SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Improving Economic Sanctions Act of 
2016''.

SEC. 2. ESTABLISHMENT OF AN ECONOMIC SANCTIONS STRATEGY, COORDINATION, 
              AND PLANNING GROUP.

    (a) In General.--Subchapter I of chapter 3 of subtitle I of title 
31, United States Code, is amended by adding at the end the following 
new section:
``Sec. 316. Economic Sanctions Strategy, Coordination, and Planning 
              Group
    ``(a) Establishment.--There is established within the Department of 
the Treasury an Economic Sanctions Strategy, Coordination, and Planning 
Group (in this section referred to as the `Group'), which shall--
            ``(1) be within the Office of Terrorism and Financial 
        Intelligence; and
            ``(2) report directly to the Secretary of the Treasury.
    ``(b) Membership.--The members of the Group shall include--
            ``(1) the Undersecretary of the Treasury for Terrorism and 
        Financial Crimes, who shall serve as chairperson of the Group; 
        and
            ``(2) a senior level representative (selected by the 
        Undersecretary for Terrorism and Financial Crimes) from each of 
        the following offices and bureau of the Department of the 
        Treasury:
                    ``(A) The Office of International Affairs.
                    ``(B) The Office of Economic Policy.
                    ``(C) The Office of Legislative Affairs.
                    ``(D) The Office of Foreign Assets Control.
                    ``(E) The Office of Intelligence and Analysis.
                    ``(F) The Office of Terrorist Financing.
                    ``(G) The Financial Crimes Enforcement Network.
    ``(c) Functions.--
            ``(1) Contingency planning.--
                    ``(A) In general.--The Group shall conduct 
                contingency planning to enable the Office of Foreign 
                Assets Control to rapidly impose, monitor, and enforce 
                an economic sanctions program against a foreign country 
                or entity pursuant to the authority of the 
                International Emergency Economic Powers Act (50 U.S.C. 
                1701 et seq.) or any other provision of law.
                    ``(B) Considerations.--The contingency planning 
                required under subparagraph (A) shall be based on and 
                guided by the following considerations:
                            ``(i) The estimated vulnerability of the 
                        foreign country or entity to economic 
                        sanctions.
                            ``(ii) Whether certain types of economic 
                        sanctions will be more effective against the 
                        economy of the foreign country or entity.
                            ``(iii) Whether economic sanctions can be 
                        imposed against the foreign country or entity 
                        with limited costs to the economy of the United 
                        States.
                            ``(iv) Whether economic sanctions will be 
                        more effective if imposed unilaterally by the 
                        United States or in conjunction with other 
                        foreign countries and international entities.
                            ``(v) The manner in which economic 
                        sanctions will be lifted.
            ``(2) Strategy to improve united states economic sanctions 
        policy.--The Group shall--
                    ``(A) review each economic sanctions program 
                administered by the Office of Foreign Assets Control to 
                identify--
                            ``(i) specific problems with each economic 
                        sanctions program; and
                            ``(ii) general problems with United States 
                        economic sanctions policy; and
                    ``(B) create a strategy to improve each economic 
                sanctions program administered by the Office of Foreign 
                Assets Control and United States economic sanctions 
                policy.
            ``(3) Interagency coordination.--The Undersecretary for 
        Terrorism and Financial Crimes shall--
                    ``(A) coordinate the development of United States 
                economic sanctions policy with the Department of State, 
                Department of Defense, Department of Justice, 
                Department of Commerce, National Security Council, 
                Office of the Director of National Intelligence, and 
                any other executive agency as the President may 
                designate; and
                    ``(B) ensure that information related to United 
                States economic sanctions policy is shared equally 
                between the departments and entities described in 
                subparagraph (A).
    ``(d) Meetings.--The Group may not meet less than once per month.
    ``(e) Support Staff.--The Undersecretary for Terrorism and 
Financial Crimes or the Secretary of the Treasury may assign on a non-
reimbursable basis any personnel of the Department of the Treasury to 
the Group to assist the Group in carrying out the functions under 
subsection (c).
    ``(f) Consultations.--In carrying out the functions under 
subsection (c), the Group may consult with policy experts from 
academia, research organizations, the private sector, and other 
relevant organizations and institutions.
    ``(g) Annual Reports to Congress.--
            ``(1) In general.--Not later than July 1, 2017, and 
        annually thereafter, the Group shall submit to the Committees 
        on Foreign Affairs and Ways and Means of the House of 
        Representatives, the Committees on Foreign Relations and 
        Banking, Housing, and Urban Affairs of the Senate, the 
        Permanent Select Committee on Intelligence of the House of 
        Representatives, and the Select Committee on Intelligence of 
        the Senate a report which--
                    ``(A) shall include--
                            ``(i) an overview of the contingency 
                        planning described in subsection (c)(1);
                            ``(ii) an annex of the problems identified 
                        pursuant to subsection (c)(2)(A);
                            ``(iii) the strategy created under 
                        subsection (c)(2)(B);
                            ``(iv) an overview of the interagency 
                        coordination described in subsection (c)(3);
                            ``(v) an annex of the policy experts with 
                        whom the Group consulted under subsection (f); 
                        and
                            ``(vi) a comprehensive sanctions impact 
                        assessment; and
                    ``(B) may include a classified index and closed 
                briefings for the Permanent Select Committee on 
                Intelligence of the House of Representatives and the 
                Select Committee on Intelligence of the Senate.
            ``(2) Components of comprehensive sanctions impact 
        assessment.--The comprehensive sanctions impact assessment 
        required under paragraph (1)(A)(vi)--
                    ``(A) may be completed using a variety of social 
                scientific research methods, including quantitative 
                research methods, qualitative research methods, 
                econometrics, and formal modeling; and
                    ``(B) shall include--
                            ``(i) an assessment of each economic 
                        sanctions program administered by the Office of 
                        Foreign Assets Control, including the impact of 
                        the sanctions on the economy of the foreign 
                        country or entity, the impact of the sanctions 
                        on the economy of the United States, and, if 
                        applicable, the behavioral changes of the 
                        foreign country or entity in response to the 
                        sanctions; and
                            ``(ii) an annex of the social scientific 
                        research methods that were used to complete 
                        each assessment under clause (i).
            ``(3) Public availability.--Each report submitted under 
        this subsection, excluding classified information, shall be 
        made publicly available on the website of the Department of the 
        Treasury and may be amended as an economic sanctions program is 
        lifted or modified.
    ``(h) Definitions.--In this section:
            ``(1) Executive agency.--The term `executive agency' has 
        the meaning given the term in section 105 of title 5, United 
        States Code.
            ``(2) United states economic sanctions policy.--The term 
        `United States economic sanctions policy' means the measures by 
        which the Department of the Treasury develops, implements, 
        monitors, enforces, and lifts sanctions against a foreign 
        country or entity pursuant to the authority of the 
        International Emergency Economic Powers Act (50 U.S.C. 1701 et 
        seq.) or any other provision of law.''.
    (b) Conforming Amendment.--Section 312(a)(6) of such title is 
amended by adding at the end the following new subparagraph:
                    ``(G) The Economic Sanctions Strategy, 
                Coordination, and Planning Group, which shall report 
                directly to the Secretary of the Treasury.''.
    (c) Clerical Amendment.--The table of sections at the beginning of 
chapter 3 of such title is amended by inserting after the item relating 
to section 315 the following new item:

``316. Economic Sanctions Strategy, Coordination, and Planning 
                            Group.''.
Output: Improving Economic Sanctions Act of 2016 This bill establishes within the Office of Terrorism and Financial Intelligence of the Department of the Treasury an Economic Sanctions Strategy, Coordination, and Planning Group. The group shall conduct contingency planning to enable the Office of Foreign Assets Control (OFAC) to impose, monitor, and enforce a program of economic sanctions against a foreign country or entity pursuant to the International Emergency Economic Powers Act. The group shall: (1) review OFAC economic sanctions programs to identify specific problems with such programs and general problems with U.S. economic sanctions policy, and (2) create a strategy to improve such programs and policy. The Office of Terrorism and Financial Crimes shall coordinate the development of U.S. economic sanctions policy with the Departments of State, Defense, Justice, and Commerce; the National Security Council; and the Office of the Director of National Intelligence.