF APPROPRIATIONS.— 

2 There is authorized to be appropriated $50,000,000 

3 to carry out this section for fiscal year 2008. 

4 Amounts appropriated for this section are author5 ized to remain available until September 30, 2010. 

6 SEC. 16. REPORTING REQUIREMENTS. 

7 (a) FOREIGN INVESTMENT IN IRAN.—Not later than 

8 180 days after the date of the enactment of this Act, and 

9 every 180 days thereafter, the Secretary of the Treasury 

10 shall submit to the appropriate congressional committees 

11 a report on— 

12 (1) any foreign investments made in Iran’s en13 ergy sector since January 1, 2007; and 

14 (2) the determination of the President on 

15 whether each such investment qualifies as a 

16 sanctionable offense under section 5(a) of the Iran 

17 Sanctions Act of 1996 (Public Law 104–172; 50 

18 U.S.C. 1701 note). 

19 (b) INVESTMENT BY UNITED STATES COMPANIES IN

20 IRAN.—Not later than 180 days after the date of the en21 actment of this Act, and annually thereafter, the Secretary 

22 of the Treasury shall report to the appropriate congres23 sional committees the names of persons that have oper24 ations or conduct business in the United States that have 


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1 invested in Iran and the dollar amount of each such invest2 ment. 

3 (c) INVESTMENT BY FEDERAL THRIFT SAVINGS

4 PLAN IN IRAN.—Not later than 180 days after the date 

5 of the enactment of this Act, and annually thereafter, the 

6 Executive Director of the Federal Retirement Thrift In7 vestment Board shall report to the appropriate congres8 sional committees on any investment in entities that invest 

9 in Iran from the Thrift Savings Fund established under 

10 section 8437 of title 5, United States Code. 

11 (d) LIST OF DESIGNATED FOREIGN TERRORIST OR12 GANIZATIONS.—Not later than 180 days after the date of 

13 the enactment of this Act, the Secretary of State and the 

14 Secretary of the Treasury shall report to the appropriate 

15 congressional committees on the efforts of the Secretary 

16 of State and the Secretary of the Treasury to place the 

17 Iranian Revolutionary Guards on the list of designated 

18 Foreign Terrorist Organizations under section 219 of the 

19 Immigration and Nationality Act (8 U.S.C. 1189) and the 

20 list of Specially Designated Global Terrorists under Exec21 utive Order 13224 (66 Fed. Reg. 186; relating to blocking 

22 property and prohibiting transactions with persons who 

23 commit, threaten to commit, or support terrorism). 

24 (e) ESTABLISHMENT OF INTERNATIONAL REGIME.— 

25 Not later than 180 days after the date of the enactment 


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25 

•S 970 IS

1 of this Act, the President shall submit to the Committee 

2 on Foreign Affairs of the House of Representatives and 

3 the Committee on Foreign Relations of the Senate a re4 port on the activities of the United States to support the 

5 establishment of an international regime for the assured 

6 supply of nuclear fuel for peaceful means under a multilat7 eral authority, such as the International Atomic Energy 

8 Agency. 

9 (f) EXPORT CREDITS.—Not later than 90 days after 

10 the date of the enactment of this Act, and every 90 days 

11 thereafter, the Secretary of the Treasury shall report to 

12 the appropriate congressional committees on the export 

13 credits issued by foreign banks to persons investing in the 

14 energy sector of Iran, and any fines, restrictions, or other 

15 actions taken by the President to discourage or prevent 

16 the issuance of such export credits. 

Æ 


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