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located in their territories, that are engaged in 
Iran; 
‘‘(B) any decisions by the governments of 
these countries to rescind or continue the provi-
sion of credits, guarantees, or other govern-
mental assistance to these entities; and 
‘‘(C) actions taken in international fora to 
further the objectives of section 3; 
‘‘(3) a list of the countries that have not agreed 
to undertake measures to further the objectives of 
section 3 with respect to Iran, and the reasons 
therefor; and 
‘‘(4) a description of any memorandums of un-
derstanding, political understandings, or inter-
national agreements to which the United States has 
acceded which affect implementation of this section 
or section 5(a).’’. 
(b) WAIVER.—Section 4(c) of such Act (50 U.S.C. 
1701 note) is amended to read as follows: 
‘‘(c) WAIVER.— 
‘‘(1) IN GENERAL.—The President may, on a 
case by case basis, waive for a period of not more 
than six months the application of section 5(a) with 
respect to a national of a country, if the President 
certifies to the appropriate congressional committees 
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at least 30 days before such waiver is to take effect 
that— 
‘‘(A) such waiver is vital to the national se-
curity interests of the United States; and 
‘‘(B) the country of the national has un-
dertaken substantial measures to prevent the 
acquisition and development of weapons of mass 
destruction by the Government of Iran. 
‘‘(2) SUBSEQUENT RENEWAL OF WAIVER.—If 
the President determines that, in accordance with 
paragraph (1), such a waiver is appropriate, the 
President may, at the conclusion of the period of a 
waiver under paragraph (1), renew such waiver for 
subsequent periods of not more than six months 
each.’’. 
(c) INVESTIGATIONS.—Section 4 of such Act (50 
U.S.C. 1701 note) is amended by adding at the end the 
following new subsection: 
‘‘(f) INVESTIGATIONS.— 
‘‘(1) IN GENERAL.—The President shall initiate 
an investigation into the possible imposition of sanc-
tions against a person upon receipt by the United 
States of credible information indicating that such 
person is engaged in activity related to investment in 
Iran as described in section 5(a). 
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‘‘(2) DETERMINATION AND NOTIFICATION.— 
‘‘(A) IN
GENERAL.—Not later than 180 
days after an investigation is initiated in ac-
cordance with paragraph (1), the President 
shall determine, pursuant to section 5(a), 
whether or not to impose sanctions against a 
person engaged in activity related to investment 
in Iran as described in such section as a result 
of such activity and shall notify the appropriate 
congressional committees of the basis for such 
determination. 
‘‘(B) EXTENSION.—If the President is un-
able to make a determination under subpara-
graph (A), the President shall notify the appro-
priate congressional committees and shall ex-
tend such investigation for a subsequent period, 
not to exceed 180 days, after which the Presi-
dent shall make the determination required 
under such subparagraph and shall notify the 
appropriate congressional committees of the 
basis for such determination in accordance with 
such subparagraph. 
‘‘(3) DETERMINATIONS
REGARDING
PENDING 
INVESTIGATIONS.—Not later than 90 days after the 
date of the enactment of this Act, the President 
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shall, with respect to any investigation that was 
pending as of January 1, 2006, concerning a person 
engaged in activity related to investment in Iran as 
described in section 5(a), determine whether or not 
to impose sanctions against such person as a result 
of such activity and shall notify the appropriate con-
gressional committees of the basis for such deter-
mination. 
‘‘(4) PUBLICATION.—Not later than 10 days 
after the President notifies the appropriate congres-
sional committees under paragraphs (2) and (3), the 
President shall ensure publication in the Federal 
Register of the identification of the persons against 
which the President has made a determination that 
the imposition of sanctions is appropriate, together 
with an explanation for such determination.’’. 
SEC. 202. IMPOSITION OF SANCTIONS. 
(a) SANCTIONS WITH RESPECT TO DEVELOPMENT 
OF PETROLEUM RESOURCES.—Section 5(a) of the Iran 
and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) 
is amended— 
(1) in the heading, by striking ‘‘TO IRAN’’ and 
inserting ‘‘TO THE DEVELOPMENT OF PETROLEUM 
RESOURCES OF IRAN’’; 
(2) by striking ‘‘(6)’’ and inserting ‘‘(5)’’; and 
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(3) by striking ‘‘with actual knowledge,’’. 
(b) SANCTIONS WITH RESPECT TO DEVELOPMENT 
OF WEAPONS OF MASS DESTRUCTION OR OTHER MILI-
TARY CAPABILITIES.—Section 5(b) of such Act (50 U.S.C. 
1701 note) is amended to read as follows: 
‘‘(b) MANDATORY SANCTIONS WITH RESPECT TO 
DEVELOPMENT OF WEAPONS OF MASS DESTRUCTION OR 
OTHER MILITARY CAPABILITIES.—Notwithstanding any 
other provision of law, the President shall impose two or 
more of the sanctions described in paragraphs (1) through 
(5) of section 6 if the President determines that a person 
has, on or after the date of the enactment of this Act, 
exported, transferred, or otherwise provided to Iran any 
goods, services, technology, or other items knowing that 
the provision of such goods, services, technology, or other 
items would contribute to the ability of Iran to— 
‘‘(1) acquire or develop chemical, biological, or 
nuclear weapons or related technologies; or 
‘‘(2) acquire or develop destabilizing numbers 
and types of advanced conventional weapons.’’. 
(c) PERSONS AGAINST WHICH THE SANCTIONS ARE 
TO BE IMPOSED.—Section 5(c)(2) of such Act (50 U.S.C. 
1701 note) is amended— 
(1) in subparagraph (B), by striking ‘‘, with ac-
tual knowledge,’’ and by striking ‘‘or’’ at the end; 
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(2) in subparagraph (C), by striking ‘‘, with ac-
tual knowledge,’’ and by striking the period at the 
end and inserting ‘‘; or’’; and 
(3) by adding after subparagraph (C) the fol-
lowing new subparagraph: 
‘‘(D) is a private or government lender, in-
surer, underwriter, or guarantor of the person 
referred to in paragraph (1) if that private or 
government lender, insurer, underwriter, or 
guarantor engaged in the activities referred to 
in paragraph (1).’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to actions taken on 
or after March 15, 2006. 
SEC. 203. TERMINATION OF SANCTIONS. 
Section 8(a) of the Iran and Libya Sanctions Act of 
1996 (50 U.S.C. 1701 note) is amended— 
(1) in paragraph (1)(C), by striking ‘‘and’’ at 
the end; 
(2) in paragraph (2), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(3) poses no significant threat to United 
States national security, interests, or allies.’’. 
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SEC. 204. SUNSET. 
Section 13 of the Iran and Libya Sanctions Act of 
1996 (50 U.S.C. 1701 note) is amended— 
(1) in the section heading, by striking ‘‘; SUN-
SET’’; 
(2) in subsection (a), by striking the subsection 
designation and heading; and 
(3) by striking subsection (b). 
SEC. 205. CLARIFICATION AND EXPANSION OF DEFINI-
TIONS. 
(a) PERSON.—Section 14(14)(B) of the Iran and 
Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is 
amended— 
(1) by inserting after ‘‘trust,’’ the following: ‘‘fi-
nancial institution, insurer, underwriter, guarantor, 
any other business organization, including any for-
eign subsidiaries of the foregoing,’’; and 
(2) by inserting before the semicolon the fol-
lowing: ‘‘, such as an export credit agency’’. 
(b) PETROLEUM RESOURCES.—Section 14(15) of the 
Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 
note) is amended by inserting after ‘‘petroleum’’ the sec-
ond place it appears, the following: ‘‘, petroleum by-prod-
ucts,’’. 
SEC. 206. UNITED STATES PENSION PLANS. 
(a) FINDINGS.—Congress finds the following: 
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(1) The United States and the international 
community face no greater threat to their security 
than the prospect of rogue regimes who support 
international terrorism obtaining weapons of mass 
destruction, and particularly nuclear weapons. 
(2) Iran is the leading state sponsor of inter-
national terrorism and is close to achieving nuclear 
weapons capability but has paid no price for nearly 
twenty years of deception over its nuclear program. 
Foreign entities that have invested in Iran’s energy 
sector, despite Iran’s support of international ter-
rorism and its nuclear program, have afforded Iran 
a free pass while many United States entities have 
unknowingly invested in those same foreign entities. 
(3) United States investors have a great deal at 
stake in preventing Iran from acquiring nuclear 
weapons. 
(4) United States investors can have consider-
able influence over the commercial decisions of the 
foreign entities in which they have invested. 
(b) PUBLICATION
IN
FEDERAL
REGISTER.—Not 
later than six months after the date of the enactment of 
this Act and every six months thereafter, the Secretary 
of State shall ensure publication in the Federal Register 
of a list of all United States and foreign entities that have 
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invested more than $20,000,000 in Iran’s energy sector 
between August 5, 1996, and the date of such publication. 
Such list shall include an itemization of individual invest-
ments of each such entity, including the dollar value, in-
tended purpose, and current status of each such invest-
ment. 
(c) SENSE OF CONGRESS RELATING TO DIVESTI-
TURE FROM IRAN.—It is the sense of Congress that, upon 
publication of a list in the relevant Federal Register under 
subsection (b), managers of United States Government 
pension plans or thrift savings plans, managers of pension 
plans maintained in the private sector by plan sponsors 
in the United States, and managers of mutual funds sold 
or distributed in the United States should, to the extent 
consistent with the legal and fiduciary duties otherwise im-
posed on them, immediately initiate efforts to divest all 
investments of such plans or funds in any entity included 
on the list. 
(d) SENSE OF CONGRESS RELATING TO PROHIBI-
TION ON FUTURE INVESTMENT.—It is the sense of Con-
gress that, upon publication of a list in the relevant Fed-
eral Register under subsection (b), there should be, to the 
extent consistent with the legal and fiduciary duties other-
wise imposed on them, no future investment in any entity 
included on the list by managers of United States Govern-
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ment pension plans or thrift savings plans, managers of 
pension plans maintained in the private sector by plan 
sponsors in the United States, and managers of mutual 
funds sold or distributed in the United States. 
SEC. 207. TECHNICAL AND CONFORMING AMENDMENTS. 
(a) FINDINGS.—Section 2 of the Iran and Libya 
Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended 
by striking paragraph (4). 
(b) DECLARATION OF POLICY.—Section 3 of the Iran 
and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) 
is amended— 
(1) in subsection (a), by striking ‘‘(a) POLICY 
WITH RESPECT TO IRAN.—’’; and 
(2) by striking subsection (b). 
(c) TERMINATION OF SANCTIONS.—Section 8 of the 
Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 
note) is amended— 
(1) in subsection (a), by striking ‘‘(a) IRAN.— 
’’; and 
(2) by striking subsection (b). 
(d) DURATION OF SANCTIONS; PRESIDENTIAL WAIV-
ER.—Section 9(c)(2)(C) of the Iran and Libya Sanctions 
Act of 1996 (50 U.S.C. 1701 note) is amended to read 
as follows: 
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‘‘(C) an estimate of the significance of the 
provision of the items described in section 5(a) 
or section 5(b) to Iran’s ability to, respectively, 
develop its petroleum resources or its weapons 
of mass destruction or other military capabili-
ties; and’’. 
(e) REPORTS REQUIRED.—Section 10(b)(1) of the 
Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 
note) is amended by striking ‘‘and Libya’’ each place it 
appears. 
(f) DEFINITIONS.—Section 14 of the Iran and Libya 
Sanctions Act of 1996 (50 U.S.C. 1701 note) is amend-
ed— 
(1) in paragraph (9)— 
(A) in the matter preceding subparagraph 
(A), by— 
(I) striking ‘‘, or with the Government 
of Libya or a nongovernmental entity in 
Libya,’’; and 
(ii) by striking ‘‘nongovenmental’’ and 
inserting ‘‘nongovernmental’’; and 
(B) in subparagraph (A), by striking ‘‘or 
Libya (as the case may be)’’; 
(2) by striking paragraph (12); and 
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(3) by redesignating paragraphs (13), (14), 
(15), (16), and (17) as paragraphs (12), (13), (14), 
(15), and (16), respectively. 
(g) SHORT TITLE.— 
(1) IN GENERAL.—Section 1 of the Iran and 
Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) 
is amended by striking ‘‘and Libya’’. 
(2) REFERENCES.—Any reference in any other 
provision of law, regulation, document, or other 
record of the United States to the ‘‘Iran and Libya 
Sanctions Act of 1996’’ shall be deemed to be a ref-
erence to the ‘‘Iran Sanctions Act of 1996’’. 
TITLE 
III—DIPLOMATIC 
EF-
FORTS TO CURTAIL IRANIAN 
NUCLEAR 
PROLIFERATION 
AND SPONSORSHIP OF INTER-
NATIONAL TERRORISM 
SEC. 301. DIPLOMATIC EFFORTS. 
(a) SENSE OF CONGRESS RELATING TO UNITED NA-
TIONS SECURITY COUNCIL
AND
THE INTERNATIONAL 
ATOMIC ENERGY AGENCY.—It is the sense of Congress 
that the President should instruct the United States Per-
manent Representative to the United Nations to work to 
secure support at the United Nations Security Council for 
a resolution that would impose sanctions on Iran as a re-
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