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[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1954 Enrolled Bill (ENR)]

        H.R.1954

                      One Hundred Seventh Congress

                                 of the

                        United States of America

                          AT THE FIRST SESSION

         Begun and held at the City of Washington on Wednesday,
             the third day of January, two thousand and one

                                 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.''.

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.''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
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