Iran Sanctions Enabling Act of 2009

Bill: 111-hr-1327
Sponsor: Rep. Frank, Barney [D-MA-4]
Introduced: 2009-03-05 in the House
Policy area: Finance and Financial Sector
Subjects: Arms control and nonproliferation
Civil actions and liability
Educational facilities and institutions
Employee benefits and pensions
Financial services and investments
Higher education
Iran
Middle East
Nuclear power
Nuclear weapons
Oil and gas
State and local finance
U.S. and foreign investments

Summary:
action_date: 2009-03-05
text: 
Iran Sanctions Enabling Act of 2009 - States that 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 the investment of assets they control in, such persons, including financial institutions which extend them credit to so invest.
 
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 such persons.
 
Expresses the sense of Congress that a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) may divest plan assets from, or avoid investing plan assets in, a person that has investments of more than $20 million in Iran's energy sector without breaching his or her fiduciary duties under ERISA, if such determination is based on credible information and in accordance with federal law.

action_date: 2009-10-14
text: 
Iran Sanctions Enabling Act of 2009 - (Sec. 3) States that 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 the 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 their investment in, any person that the state or local government determines, using credible information available to the public, engages in certain investment activities in Iran. Specifies such activities as: (1) the investment of $20 million or more in Iran's energy sector; or (2) provision of oil or liquefied natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquefied natural gas, for that energy sector. Authorizes divestment, as well, from any financial institution which extend $20 million or more in credit to another person, for 45 days or more, if that person will use the credit to invest in Iran's energy sector.
 
 
Expresses the sense of Congress that a state or local government should not adopt such measures against such a person unless it has made every effort to avoid erroneously targeting the person and has verified that such person engages in such investment activities.
 
Declares that any measure of a state or local government authorized under this Act is not preempted by any federal law or regulation.
 
(Sec. 4) 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 persons that have invested in Sudan or in Iran.
 
(Sec. 5) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to shield from treatment as breaching a fiduciary duty any person divesting employee benefit plan assets from, or avoiding investing plan assets in, persons that have engaged in such investment activities in Iran.
 
(Sec. 7) 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; or (2) the pursuit, acquisition, and development of nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology.


Legislative actions:
action_date: 2009-10-15
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2009-10-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2009-10-14
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 6 (Roll no. 776). (text: CR 10/13/2009 H11191-11192)
action_date: 2009-10-14
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): 414 - 6 (Roll no. 776).(text: CR 10/13/2009 H11191-11192)
action_date: 2009-10-14
text: Considered as unfinished business. (consideration: CR H11351-11352)
action_date: 2009-10-13
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: 2009-10-13
text: DEBATE - The House resumed debate on H.R. 1327.
action_date: 2009-10-13
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1327.
action_date: 2009-10-13
text: Considered under suspension of the rules. (consideration: CR H11191-11195)
action_date: 2009-10-13
text: Mr. Frank (MA) moved to suspend the rules and pass the bill, as amended.
action_date: 2009-04-28
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2009-04-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2009-04-28
text: Subcommittee on International Monetary Policy and Trade Discharged.
action_date: 2009-03-12
text: Subcommittee Hearings Held.
action_date: 2009-03-05
text: Referred to the Subcommittee on International Monetary Policy and Trade.
action_date: 2009-03-05
text: Referred to the House Committee on Financial Services.
action_date: 2009-03-05
text: Introduced in House
action_date: 2009-03-05
text: Introduced in House