To amend the Iran Sanctions Act of 1996 to expand and clarify the entities against which sanctions may be imposed.

Bill: 110-hr-957
Sponsor: Rep. Ros-Lehtinen, Ileana [R-FL-18]
Introduced: 2007-02-08 in the House
Policy area: International Affairs
Subjects: Commerce
Commercial blacklisting
Energy
Export finance
Finance and Financial Sector
Financial institutions
Foreign Trade and International Finance
Foreign corporations
Insurance companies
Iran
Liquefied natural gas
Middle East and North Africa
Petroleum
Sanctions (International law)
Subsidiary corporations

Summary:
action_date: 2007-02-08
text: 
Amends the Iran Sanctions Act of 1996 to redefine: (1) &quot;person&quot; to include financial institutions, insurers, underwriters, guarantors, other business organizations including foreign subsidiaries, and export credit agencies; and (2) &quot;petroleum resources&quot; to include petroleum by-products and liquified natural gas.

action_date: 2007-05-22
text: 
Amends the Iran Sanctions Act of 1996 to redefine: (1) &quot;person&quot; to include financial institutions, insurers, underwriters, guarantors, other business organizations including foreign subsidiaries, and export credit agencies; and (2) &quot;petroleum resources&quot; to include petroleum by-products and liquified natural gas.
 
Subjects a parent company to sanctions for activities committed by its foreign subsidiary entity if such activities would violate U.S. law if committed by the parent company.
 
Defines &quot;parent company&quot; and &quot;entity.&quot;

action_date: 2007-07-31
text: 
Amends the Iran Sanctions Act of 1996 to redefine: (1) &quot;person&quot; to include financial institutions, insurers, underwriters, guarantors, other business organizations including foreign subsidiaries, and export credit agencies; and (2) &quot;petroleum resources&quot; to include petroleum refining capacity and liquified natural gas.
 
States that such amendments shall not be construed to require the imposition of sanctions against any natural person or entity that is not specifically described in the definition of &quot;person&quot; (as redefined by this Act).
 
Subjects a parent company to sanctions for activities of an entity for an act outside the United States which if committed in the United States or by a U.S. person would violate Executive Order No. 12959, Executive Order No. 13059, or any other prohibition on transactions with respect to Iran under the International Emergency Economic Powers Act if the entity was created or availed of in order to engage in such an act. 
 
States that such provision shall not apply to any act carried out under a contract or obligation if: (1) the contract or obligation existed on May 22, 2007, unless such contract or obligation is extended in time or expanded to cover additional activities beyond the terms of the contract or obligation as it existed on May 22, 2007; or (2) the parent company acquired the entity not knowing, and not having reason to know, that such contract or obligation existed, unless such contract or obligation is extended in time or expanded to cover additional activities beyond the terms of such contract or obligation as it existed at the time of acquisition. 
 
Defines &quot;parent company,&quot; &quot;United States person,&quot; and &quot;entity.&quot;


Legislative actions:
action_date: 2007-08-03
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2007-08-01
text: Received in the Senate.
action_date: 2007-07-31
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2007-07-31
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 11 (Roll no. 772). (text: CR H8866)
action_date: 2007-07-31
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 11 (Roll no. 772).(text: CR H8866)
action_date: 2007-07-31
text: Considered as unfinished business. (consideration: CR H9229)
action_date: 2007-07-30
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2007-07-30
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 957.
action_date: 2007-07-30
text: Considered under suspension of the rules. (consideration: CR 7/31/2007 H8866-8868)
action_date: 2007-07-30
text: Mr. Faleomavaega moved to suspend the rules and pass the bill, as amended.
action_date: 2007-07-13
text: Placed on the Union Calendar, Calendar No. 144.
action_date: 2007-07-13
text: Committee on Ways and Means discharged.
action_date: 2007-07-13
text: Committee on Ways and Means discharged.
action_date: 2007-07-13
text: Committee on Financial Services discharged.
action_date: 2007-07-13
text: Committee on Financial Services discharged.
action_date: 2007-06-29
text: House Committee on Financial Services Granted an extension for further consideration ending not later than July 13, 2007.
action_date: 2007-06-29
text: House Committee on Ways and Means Granted an extension for further consideration ending not later than July 13, 2007.
action_date: 2007-05-22
text: House Committee on Ways and Means Granted an extension for further consideration ending not later than June 29, 2007.
action_date: 2007-05-22
text: House Committee on Financial Services Granted an extension for further consideration ending not later than June 29, 2007.
action_date: 2007-05-22
text: Committee on Oversight and Government discharged.
action_date: 2007-05-22
text: Committee on Oversight and Government discharged.
action_date: 2007-05-22
text: Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 110-163, Part I.
action_date: 2007-05-22
text: Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 110-163, Part I.
action_date: 2007-02-20
text: Referred to the Subcommittee on Trade.
action_date: 2007-02-15
text: Committee Agreed to Seek Consideration Under Suspension of the Rules, (Amended).
action_date: 2007-02-15
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-02-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-02-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-02-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-02-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-02-08
text: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-02-08
text: Introduced in House
action_date: 2007-02-08
text: Introduced in House