H.R.5292 - To exclude from admission to the United States aliens who have made investments contributing to the enhancement of the ability of Cuba to develop its petroleum resources, and for other purposes.109th Congress (2005-2006)
|Sponsor:||Rep. Ros-Lehtinen, Ileana [R-FL-18] (Introduced 05/04/2006)|
|Committees:||House - Judiciary; International Relations; Financial Services; Government Reform|
|Latest Action:||House - 08/31/2006 Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. (All Actions)|
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Summary: H.R.5292 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (05/04/2006)
States that it shall be U.S. policy to: (1) undertake measures to deny the Cuban regime the financial resources to engage in activities that threaten U.S. national security and other interests, threaten the environment and natural resources of northern Cuba and Florida, and prolong the dictatorship that oppresses the Cuban people; and (2) deter foreign investments that would enhance the Cuban regime's ability to develop its petroleum resources.
Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to exclude from U.S. entry an alien who: (1) is an officer or principal of an entity, or a shareholder who owns a controlling interest in an entity that makes an investment (as defined by this Act) of $1 million or more (or any combination of investments that equals or exceeds $1 million in any 12-month period), that significantly contributes to Cuba's ability to develop petroleum and natural gas resources off its north coast; or (2) is a spouse, minor child, or agent of such person.
Exempts on a case-by-case basis entries: (1) for medical reasons or property-related litigation; or (2) where a transition government is in place.
Defines "investment" for purposes of this Act.
Directs the President to impose two or more specified export, procurement, financial institution, loan, or Export-Import Bank sanctions if the President determines that a person has made an investment of $1 million or more (or any combination of investments that in the aggregate equals or exceeds $1 million in any 12-month period) that contributes to the enhancement of Cuba's ability to develop petroleum resources of the submerged lands of Cuba's northern coast.