ceipt of, any goods or services to or from the 
Islamic State of Iraq and Syria. 
(B) APPLICABILITY
TO
CONTRACTS
AND 
OTHER AGREEMENTS.—A person engages in an 
activity described in subparagraph (A) without 
regard to whether the activity is carried out 
pursuant to a contract or other agreement en-
tered into before, on, or after the date of the 
enactment of this Act. 
(3) SPECIAL
RULE
TO
ALLOW
FOR
TERMI-
NATION
OF
SANCTIONABLE
ACTIVITY.—The Presi-
dent shall not be required to include a person on the 
list required by paragraph (1) if the President cer-
tifies in writing to the appropriate congressional 
committees that— 
(A) the person is no longer engaging in, or 
has taken significant verifiable steps toward 
stopping, the activity described in paragraph 
(2) for which the President would otherwise 
have included the person on the list; and 
(B) the President has received reliable as-
surances that the person will not knowingly en-
gage in any activity described in paragraph (2) 
in the future. 
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(4) UPDATES
OF
LIST.—The President shall 
submit to the appropriate congressional committees 
an updated list under paragraph (1) as new infor-
mation becomes available. 
(5) FORM OF REPORT; PUBLIC AVAILABILITY.— 
(A) FORM.—The list required by para-
graph (1) shall be submitted in unclassified 
form but may contain a classified annex. 
(B) PUBLIC AVAILABILITY.—The unclassi-
fied portion of the list required by paragraph 
(1) shall be made available to the public and 
posted on the websites of the Department of the 
Treasury and the Department of State. 
(c) APPLICATION OF SANCTIONS.— 
(1) IN GENERAL.—The President shall impose 
sanctions described in paragraph (2) with respect to 
a person on the list required by subsection (b). 
(2) SANCTIONS.—The sanctions described in 
this paragraph are the following: 
(A) No assistance may be provided to the 
person under the Foreign Assistance Act of 
1961 (22 U.S.C. 2151 et seq.) or the Arms Ex-
port Control Act (22 U.S.C. 2751 et seq.). 
(B) The United States Government may 
not procure, or enter into any contract for the 
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procurement of, any goods or services from the 
person. 
(C) The President may impose additional 
sanctions, as appropriate, with respect to the 
person in accordance with the International 
Emergency Economic Powers Act (50 U.S.C. 
1701 et seq.). 
(d) DEFINITIONS.—In this section: 
(1) FOREIGN PERSON.—The term ‘‘foreign per-
son’’ means— 
(A) an individual who is not a United 
States person or an alien lawfully admitted for 
permanent residence into the United States; or 
(B) a corporation, partnership, or other 
nongovernmental entity which is not a United 
States person. 
(2) PERSON.— 
(A) IN
GENERAL.—The term ‘‘person’’ 
means— 
(i) a natural person; 
(ii) a corporation, business associa-
tion, partnership, society, trust, financial 
institution, insurer, underwriter, guar-
antor, and any other business organization, 
any other nongovernmental entity, organi-
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zation, or group, and any governmental en-
tity operating as a business enterprise; and 
(iii) any successor to any entity de-
scribed in clause (ii). 
(B) APPLICATION TO GOVERNMENTAL EN-
TITIES.—The term ‘‘person’’ does not include a 
government or governmental entity that is not 
operating as a business enterprise. 
(3) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’ means— 
(A) a natural person who is a citizen of the 
United States or who owes permanent alle-
giance to the United States; and 
(B) a corporation or other legal entity 
which is organized under the laws of the United 
States, any State or territory thereof, or the 
District of Columbia, if natural persons de-
scribed in subparagraph (A) own, directly or in-
directly, more than 50 percent of the out-
standing capital stock or other beneficial inter-
est in such legal entity. 
SEC. 4. REGULATORY AUTHORITY. 
(a) IN GENERAL.—Not later than 90 days after the 
date of the enactment of this Act, the President shall pro-
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mulgate regulations as necessary for the implementation 
of this Act. 
(b) NOTIFICATION TO CONGRESS.—Not later than 10 
days before the promulgation of regulations under sub-
section (a), the President shall notify the appropriate con-
gressional committees of such proposed regulations. 
SEC. 5. TERMINATION. 
This Act shall cease to be in effect beginning 30 days 
after the date on which the President certifies to Congress 
that the Islamic State of Iraq and Syria— 
(1) is no longer designated as a foreign ter-
rorist organization pursuant to section 219 of the 
Immigration and Nationality Act (8 U.S.C. 1189); 
(2) is no longer listed in the Annex to Executive 
Order No. 13224 (September 23, 2001; relating to 
blocking property and prohibiting transactions with 
persons who commit, threaten to commit, or support 
terrorism); and 
(3) poses no significant threat to United States 
national security, interests, or allies. 
SEC. 6. RULE OF CONSTRUCTION. 
Nothing in this Act shall apply to the authorized in-
telligence activities of the United States. 
SEC. 7. DEFINITIONS. 
In this Act: 
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(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Foreign Affairs and 
the Committee on Financial Services of the 
House of Representatives; and 
(B) the Committee on Foreign Relations 
and the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
(2) ISLAMIC STATE OF IRAQ AND SYRIA.—The 
term ‘‘Islamic State of Iraq and Syria’’ includes— 
(A) any person— 
(i) the property of or interests in 
property of which are blocked pursuant to 
the International Emergency Economic 
Powers Act (50 U.S.C. 1701 et seq.); and 
(ii) who is identified on the list of spe-
cially designated nationals and blocked 
persons maintained by the Office of For-
eign Asset Control of the Department of 
the Treasury as an agent, instrumentality, 
or affiliate of the Islamic State of Iraq and 
Syria; and 
(B) the entity designated by the Secretary 
of State as a foreign terrorist organization pur-
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