national reputation of the United States as a reliable sup-
plier of products, agricultural commodities, technology,
and services, and the economic well-being and inter-
national competitive position of United States industries,
firms, workers, farmers, and communities.
(h) WAIVER IN CASE OF NATIONAL EMERGENCY.—
The President may waive any of the requirements of sub-
sections (a), (b), (c), (d)(1)(B), (e)(1), (f), and (g), in the
event that the President determines that there exists a na-
tional emergency that requires the exercise of the waiver.
In the event of such a waiver, the requirements waived
shall be met during the 60-day period immediately fol-
lowing the imposition of the unilateral economic sanction,
and the sanction shall terminate 90 days after being im-
posed unless such requirements are met. The President
may also waive any of the requirements of paragraphs
(1)(D), (1)(E), and (2) of subsection (d) with respect to
a new unilateral economic sanction in the event that the
President determines that the new unilateral economic
sanction is related to actual or imminent armed conflict
involving the United States.
(i) SANCTIONS REVIEW COMMITTEE.—
(1) ESTABLISHMENT.—There is established
within the executive branch of the Government an
interagency committee, which shall be known as the
‘‘Sanctions Review Committee’’, which shall have the
responsibility of coordinating United States policy
regarding unilateral economic sanctions and of pro-
viding appropriate recommendations to the President
prior to any decision regarding the implementation
of any unilateral economic sanction. The Committee
shall be composed of the following 11 members, and
any other member the President deems appropriate:
(A) The Secretary of State.
(B) The Secretary of the Treasury.
(C) The Secretary of Defense.
(D) The Secretary of Agriculture.
(E) The Secretary of Commerce.
(F) The Secretary of Energy.
(G) The United States Trade Representa-
tive.
(H) The Director of the Office of Manage-
ment and Budget.
(I) The Chairman of the Council of Eco-
nomic Advisers.
(J) The Assistant to the President for Na-
tional Security Affairs.
(K) The Assistant to the President for
Economic Policy.
(2) CHAIR.—The President shall designate one
of the members specified in paragraph (1) to serve
as chair of the Sanctions Review Committee.
(j) INAPPLICABILITY OF OTHER PROVISIONS.—This
section applies notwithstanding any other provision of law.
SEC. 8. PRESIDENTIAL WAIVER AUTHORITY FOR CERTAIN
SANCTIONS.
(a) AUTHORITY.—Notwithstanding any other provi-
sion of this or any other Act, the President may waive
the application of any sanction or prohibition (or portion
thereof) contained in section 101 or 102 of the Arms Ex-
port Control Act, section 620E(e) of the Foreign Assist-
ance Act of 1961, or section 2(b)(4) of the Export-Import
Bank Act of 1945 for periods of 6 months each if he deter-
mines that such a waiver would advance the purposes of
such Acts or the national security interests of the United
States.
(b) CONSULTATION.—Prior to exercising the waiver
authority under subsection (a), the President shall consult
with the appropriate committees. Such consultations may
be conducted on a classified basis if disclosure would
threaten the national security of the United States.
(c) REPORTS.—At least once in every 6-month period
after exercising the waiver authority under subsection (a),
the President shall report to the appropriate committees
with respect to the actions taken, during that 6-month pe-
riod, concerning the acts of the foreign country or person
concerned prompting the sanctions for which the waiver
was granted, and the reasons that continuation of such
waiver remains in the national security interest of the
United States.
SEC. 9. ANNUAL REPORTS.
(a) ANNUAL REPORT.—Not later than 6 months
after the date of the enactment of this Act, and annually
thereafter, unless otherwise required by law, the President
shall submit to the appropriate committees a report detail-
ing with respect to each country or entity against which
a unilateral economic sanction has been imposed—
(1) the extent to which the sanction has
achieved foreign policy or national security objectives
of the United States with respect to that country or
entity;
(2) the extent to which the sanction has harmed
humanitarian interests in that country, the country
in which that entity is located, or in other countries;
and
(3) the impact of the sanction on other national
security and foreign policy interests of the United
States, including relations with countries friendly to
the United States, and on the United States econ-
omy.
(b) REPORT
BY
THE
UNITED
STATES
INTER-
NATIONAL
TRADE
COMMISSION.—Not later than 6
months after the date of the enactment of this Act, and
annually thereafter, the United States International Trade
Commission shall report to the appropriate committees on
the costs, individually and in the aggregate, of all unilat-
eral economic sanctions in effect under United States law,
regulation, or Executive order. The calculation of such
costs shall include an assessment of the impact of such
measures on the international reputation of the United
States as a reliable supplier of products, agricultural com-
modities, technology, and services.
Æ