Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem: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.
Solution:
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.