Iran Freedom Support Act/Title II

TITLE II — AMENDMENTS TO THE IRAN AND LIBYA SANCTIONS ACT OF 1996 AND OTHER PROVISIONS RELATED TO INVESTMENT IN IRAN

Sec. 201. Multilateral Regime.

(a) Waiver.—

Section 4(c) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended to read as follows:

``(c) Waiver.—

``(1) In General.—The President may, on a case by case basis, waive for a period of not more than six months the application of section 5(a) with respect to a national of a country, if the President certifies to the appropriate congressional committees at least 30 days before such waiver is to take effect that such waiver is vital to the national security interests of the United States.

``(2) Subsequent Renewal of Waiver.—If the President determines that, in accordance with paragraph (1), such a waiver is appropriate, the President may, at the conclusion of the period of a waiver under paragraph (1), renew such waiver for subsequent periods of not more than six months each.´´.

(b) Investigations.—

Section 4 of such Act (50 U.S.C. 1701 note) is amended by adding at the end the following new subsection:

``(f) Investigations.—

``(1) In General.—The President should initiate an investigation into the possible imposition of sanctions under section 5(a) against a person upon receipt by the United States of credible information indicating that such person is engaged in investment activity in Iran as described in such section.

``(2) Determination and Notification.—Not later than 180 days after an investigation is initiated in accordance with paragraph (1), the President should determine, pursuant to section 5(a), if a person has engaged in investment activity in Iran as described in such section and shall notify the appropriate congressional committees of the basis for any such determination.´´.

Sec. 202. Imposition of Sanctions.

(a) Sanctions with Respect to Development of Petroleum Resources.—

Section 5(a) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended in the heading, by striking ``to Iran´´ and inserting ``to the Development of Petroleum Resources of Iran´´.

(b) Sanctions with Respect to Development of Weapons of Mass Destruction or Other Military Capabilities.—

Section 5(b) of such Act (50 U.S.C. 1701 note) is amended to read as follows:

``(b) Mandatory Sanctions with Respect to Development of Weapons of Mass Destruction or Other Military Capabilities.—The President shall impose two or more of the sanctions described in paragraphs (1) through (6) of section 6 if the President determines that a person has, on or after the date of the enactment of this Act, exported, transferred, or otherwise provided to Iran any goods, services, technology, or other items knowing that the provision of such goods, services, technology, or other items would contribute materially to the ability of Iran to—

``(1) acquire or develop chemical, biological, or nuclear weapons or related technologies; or

``(2) acquire or develop destabilizing numbers and types of advanced conventional weapons.´´.

(c) Effective Date.—

The amendments made by this section shall apply with respect to actions taken on or after June 6, 2006.

Sec. 203. Termination of Sanctions.

Section 8(a) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended—

(1) in paragraph (1)(C), by striking ``and´´ at the end;

(2) in paragraph (2), by striking the period at the end and inserting ``; and´´; and

(3) by adding at the end the following new paragraph:

``(3) poses no significant threat to United States national security, interests, or allies.´´.

Sec. 204. Sunset.

Section 13 of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended by striking ``on September 29, 2006´´ and inserting ``on December 31, 2011´´.

Sec. 205. Technical and Conforming Amendments.

(a) Findings.—

Section 2 of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended by striking paragraph (4).

(b) Declaration of Policy.—

Section 3 of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended—

(1) in subsection (a), by striking ``(a) Policy with respect to Iran.—´´; and

(2) by striking subsection (b).

(c) Termination of Sanctions.—

Section 8 of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended—

(1) in subsection (a), by striking ``(a) Iran.—´´; and

(2) by striking subsection (b).

(d) Duration of Sanctions; Presidential Waiver.—

Section 9(c)(2)(C) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended to read as follows:

``(C) an estimate of the significance of the provision of the items described in section 5(a) or section 5(b) to Iran’s ability to, respectively, develop its petroleum resources or its weapons of mass destruction or other military capabilities; and´´.

(e) Reports Required.—

Section 10(b)(1) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended by striking ``and Libya´´ each place it appears.

(f) Definitions.—

Section 14 of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended—

(1) in paragraph (9)—

(A) in the matter preceding subparagraph (A), by—

(i) striking ``, or with the Government of Libya or a nongovernmental entity in Libya,´´; and

(ii) by striking ``nongovenmental´´ and inserting ``nongovernmental´´; and

(B) in subparagraph (A), by striking ``or Libya (as the case may be)´´;

(2) by striking paragraph (12); and

(3) by redesignating paragraphs (13), (14), (15), (16), and (17) as paragraphs (12), (13), (14), (15), and (16), respectively.

(g) Short Title.—

(1) In General.—

Section 1 of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended by striking ``and Libya´´.

(2) References.—

Any reference in any other provision of law, regulation, document, or other record of the United States to the ``Iran and Libya Sanctions Act of 1996´´ shall be deemed to be a reference to the ``Iran Sanctions Act of 1996´´.