H. R. 2194—29 
(2) the beneficiaries of the financing. 
SEC. 112. SENSE OF CONGRESS REGARDING IRAN’S REVOLUTIONARY 
GUARD CORPS AND ITS AFFILIATES. 
It is the sense of Congress that the United States should— 
(1) persistently target Iran’s Revolutionary Guard Corps 
and its affiliates with economic sanctions for its support for 
terrorism, its role in proliferation, and its oppressive activities 
against the people of Iran; 
(2) identify, as soon as possible— 
(A) any foreign individual or entity that is an agent, 
alias, front, instrumentality, official, or affiliate of Iran’s 
Revolutionary Guard Corps; 
(B) any individual or entity that— 
(i) has provided material support to any individual 
or entity described in subparagraph (A); or 
(ii) has conducted any financial or commercial 
transaction with any such individual or entity; and 
(C) any foreign government that— 
(i) provides material support to any such individual 
or entity; or 
(ii) conducts any commercial transaction or finan-
cial transaction with any such individual or entity; 
and 
(3) immediately impose sanctions, including travel restric-
tions, sanctions authorized pursuant to this Act or the Iran 
Sanctions Act of 1996, as amended by section 102 of this 
Act, and the full range of sanctions available to the President 
under the International Emergency Economic Powers Act (50 
U.S.C. 1701 et seq.), on the individuals, entities, and govern-
ments described in paragraph (2). 
SEC. 113. SENSE OF CONGRESS REGARDING IRAN AND HEZBOLLAH. 
It is the sense of Congress that the United States should— 
(1) continue to counter support received by Hezbollah from 
the Government of Iran and other foreign governments in 
response to Hezbollah’s terrorist activities and the threat 
Hezbollah poses to Israel, the democratic sovereignty of Leb-
anon, and the national security interests of the United States; 
(2) impose the full range of sanctions available to the 
President under the International Emergency Economic Powers 
Act (50 U.S.C. 1701 et seq.) on Hezbollah, affiliates and sup-
porters of Hezbollah designated for the imposition of sanctions 
under that Act, and persons providing Hezbollah with commer-
cial, financial, or other services; 
(3) urge the European Union, individual countries in 
Europe, and other countries to classify Hezbollah as a terrorist 
organization to facilitate the disruption of Hezbollah’s oper-
ations; and 
(4) renew international efforts to disarm Hezbollah and 
disband its militias in Lebanon, as called for by United Nations 
Security Council Resolutions 1559 (2004) and 1701 (2006). 
SEC. 114. SENSE OF CONGRESS REGARDING THE IMPOSITION OF 
MULTILATERAL SANCTIONS WITH RESPECT TO IRAN. 
It is the sense of Congress that—
H. R. 2194—30 
(1) in general, effective multilateral sanctions are pref-
erable to unilateral sanctions in order to achieve desired results 
from countries such as Iran; and 
(2) the President should continue to work with allies of 
the United States to impose such sanctions as may be necessary 
to prevent the Government of Iran from acquiring a nuclear 
weapons capability. 
SEC. 115. REPORT ON PROVIDING COMPENSATION FOR VICTIMS OF 
INTERNATIONAL TERRORISM. 
Not later than 180 days after the date of the enactment of 
this Act, the President shall submit to the appropriate congressional 
committees a report on equitable methods for providing compensa-
tion on a comprehensive basis to victims of acts of international 
terrorism who are citizens or residents of the United States or 
nationals of the United States (as defined in section 101(a) of 
the Immigration and Nationality Act (8 U.S.C. 1101(a)). 
TITLE II—DIVESTMENT FROM CERTAIN 
COMPANIES THAT INVEST IN IRAN 
SEC. 201. DEFINITIONS. 
In this title: 
(1) ENERGY SECTOR OF IRAN.—The term ‘‘energy sector of 
Iran’’ refers to activities to develop petroleum or natural gas 
resources or nuclear power in Iran. 
(2) FINANCIAL INSTITUTION.—The term ‘‘financial institu-
tion’’ has the meaning given that term in section 14 of the 
Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 
1701 note). 
(3) IRAN.—The term ‘‘Iran’’ includes the Government of 
Iran and any agency or instrumentality of Iran. 
(4) PERSON.—The term ‘‘person’’ means— 
(A) a natural person, corporation, company, business 
association, partnership, society, trust, or any other non-
governmental entity, organization, or group; 
(B) any governmental entity or instrumentality of a 
government, including a multilateral development institu-
tion (as defined in section 1701(c)(3) of the International 
Financial Institutions Act (22 U.S.C. 262r(c)(3))); and 
(C) any successor, subunit, parent entity, or subsidiary 
of, or any entity under common ownership or control with, 
any entity described in subparagraph (A) or (B). 
(5) STATE.—The term ‘‘State’’ means each of the several 
States, the District of Columbia, the Commonwealth of Puerto 
Rico, the Commonwealth of the Northern Mariana Islands, 
American Samoa, Guam, the United States Virgin Islands, 
and any other territory or possession of the United States. 
(6) STATE
OR
LOCAL
GOVERNMENT.—The term ‘‘State or 
local government’’ includes— 
(A) any State and any agency or instrumentality 
thereof; 
(B) any local government within a State, and any 
agency or instrumentality thereof; 
(C) any other governmental instrumentality of a State 
or locality; and
H. R. 2194—31 
(D) any public institution of higher education within 
the meaning of the Higher Education Act of 1965 (20 
U.S.C. 1001 et seq.). 
SEC. 202. AUTHORITY OF STATE AND LOCAL GOVERNMENTS TO DIVEST 
FROM CERTAIN COMPANIES THAT INVEST IN IRAN. 
(a) SENSE
OF CONGRESS.—It is the sense of Congress that 
the United States should support the decision of any State or 
local government that for moral, prudential, or reputational reasons 
divests from, or prohibits the investment of assets of the State 
or local government in, a person that engages in investment activi-
ties in the energy sector of Iran, as long as Iran is subject to 
economic sanctions imposed by the United States. 
(b) AUTHORITY TO DIVEST.—Notwithstanding any other provi-
sion of law, a State or local government may adopt and enforce 
measures that meet the requirements of subsection (d) to divest 
the assets of the State or local government from, or prohibit invest-
ment of the assets of the State or local government in, any person 
that the State or local government determines, using credible 
information available to the public, engages in investment activities 
in Iran described in subsection (c). 
(c) INVESTMENT ACTIVITIES DESCRIBED.—A person engages in 
investment activities in Iran described in this subsection if the 
person— 
(1) has an investment of $20,000,000 or more in the energy 
sector of Iran, including in a person that provides oil or liquified 
natural gas tankers, or products used to construct or maintain 
pipelines used to transport oil or liquified natural gas, for 
the energy sector of Iran; or 
(2) is a financial institution that extends $20,000,000 or 
more in credit to another person, for 45 days or more, if that 
person will use the credit for investment in the energy sector 
of Iran. 
(d) REQUIREMENTS.—Any measure taken by a State or local 
government under subsection (b) shall meet the following require-
ments: 
(1) NOTICE.—The State or local government shall provide 
written notice to each person to which a measure is to be 
applied. 
(2) TIMING.—The measure shall apply to a person not ear-
lier than the date that is 90 days after the date on which 
written notice is provided to the person under paragraph (1). 
(3) OPPORTUNITY FOR HEARING.—The State or local govern-
ment shall provide an opportunity to comment in writing to 
each person to which a measure is to be applied. If the person 
demonstrates to the State or local government that the person 
does not engage in investment activities in Iran described in 
subsection (c), the measure shall not apply to the person. 
(4) SENSE
OF
CONGRESS
ON
AVOIDING
ERRONEOUS
TAR-
GETING.—It is the sense of Congress that a State or local 
government should not adopt a measure under subsection (b) 
with respect to a person unless the State or local government 
has made every effort to avoid erroneously targeting the person 
and has verified that the person engages in investment activi-
ties in Iran described in subsection (c). 
(e) NOTICE TO DEPARTMENT OF JUSTICE.—Not later than 30 
days after adopting a measure pursuant to subsection (b), a State
H. R. 2194—32 
or local government shall submit written notice to the Attorney 
General describing the measure. 
(f) NONPREEMPTION.—A measure of a State or local government 
authorized under subsection (b) or (i) is not preempted by any 
Federal law or regulation. 
(g) DEFINITIONS.—In this section: 
(1) ASSETS.— 
(A) IN GENERAL.—Except as provided in subparagraph 
(B), the term ‘‘assets’’ refers to public monies and includes 
any pension, retirement, annuity, or endowment fund, or 
similar instrument, that is controlled by a State or local 
government. 
(B) EXCEPTION.—The term ‘‘assets’’ does not include 
employee benefit plans covered by title I of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1001 
et seq.). 
(2) INVESTMENT.—The ‘‘investment’’ includes— 
(A) a commitment or contribution of funds or property; 
(B) a loan or other extension of credit; and 
(C) the entry into or renewal of a contract for goods 
or services. 
(h) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in paragraph (2) or 
subsection (i), this section applies to measures adopted by a 
State or local government before, on, or after the date of the 
enactment of this Act. 
(2) NOTICE
REQUIREMENTS.—Except as provided in sub-
section (i), subsections (d) and (e) apply to measures adopted 
by a State or local government on or after the date of the 
enactment of this Act. 
(i) AUTHORIZATION FOR PRIOR ENACTED MEASURES.— 
(1) IN GENERAL.—Notwithstanding any other provision of 
this section or any other provision of law, a State or local 
government may enforce a measure (without regard to the 
requirements of subsection (d), except as provided in paragraph 
(2)) adopted by the State or local government before the date 
of the enactment of this Act that provides for the divestment 
of assets of the State or local government from, or prohibits 
the investment of the assets of the State or local government 
in, any person that the State or local government determines, 
using credible information available to the public, engages in 
investment activities in Iran (determined without regard to 
subsection (c)) or other business activities in Iran that are 
identified in the measure. 
(2) APPLICATION
OF
NOTICE
REQUIREMENTS.—A measure 
described in paragraph (1) shall be subject to the requirements 
of paragraphs (1) and (2) and the first sentence of paragraph 
(3) of subsection (d) on and after the date that is 2 years 
after the date of the enactment of this Act. 
SEC. 203. SAFE HARBOR FOR CHANGES OF INVESTMENT POLICIES 
BY ASSET MANAGERS. 
(a) IN GENERAL.—Section 13(c)(1) of the Investment Company 
Act of 1940 (15 U.S.C. 80a–13(c)(1)) is amended to read as follows: 
‘‘(1) IN GENERAL.—Notwithstanding any other provision of 
Federal or State law, no person may bring any civil, criminal,