SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘IRGC Sanctions Act’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) The Iranian people have been seeking polit-
ical and economic freedom since 1979, and at-
tempted to gain it during the 2009 Green Revolu-
tion. 
(2) The Iranian Government, through Iran’s 
Revolutionary Guard Corps (IRGC) and its Basij 
militia auxiliaries, violently crushed the 2009 Green 
Revolution, thwarting the legitimate aspirations to 
political and economic freedom of the Iranian people 
through terrorism, extrajudicial killings, arbitrary 
imprisonment, and torture. 
(3) The Iranian Government systematically dis-
criminates against religious and ethnic minorities, 
including 
Bahais, 
Christians, 
Jews, 
Sufis, 
Zoroastrians, Kurds, Arabs, Baluchis, Turkmen, and 
Azeris, among others and denies them freedom to 
emigrate. 
(4) The United States designated the Govern-
ment of Iran as a state sponsor of terrorism in 1984 
and identified the IRGC and the IRGC–Quds Force 
as principle agents of Iran’s support for inter-
national terrorism. 
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(5) The IRGC has, since its inception in 1979, 
steadily used its illegitimate power and threat of ar-
bitrary detention, torture, and extrajudicial killing to 
gain dominance over a substantial proportion of 
Iran’s economy, the proceeds from which are being 
used to finance international terrorism, and to re-
press the legitimate aspirations to political and eco-
nomic freedom of the Iranian people. 
(6) The IRGC has a substantial and growing 
presence in Iran’s financial and commercial sectors 
and extensive economic interests in the defense pro-
duction, construction, and oil industries, among oth-
ers, controlling billions of dollars in corporate busi-
ness, among others. 
(7) The IRGC directly owns substantial shares 
in 14 companies publicly traded on the Tehran 
Stock Exchange with a combined value of $17 bil-
lion. There are an additional 13 publicly traded com-
panies with significant ownership by the IRGC, the 
Armed Forces, and the Basij militia. Taken to-
gether, these 27 companies are worth more than 20 
percent of the Tehran Stock Exchange. 
(8) In addition, the IRGC controls hundreds of 
Iranian privately held companies in nearly all sectors 
of the Iranian economy. 
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(9) Because of the authority wielded by the 
IRGC, including the ability to arbitrarily detain, in-
carcerate, torture, and kill Iranian citizens, Western 
legal norms for evaluating control of business enti-
ties do not apply. Thus, IRGC influence over Iranian 
economic activity may be vastly more pervasive than 
may be mathematically calculated using standard 
Western methodologies. 
(10) The Joint Comprehensive Plan of Action’s 
termination of sanctions on Iran will inevitably open 
the global economy to these corporations, broadening 
the scope of the ability of the IRGC to profit, includ-
ing through international money laundering, and to 
use its increasing economic resources to conduct ter-
rorist attacks around the globe. 
SEC. 3. STATEMENT OF POLICY. 
It shall be the policy of the United States that— 
(1) in order to protect United States citizens 
and businesses and the international community 
from the expanding terrorist, financial, and commer-
cial network of Iran’s Revolutionary Guard Corps 
(IRGC), also known as the Army of the Guardians 
of the Iranian Revolution and the Iranian Revolu-
tionary Guard Corps, and to assist Iranian entre-
preneurs, businesses, workers, and farmers who 
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want to participate lawfully in the global economy, 
the United States shall seek to prevent the IRGC 
from obtaining financial benefit from Iran’s post- 
Joint Comprehensive Plan of Action access to the 
global economy; and 
(2) any and all financial transactions with sub-
sidiaries or affiliates of the IRGC shall be treated as 
a financial transaction with the IRGC as a whole. 
SEC. 4. CONGRESSIONAL APPROVAL OF RESCISSION OF DE-
TERMINATION OF STATE SPONSORS OF TER-
RORISM. 
(a) 
ARMS
EXPORT
CONTROL
ACT.—Section 
40(f)(2)(A) of the Arms Export Control Act (22 U.S.C. 
2780(f)(2)(A)) is amended to read as follows: 
‘‘(A) In addition to meeting the requirements of 
subparagraph (A) and (B) of paragraph (1), a deter-
mination made by the Secretary of State under sub-
section (d) may be rescinded only if Congress, within 
45 days after receipt of a report under paragraph 
(1)(B) with respect to a proposed rescission of such 
determination, enacts a joint resolution the matter 
after the resolving clause of which is as follows: 
‘That the proposed rescission of the determination 
under section 40(d) of the Arms Export Control Act 
pursuant to the report submitted to the Congress on 
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lll is hereby approved.’, the blank to be com-
pleted with the appropriate date.’’. 
(b) FOREIGN ASSISTANCE ACT OF 1961.—Section 
620A of the Foreign Assistance Act of 1961 (22 U.S.C. 
2371) is amended— 
(1) by redesignating subsection (d) as sub-
section (e); and 
(2) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) ADDITIONAL REQUIREMENT WITH RESPECT TO 
RESCISSION.— 
‘‘(1) IN GENERAL.—In addition to meeting the 
requirements of paragraphs (1) and (2) of sub-
section (c), a determination made by the Secretary 
of State under subsection (a) may be rescinded only 
if Congress, within 45 days after receipt of a report 
under subsection (c)(2) with respect to a proposed 
rescission of such determination, enacts a joint reso-
lution the matter after the resolving clause of which 
is as follows: ‘That the proposed rescission of the de-
termination under section 620A(a) of the Foreign 
Assistance Act of 1961 pursuant to the report sub-
mitted to the Congress on lll is hereby ap-
proved.’, the blank to be completed with the appro-
priate date. 
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‘‘(2) CONGRESSIONAL
PROCEDURES.—A joint 
resolution described in paragraph (1) and introduced 
within the appropriate 45-day period shall be consid-
ered in the Senate and the House of Representatives 
in accordance with paragraphs (3) through (7) of 
section 8066(c) of the Department of Defense Ap-
propriations Act (as contained in Public Law 98– 
473), except that references in such paragraphs to 
the Committees on Appropriations of the House of 
Representatives and the Senate shall be deemed to 
be references to the Committee on Foreign Affairs 
of the House of Representatives and the Committee 
on Foreign Relations of the Senate, respectively.’’. 
(c) EXPORT ADMINISTRATION ACT OF 1979.—Sec-
tion 6(j) of the Export Administration Act of 1979 (50 
U.S.C. App. 2405) (as continued in effect pursuant to the 
International Emergency Economic Powers Act) is amend-
ed— 
(1) by redesignating paragraphs (5) and (6) as 
paragraphs (6) and (7), respectively; and 
(2) by inserting after paragraph (4) the fol-
lowing: 
‘‘(5)(A) In addition to meeting the require-
ments of subparagraphs (A) and (B) of paragraph 
(4), a determination made by the Secretary of State 
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under paragraph (1)(A) may be rescinded only if 
Congress, within 45 days after receipt of a report 
under paragraph (4)(B) with respect to a proposed 
rescission of such determination, enacts a joint reso-
lution the matter after the resolving clause of which 
is as follows: ‘That the proposed rescission of the de-
termination under section 6(j)(1)(A) of the Export 
Administration Act of 1979 (as continued in effect 
pursuant to the International Emergency Economic 
Powers Act) pursuant to the report submitted to the 
Congress on lll is hereby approved.’, the blank 
to be completed with the appropriate date. 
‘‘(B) A joint resolution described in subpara-
graph (A) and introduced within the appropriate 45- 
day period shall be considered in the Senate and the 
House of Representatives in accordance with para-
graphs (3) through (7) of section 8066(c) of the De-
partment of Defense Appropriations Act (as con-
tained in Public Law 98–473), except that ref-
erences in such paragraphs to the Committees on 
Appropriations of the House of Representatives and 
the Senate shall be deemed to be references to the 
Committee on Foreign Affairs of the House of Rep-
resentatives and the Committee on Foreign Rela-
tions of the Senate, respectively.’’. 
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(d) EFFECTIVE DATE.—The amendments made by 
subsections (a), (b), and (c) take effect on the date of the 
enactment of this Act and apply with respect to a proposed 
rescission of a determination of the Secretary of State 
under section 40(d) of the Arms Export Control Act, sec-
tion 620A of the Foreign Assistance Act of 1961, or sec-
tion 6(j) of the Export Administration Act of 1979 (as 
continued in effect pursuant to the International Emer-
gency Economic Powers Act), respectively, that is con-
tained in any report submitted under any such section on 
or after such date of enactment. 
SEC. 5. APPLICATION OF TITLE IV OF THE TRADE ACT OF 
1974 TO IRAN. 
On and after the date of the enactment of this Act, 
title IV of the Trade Act of 1974 (19 U.S.C. 2431 et seq.) 
shall apply to Iran. 
SEC. 6. PROHIBITIONS ON FINANCIAL TRANSACTIONS WITH 
IRAN’S REVOLUTIONARY GUARD CORPS AND 
ITS AFFILIATES AND ENTITIES OWNED OR 
CONTROLLED BY IRAN’S REVOLUTIONARY 
GUARD CORPS AND ITS AFFILIATES. 
(a) IN GENERAL.—Title III of the Iran Threat Re-
duction and Syria Human Rights Act of 2012 (22 U.S.C. 
8741 et seq.) is amended by adding at the end the fol-
lowing: 
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‘‘Subtitle C—Prohibitions on Finan-
cial Transactions With Iran’s 
Revolutionary Guard Corps and 
Its 
Affiliates 
and 
Entities 
Owned or Controlled by Iran’s 
Revolutionary Guard Corps and 
Its Affiliates 
‘‘SEC. 321. PROHIBITIONS ON FINANCIAL TRANSACTIONS 
WITH IRAN’S REVOLUTIONARY GUARD CORPS 
AND ITS AFFILIATES AND ENTITIES OWNED 
OR CONTROLLED BY IRAN’S REVOLUTIONARY 
GUARD CORPS AND ITS AFFILIATES. 
‘‘(a) IN GENERAL.—Except as provided in sub-
sections (b) and (c), beginning on the date that is 30 days 
after the date of the enactment of the IRGC Sanctions 
Act, and notwithstanding any other provision of law, a 
United States person may not knowingly engage in any 
financial transaction with, or transfer of funds to, any of 
the following: 
‘‘(1) Iran’s Revolutionary Guard Corps or any 
subdivision of Iran’s Revolutionary Guard Corps, in-
cluding Iran’s Revolutionary Guard Corps–Quds 
Force. 
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‘‘(2) Any person that is an agent, alias, front, 
instrumentality, or affiliate of any entity specified in 
paragraph (1). 
‘‘(3) Any person that is owned or controlled by 
an entity specified in paragraph (1) or a person 
specified in paragraph (2). 
‘‘(4) Any natural person who is a representa-
tive, official, or senior member of any entity speci-
fied in paragraph (1). 
‘‘(5) Any person— 
‘‘(A) for the purpose of avoiding a finan-
cial transaction with, or transfer of funds to, an 
individual or entity specified in any of para-
graphs (1) through (4); or 
‘‘(B) for the benefit of an individual or en-
tity specified in any of paragraphs (1) through 
(4). 
‘‘(b) EXCEPTION UNDER TITLE V OF NATIONAL SE-
CURITY ACT
OF 1947.—The prohibitions on financial 
transactions and transfers of funds under subsection (a) 
shall not apply with respect to any activities subject to 
reporting requirements under title V of the National Secu-
rity Act of 1947. 
‘‘(c) IMPLEMENTATION; PENALTIES.— 
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‘‘(1) IMPLEMENTATION.—The President shall 
exercise all authorities under sections 203 and 205 
of the International Emergency Economic Powers 
Act (50 U.S.C. 1702 and 1704) to carry out this 
section, except that the President— 
‘‘(A) shall not issue any general license au-
thorizing, or otherwise authorize, any activity 
prohibited under subsection (a); and 
‘‘(B) shall require any United States per-
son seeking to engage in a financial transaction 
or transfer of funds prohibited under subsection 
(a) to submit a written request to the Office of 
Foreign Assets Control of the Department of 
the Treasury. 
‘‘(2) PENALTIES.—A person that violates, at-
tempts to violate, conspires to violate, or causes a 
violation of subsection (a) or any regulation, license, 
or order issued to carry out subsection (a) shall be 
subject to the penalties set forth in subsections (b) 
and (c) of section 206 of the International Emer-
gency Economic Powers Act (50 U.S.C. 1705) to the 
same extent as a person that commits an unlawful 
act described in subsection (a) of that section. 
‘‘(d) CODIFICATION OF SPECIALLY DESIGNATED NA-
TIONALS AND BLOCKED PERSONS.—On or after the date 
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of the enactment of the IRGC Sanctions Act, any person 
that meets any of the criteria of paragraphs (2) through 
(5) of subsection (a) and is included on the list of specially 
designated nationals and blocked persons maintained by 
the Office of Foreign Assets Control of the Department 
of the Treasury, may not be removed from such list unless 
there is enacted a joint resolution stating that there exists 
convincing evidence that Iran’s Revolutionary Guard 
Corps is completely divested from the person and pro-
viding for the removal of such person from such list. 
‘‘(e) DEFINITIONS.—In this section: 
‘‘(1) 
CONTROLLED.—The 
term 
‘controlled’ 
means, with respect to a person, to possess, directly 
or indirectly, the power to direct or cause the direc-
tion of the management and policies of the person, 
whether through— 
‘‘(A) ownership of the person; 
‘‘(B) a member or members of the board 
of directors of the person; or 
‘‘(C) threat of arbitrary detention, impris-
onment, torture, or killing, or otherwise. 
‘‘(2) KNOWINGLY.—The term ‘knowingly’, with 
respect to conduct, a circumstance, or a result, has 
the meaning given that term in section 101 of the 
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Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 (22 U.S.C. 8511). 
‘‘(3) 
OWNED
OR
OWNERSHIP.—The 
term 
‘owned’ or ‘ownership’ means, with respect to a per-
son— 
‘‘(A) to hold more than 10 percent of the 
equity interest by vote or value in the person; 
‘‘(B) to hold a majority of seats on the 
board of directors of the person; or 
‘‘(C) to otherwise direct the actions, poli-
cies, or personnel decisions of the person. 
‘‘(4) PERSON.—The term ‘person’ means— 
‘‘(A) a natural person, corporation, com-
pany, business association, partnership, society, 
trust, or any other nongovernmental entity, or-
ganization, or group; 
‘‘(B) any governmental entity or instru-
mentality of a government; 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) UNITED
STATES
PERSON.—The term 
‘United States person’ has the meaning given such 
term in section 101 of the Comprehensive Iran 
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Sanctions, Accountability, and Divestment Act of 
2010 (22 U.S.C. 8511). 
‘‘SEC. 322. REPORT ON THE ROLE OF IRAN’S REVOLU-
TIONARY GUARD CORPS IN THE ECONOMY 
AND FOREIGN RELATIONSHIPS OF IRAN. 
‘‘Not later than 90 days after the date of the enact-
ment of the IRGC Sanctions Act, and on a quarterly basis 
thereafter, the President shall submit to Congress a report 
that— 
‘‘(1) describes all financial and commercial ac-
tivities of Iran’s Revolutionary Guard Corps or any 
subdivision of Iran’s Revolutionary Guard Corps, in-
cluding Iran’s Revolutionary Guard Corps–Quds 
Force, and any person that is an agent, alias, front, 
instrumentality, or affiliate of any such entity; and 
‘‘(2) contains the watch list established and up-
dated under section 323. 
‘‘SEC. 
323. 
WATCH 
LIST 
OF 
CERTAIN 
PERSONS 
TRANSITIONING ON OR OFF THE LIST OF 
SPECIALLY DESIGNATED NATIONALS AND 
BLOCKED PERSONS. 
‘‘(a) ESTABLISHMENT.—The President shall estab-
lish and update as appropriate a watch list of— 
‘‘(1) persons that the President determines 
meet any of the criteria of paragraphs (2) through 
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(5) of section 321(a) and are not included on the list 
of specially designated nationals and blocked persons 
maintained by the Office of Foreign Assets Control 
of the Department of the Treasury; and 
‘‘(2) persons that are Iranian persons that meet 
the requirements described in section 321(a)(3) and 
have been removed from the list of specially des-
ignated nationals and blocked persons maintained by 
the Office of Foreign Assets Control of the Depart-
ment of the Treasury in accordance with the terms 
of United Nations Security Council Resolution 2231 
(2015) and the Joint Comprehensive Plan of Action. 
‘‘(b) REMOVAL.—Except as provided in subsection 
(a)(2), the President may remove a person listed on the 
watch list described in subsection (a) if— 
‘‘(1) on or after the date of the enactment of 
the IRGC Sanctions Act, the person is included on 
the list of specially designated nationals and blocked 
persons maintained by the Office of Foreign Assets 
Control of the Department of the Treasury; or 
‘‘(2) the person no longer meets any of the cri-
teria of paragraphs (2) through (5) of section 
321(a). 
‘‘(c) DEFINITION.—In this section, the term ‘Joint 
Comprehensive Plan of Action’ means the Joint Com-
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prehensive Plan of Action, agreed to at Vienna July 14, 
2015, by Iran and by the People’s Republic of China, 
France, Germany, the Russian Federation, the United 
Kingdom and the United States, with the High Represent-
ative of the European Union for Foreign Affairs and Secu-
rity Policy, and all implementing materials and agree-
ments related to the Joint Comprehensive Plan of Ac-
tion.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Iran Threat Reduction and Syria Human Rights 
Act of 2012 is amended by inserting at the end of the 
items relating to title III the following: 
‘‘Subtitle C—Prohibitions on Financial Transactions With Iran’s Revolu-
tionary Guard Corps and Its Affiliates and Entities Owned or Controlled 
by Iran’s Revolutionary Guard Corps and Its Affiliates 
‘‘Sec. 321. Prohibitions on financial transactions with Iran’s Revolutionary 
Guard Corps and its affiliates and entities owned or controlled 
by Iran’s Revolutionary Guard Corps and its affiliates. 
‘‘Sec. 322. Report on the role of Iran’s Revolutionary Guard Corps in the econ-
omy and foreign relationships of Iran. 
‘‘Sec. 323. Watch list of certain persons transitioning on or off the list of spe-
cially designated nationals and blocked persons.’’. 
SEC. 7. DISCLOSURES TO THE SECURITIES AND EXCHANGE 
COMMISSION RELATING TO SANCTIONABLE 
ACTIVITIES. 
(a) IN GENERAL.—Section 13(r) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78m(r)) is amended— 
(1) in paragraph (1)— 
(A) in subparagraph (C), by striking ‘‘or’’ 
at the end; 
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(B) in subparagraph (D)(iii), by striking 
period at the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(E) knowingly engaged in any financial 
transaction with, or transferred funds to— 
‘‘(i) Iran’s Revolutionary Guard Corps 
or any subdivision of Iran’s Revolutionary 
Guard Corps, including Iran’s Revolu-
tionary Guard Corps–Quds Force; 
‘‘(ii) any person that is an agent, 
alias, front, instrumentality, or affiliate of 
any entity specified in clause (i); 
‘‘(iii) any person that is owned or con-
trolled by an entity specified in clause (i) 
or a person specified in clause (ii); 
‘‘(iv) any natural person who is a rep-
resentative, official, or senior member of 
any entity specified in clause (i); or 
‘‘(v) any person— 
‘‘(I) for the purpose of avoiding a 
financial transaction with, or transfer 
of funds to, an individual or entity 
specified in any of clauses (i) through 
(iv); or 
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‘‘(II) for the benefit of an indi-
vidual or entity specified in any of 
clauses (i) through (iv).’’; 
(2) by redesignating paragraph (6) as para-
graph (8); and 
(3) by inserting after paragraph (5) the fol-
lowing: 
‘‘(6) TREATMENT
OF
PERSONS
RELYING
ON 
REGULATION D.—Any person that is not required to 
file an annual or quarterly report under subsection 
(a) but that offers or sells securities in reliance on 
an exemption provided under Regulation D (17 
C.F.R. 230.500 et seq.) shall file a quarterly report 
with the Commission containing the information re-
quired by paragraph (2) if, during the previous 
quarter, the person or any affiliate of the person 
took any action described in paragraph (1)(E). 
‘‘(7) DEFINITIONS.—In paragraph (1)(E), the 
terms ‘controlled’, ‘knowingly’, and ‘owned’ have the 
respective meanings given such terms in section 
321(e) of the Iran Threat Reduction and Syria 
Human Rights Act of 2012.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall take effect with respect to reports re-
quired to be filed with the Securities and Exchange Com-
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mission after the date that is 180 days after the date of 
the enactment of this Act. 
Æ 
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