Iran Sanctions Enabling Act of 2007

Bill: 110-hr-2347
Sponsor: Rep. Frank, Barney [D-MA-4]
Introduced: 2007-05-16 in the House
Policy area: International Affairs
Subjects: American investments
Armed Forces and National Security
Arms control
Arms sales
Ballistic missiles
Bank loans
Biological warfare
Chemical warfare
Civil actions and liability
Civil service retirement
Colleges
Commercial blacklisting
Congress
Congress and foreign policy
Congressional oversight
Congressional reporting requirements
Crime and Law Enforcement
Criminal liability
Development credit institutions
Directories
Education
Employee benefit plans
Energy
Federal employees
Federal preemption
Finance and Financial Sector
Foreign Trade and International Finance
Foreign investments
Foreign loans
Gas industry
Genocide
Government Operations and Politics
Government publicity
Higher education
International banking
Investment of public funds
Iran
Israel
Labor and Employment
Law
Liability (Law)
Middle East and North Africa
Military technology
Mutual funds
Nuclear nonproliferation
Nuclear weapons
Petroleum industry
President and foreign policy
Sanctions (International law)
Science, Technology, Communications
State-sponsored terrorism
Technology transfer
Terrorism
Trusts and trustees

Summary:
action_date: 2007-05-16
text: 
Iran Sanctions Enabling Act of 2007 - Directs the Secretary of the Treasury to: (1) publish biannually in the Federal Register a list of each person, whether within or outside of the United States, that has an investment of more than $20 million in the energy sector in Iran; and (2) maintain on the website of the Department of the Treasury the names of the persons on such list.
 
States it is the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in, persons that have investments of more than $20 million in Iran's energy sector. 
 
Authorizes a state or local government to adopt and enforce measures to divest its assets from, or prohibit investment of assets in, persons included on the most recent list.

Amends the Investment Company Act of 1940 to shield any registered investment company from civil, criminal, or administrative action based upon its divesting from, or avoiding investing in, securities issued by companies included on such most recent list.
 
Amends the Employee Retirement Income Security Act of 1974 to shield from treatment as breaching a fiduciary duty any person divesting plan assets from, or avoiding investing plan assets in, persons included on such most recent list.
 
Expresses the sense of Congress that the Federal Retirement Thrift Investment Board should initiate efforts to provide a terror-free international investment option among the funds of the Thrift Savings Fund. 

action_date: 2007-07-30
text: 
Iran Sanctions Enabling Act of 2007 - (Sec. 3) Directs the President to ensure: (1) biannual publication in the Federal Register of a list of each person, whether within or outside of the United States, that has an investment of more than $20 million in the energy sector in Iran and each person that is an international financial institution that, as of the date of publication, has any investment in the energy sector in Iran; and (2) that such list is updated and published on a government website. 

Defines &quot;international financial institution&quot; as the International Bank for Reconstruction and Development, the International Monetary Fund, and the United Nations.

Requires the list to describe to the extent practicable the investment made by each listed person, including dollar value, intended purpose, and status as of the date of publication.

Declares it is the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in, persons that have investments of more than $20 million in Iran's energy sector. 

Authorizes a state or local government to adopt and enforce measures to divest its assets from, or prohibit investment of assets in: (1) persons included on the most recent list; and (2) persons having an investment in, or carrying on a trade or business in or with, Iran.

(Sec. 5) Amends the Investment Company Act of 1940 to shield any registered investment company from civil, criminal, or administrative action based upon its divesting from, or avoiding investing in, securities issued by companies included on such most recent list.

(Sec. 6) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to shield from treatment as breaching a fiduciary duty any person divesting plan assets from, or avoiding investing plan assets in, persons included on such most recent list.

(Sec. 7) Expresses the sense of Congress that the Federal Retirement Thrift Investment Board should initiate efforts to provide a terror-free international investment option among the funds of the Thrift Savings Fund. 

(Sec. 9) Terminates this Act 30 days after the President certifies to Congress that the government of Iran has ceased: (1) providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state-sponsor of terrorism; and (2) the pursuit, acquisition, and development of nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology.

action_date: 2007-07-31
text: 
Iran Sanctions Enabling Act of 2007 - (Sec. 3) Directs the President to ensure biannual publication in the Federal Register of a list of each person that: (1) has an investment of more than $20 million in the energy sector in Iran; (2) sells arms to the government of Iran; or (3) is a financial institution that extends $20 million or more in credit for 45 days or more to the government of Iran.

Instructs the President to use only publicly available (including proprietary) information when compiling such list.

Requires the list to: (1) describe to the extent practicable the investment made by each listed person, including dollar value, intended purpose, and status as of the date of publication; and (2) be updated and published on a government website.

Declares it is the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in: (1) persons that have investments of more than $20 million in Iran's energy sector; (2) persons that sell arms to the government of Iran; and (3) financial institutions that extend $20 million or more in credit for 45 days or more to the government of Iran.

Authorizes a governmental entity to adopt and enforce measures to divest its assets from, or prohibit investment of assets in a person that: (1) is included on the most recent list; (2) sells arms to the government of Iran; (3) is a financial institution that extends $20 million or more in credit for 45 days or more to the government of Iran; or (4) is included on a state or local government-authorized list of entities invested in or doing business in or with Iran.

(Sec. 5) Amends the Investment Company Act of 1940 to shield any registered investment company from civil, criminal, or administrative action based solely upon its divesting from, or avoiding investing in, securities issued by companies included on such most recent list.

(Sec. 6) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to shield from treatment as breaching a fiduciary duty any person divesting plan assets from, or avoiding investing plan assets in, persons included on such most recent list.

(Sec. 9) Terminates this Act 30 days after the President certifies to Congress that the government of Iran has ceased: (1) providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state-sponsor of terrorism; and (2) the pursuit, acquisition, and development of nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology.


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: The title of the measure was amended. Agreed to without objection.
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): 408 - 6 (Roll no. 765). (text: CR H8855-8856)
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): 408 - 6 (Roll no. 765).(text: CR H8855-8856)
action_date: 2007-07-31
text: Considered as unfinished business. (consideration: CR H9211-9212)
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. 2347.
action_date: 2007-07-30
text: Considered under suspension of the rules. (consideration: CR 7/31/2007 H8855-8861)
action_date: 2007-07-30
text: Mr. Sherman moved to suspend the rules and pass the bill, as amended.
action_date: 2007-07-30
text: Placed on the Union Calendar, Calendar No. 179.
action_date: 2007-07-30
text: Committee on Oversight and Government discharged.
action_date: 2007-07-30
text: Committee on Oversight and Government discharged.
action_date: 2007-07-30
text: Committee on Education and Labor discharged.
action_date: 2007-07-30
text: Committee on Education and Labor discharged.
action_date: 2007-07-30
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 110-277, Part I.
action_date: 2007-07-30
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 110-277, Part I.
action_date: 2007-05-23
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2007-05-23
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on Education and Labor, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on Education and Labor, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on Education and Labor, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on Education and Labor, 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: 2007-05-16
text: Introduced in House
action_date: 2007-05-16
text: Introduced in House