SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran's Revolutionary Guard Corps 
Sanctions Implementation and Review Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Iran's Revolutionary Guard Corps (IRGC) has helped to 
        train and equip proxy groups and Iraqi Shiite insurgents, and 
        elements of the Taliban, which have targeted and killed United 
        States and other allied forces in Iraq and Afghanistan.
            (2) The IRGC has provided Hezbollah, Hamas, and the 
        Palestinian Islamic Jihad with funding, training, and other 
        material support to conduct their terrorist activities and 
        missile attacks against Israel, in an effort to cause civilian 
        casualties and disrupt efforts for peace between Israel and its 
        neighbors, and to destabilize Lebanon.
            (3) Iran has repeatedly been identified as the most active 
        state sponsor of terrorism by the Department of State, and the 
        IRGC, often operating through its Qods Force, is the principal 
        instrument for Iranian support for terror.
            (4) The Government of Iran continues to engage in serious, 
        systematic, and ongoing violations of human rights, including 
        suppression of freedom of expression and religious freedom, 
        illegitimate detention, torture, and executions, without 
        affording anything resembling adequate due process.
            (5) The IRGC plays a significant role in many of Iran's 
        human rights abuses.
            (6) The IRGC currently dominates many sectors of the 
        Iranian economy, with a significant presence in Iran's 
        financial and commercial sectors and extensive economic 
        interests in the defense production, construction, and oil 
        industries, controlling billions of dollars in corporate 
        business.
            (7) The IRGC operates through affiliated firms, front 
        companies, and foundations in order to serve its economic 
        interests and exert control over large segments of Iran's 
        economy.
            (8) Many of the IRGC's personnel have been enriched through 
        control of these affiliated businesses and foundations, and 
        through corruption in the operation of the businesses and their 
        dealings with the Government of Iran.
            (9) The IRGC has assisted the regime of Syrian President 
        Bashar al Assad by training, equipping, and aiding the regime's 
        security and military forces, through military advice, 
        provision of weapons, and funding.
            (10) The United States Government designated the IRGC in 
        2007 under Executive Order 13382 for proliferation concerns 
        and, separately, the Qods Force under Executive Order 13224, 
        for its support for terrorist organizations.
            (11) Section 104 of the Comprehensive Iran Sanctions, 
        Accountability, and Divestment Act of 2010 provided for 
        secondary sanctions against any financial institution that 
        handles a significant transaction for designated Iranian 
        entities, including the IRGC, its Qods Force, and other related 
        entities.
            (12) Title III of the Iran Threat Reduction and Syrian 
        Human Rights Act of 2012 provided for additional secondary 
        sanctions against firms that conduct business of any kind with 
        the IRGC or related entities, and provided for the designation 
        of additional Iranians' entities related to the IRGC.
            (13) The Joint Comprehensive Plan of Action concerning 
        Iran's nuclear program does not require the United States to 
        lift or waive the sanctions against the IRGC or related 
        entities.
            (14) On September 15, 2015, then Acting Undersecretary of 
        the Treasury for Terrorism and Financial Intelligence, Adam 
        Szubin, stated that ``we are not providing any sanctions relief 
        to the IRGC, or to its Qods Force, or any of its officials or 
        subsidiaries'' and ``we will continue our campaign against the 
        IRGC and the Qods Force''.
            (15) Strengthening sanctions against the IRGC, ensuring 
        that the United States Government identify and designate more 
        of the affiliated entities through which the IRGC operates, and 
        providing for additional secondary sanctions on firms that 
        assist the IRGC, will help deprive the IRGC of resources needed 
        to carry out its nefarious activities.

SEC. 3. MODIFICATION OF IMPOSITION OF SANCTIONS WITH RESPECT TO PERSONS 
              THAT SUPPORT OR CONDUCT CERTAIN TRANSACTIONS WITH IRAN'S 
              REVOLUTIONARY GUARD CORPS OR OTHER SANCTIONED PERSONS.

    (a) Modification of Imposition of Sanctions.--Subsection (b) of 
section 302 of the Iran Threat Reduction and Syrian Human Rights Act of 
2012 (22 U.S.C. 8742) is amended by striking ``the President--'' and 
all that follows and inserting ``the President shall block and prohibit 
all transactions in property and interests in property with respect to 
such foreign person if such property and interests in property are in 
the United States, come within the United States, or are or come within 
the possession or control of a United States person.''.
    (b) Special Licensing Authority.--Such section, as so amended, is 
further amended by striking subsection (f) and inserting the following:
    ``(f) Special Licensing Authority.--
            ``(1) In general.--The President is authorized to issue 
        licenses to United States persons to engage in transactions in 
        property and interests in property with respect to a foreign 
        person that is subject to imposition of sanctions under 
        subsection (b) notwithstanding the imposition of such sanctions 
        with respect to the foreign person.
            ``(2) Regulations.--Not later than 90 days after the date 
        of the enactment of this subsection, the President shall issue 
        regulations to implement this subsection.''.

SEC. 4. REPORT BY COMPTROLLER GENERAL OF THE UNITED STATES.

    (a) In General.--Not later than 180 days after the date of the 
enactment of this Act, and annually thereafter, the Comptroller General 
of the United States shall submit to the President and the appropriate 
congressional committees a report--
            (1) identifying foreign persons not currently subject to 
        sanctions under subsection (b) of section 302 of the Iran 
        Threat Reduction and Syrian Human Rights Act of 2012 (22 U.S.C. 
        8742) (as amended by section 3 of this Act), for knowingly 
        engaging in an activity described in subsection (a)(1) of such 
        section that, within the preceding three years, have been 
        reported to have conducted transactions or have provided 
        material support to Iran's Revolutionary Guard Corps or any 
        blocked entity that has been designated as a front, agent, or 
        affiliate of Iran's Revolutionary Guard Corps, or otherwise is 
        designated on the list of specially designated nationals and 
        blocked persons maintained by the Office of Foreign Assets 
        Control of the Department of the Treasury with the identifier 
        ``IRGC''; and
            (2) identifying foreign persons not currently on the list 
        of specially designated nationals and blocked persons 
        maintained by the Office of Foreign Assets Control of the 
        Department of the Treasury that, within the preceding three 
        years, are reported to be under the ownership and control of 
        Iran's Revolutionary Guard Corps, or are reported to be a 
        front, agent, or affiliate of Iran's Revolutionary Guard Corps, 
        including foreign persons whose officers, officials, or those 
        directing activity of the persons are reportedly officers, 
        officials, or other persons acting on behalf of Iran's 
        Revolutionary Guard Corps or its designated fronts, agents, or 
        affiliates.
    (b) Sources for Report.--The Comptroller General of the United 
States shall utilize any credible publication, database, web-based 
resource and any credible information compiled by any government 
agency, non-governmental organization, or other entity provided to or 
made available to the Comptroller General, including information from 
foreign persons identified in the report.

SEC. 5. REVIEW, SANCTIONS, AND REPORT BY PRESIDENT.

    (a) Review.--Not later than 180 days after the date on which the 
report is submitted to the President and the appropriate congressional 
committees under section 4, the President shall conduct and complete a 
review of the foreign persons identified in the report to determine, 
using all sources available, whether there is sufficient evidence to 
impose sanctions against any of the foreign persons.
    (b) Sanctions.--Unless the President determines under subsection 
(a) that there is insufficient evidence to impose sanctions against a 
foreign person identified in the report submitted to the President and 
the appropriate congressional committees under section 4, the President 
shall include the foreign person on the list of specially designated 
nationals and blocked persons maintained by the Office of Foreign 
Assets Control of the Department of the Treasury, impose sanctions 
against the foreign persons under subsection (b) of section 302 of the 
Iran Threat Reduction and Syrian Human Rights Act of 2012 (22 U.S.C. 
8742) (as amended by section 3 of this Act), or impose sanctions 
against the foreign person under any other provision of law, as 
applicable.
    (c) Report.--The President shall submit to the appropriate 
congressional committees a report that contains the results of the 
review under subsection (a) and the imposition of sanctions under 
subsection (b) (if any). The report should be submitted in unclassified 
form, but may contain a classified annex.

SEC. 6. SECURITIES AND EXCHANGE FILING REQUIREMENTS.

    (a) In General.--Section 13(r)(1)(D) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78m(r)(1)(D)) is amended--
            (1) in clause (ii), by striking ``or'' at the end;
            (2) in clause (iii), by striking the period at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following:
                            ``(iv) any foreign person identified in the 
                        most recent report of the Comptroller General 
                        of the United States submitted under section 4 
                        of the Iran's Revolutionary Guard Corps 
                        Sanctions Implementation and Review Act prior 
                        to the commencement of the transaction or 
                        dealing.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect with respect to reports required to be filed with the 
Securities and Exchange Commission after the date that is 180 days 
after the date of the enactment of this Act.

SEC. 7. APPROPRIATE CONGRESSIONAL COMMITTEES DEFINED.

    In this Act, the term ``appropriate congressional committees'' 
means--
            (1) the Committee on Foreign Affairs of the House of 
        Representatives; and
            (2) the Committee on Foreign Relations of the Senate.
Output: Iran's Revolutionary Guard Corps Sanctions Implementation and Review Act This bill amends the Iran Threat Reduction and Syrian Human Rights Act of 2012 to require the President to block and prohibit all transactions in property and property interests of a foreign person that knowingly supports or conducts certain transactions with Iran's Revolutionary Guard Corps (IRGC) or other sanctioned persons if that property and those property interests are in the United States, come within the United States, or are or come within the possession or control of a U.S. person. The President may issue licenses to U.S. persons to engage in such property transactions with an otherwise blocked foreign person.  The Government Accountability Office (GAO) shall report annually to the President and Congress on all foreign persons not currently subject to such sanctions that, within the preceding three years, have been reported to have conducted transactions or have provided material support to the IRGC or any of its agents or affiliates.   The President shall:   review an identified foreign person to determine whether there is sufficient evidence to impose sanctions; and  if so, include that person 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 impose sanctions.   The Securities Exchange Act of 1934 is amended to require securities issuers to report to the Securities and Exchange Commission any financial transactions with a foreign person identified in the most recent GAO report before the commencement of the transaction or dealing.