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Week Ending August 3, 2007

H.R.957 To amend the Iran Sanctions Act of 1996 to expand and clarify the entities against which sanctions may be imposed.

<< Click flag for map and country data, Iran

The Iran Sanctions Act of 1996 is modified to further define who is subject to the Act’s prohibitions and sanctions.

Currently, US law prohibits American companies from investing in Iran but foreign entities outside the US continue to invest in Iran’s petroleum sector despite the threat of sanctions against them.

This bill would include as ‘persons’ to be sanctioned if they invest in Iran’s petroleum sector financial institutions, insurers, underwriters, guarantors, and any other business organizations. Further, parent companies would also be liable for prohibited investments made by their subsidiaries. Any government organizations acting as a business enterprise such as an export credit agency are also subject to sanction.

Sponsor:  Rep. Ileana Ros-Lehtinen (R-FL-18^th)

Vote: Passed House July 31, 2007 415 to 11 RC 772

Cost to the taxpayers: CBO estimates that enacting H.R. 957 would have no significant budgetary effect.

Earmark Certification:   H.R. 957 does not contain any congressional earmarks, limited tax benefits, or limited tariff benefits as defined in clause 9(d), 9(e), or 9(f) of rule XXI.

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