H.R.1655 - Stop Iran's Nuclear Weapons Program Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Sherman, Brad [D-CA-27] (Introduced 04/15/2011)|
|Committees:||House - Financial Services; Foreign Affairs; Judiciary; Oversight and Government Reform; Ways and Means|
|Latest Action:||07/11/2011 Referred to the Subcommittee on Immigration Policy and Enforcement.|
This bill has the status Introduced
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Summary: H.R.1655 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (04/15/2011)
Stop Iran's Nuclear Weapons Program Act of 2011 - Amends the Iran Sanctions Act of 1996 to impose sanctions on a person that knowingly enters into an agreement: (1) with Iran to purchase or provide payment for future delivery of Iranian petroleum resources, (2) to provide specified ancillary services, or (3) with the National Iranian Oil Company or affiliates for the development of petroleum resources wherever located.
Imposes sanctions on a person that knowingly purchases, subscribes to, or facilitates the issuance of Iranian sovereign debt.
Subjects a parent entity, with specified exceptions, to penalties for violations of certain sanctions regarding Iran committed by a subsidiary outside of the United States that would be subject to prohibitions if committed inside the United States or by a U.S. person.
Prohibits with respect to Iran: (1) issuance of specified licenses to export or reexport civil aviation goods, services, or technology; and (2) such goods, services, or technology from being exported or reexported.
Amends the Internal Revenue Code to eliminate amortization of geological and geophysical expenditure tax incentives if certain sanctions regarding the development of Iranian petroleum resources are imposed on any member of an expanded affiliated group whose common parent is a foreign corporation.Amends the Immigration and Nationality Act to make inadmissible to the United States an alien who: (1) engages in certain sanctionable activities with Iran, including the development of Iran's petroleum resources, the proliferation of Iranian weapons of mass destruction, or support for terrorism by Iran; or (2) has a controlling managing or shareholder interest in an entity that engages in such activities.
Increases temporarily consular service fees for processing machine readable nonimmigrant visas and machine readable combined border crossing identification cards and nonimmigrant visas.
Directs the President to: (1) identify each foreign person or foreign entity for which there is a reasonable basis for determining that the person or entity is an agent, front, instrumentality, official, or affiliate of Iran's Islamic Revolutionary Guard Corps (IRGC) or is an IRGC representative; and (2) apply specified property sanctions to such person or entity. Gives priority to investigations of specified sensitive transactions.
Sets forth mandatory and discretionary measures to be taken against a foreign person or entity that provides material support to the IRGC. Requires additional measures (including foreign assistance, arms, import, and export restrictions) to be taken against a foreign government so identified.
Amends the Iran, North Korea, and Syria Nonproliferation Act to include in the President's proliferation report to Congress identification of every foreign person who, on or after January 1, 2009, transferred to Iran, Syria, or North Korea goods, services, or technology that could assist efforts to extract or mill uranium ore within the territory or control of Iran, North Korea, or Syria.
Amends the Internal Revenue Code to promote the divestment of investments in Iran by permitting the deferral of tax on gain from the sale of securities in any business that is engaged in certain discouraged activities in Iran if the holder of such securities purchases replacement securities from a business not engaged in such discouraged activities.
Includes as an Iran discouraged activity business transactions with or charitable donations to any Iranian person designated as a terrorist or to any foreign terrorist organization.
Directs the head of an executive agency to ensure that each contract with a company for the procurement of goods or services, agreement for the use of federal funds, or the provision of insurance or technical assistance requires the company to certify that it does not conduct specified business operations in Iran. Authorizes contract termination and federal contract suspension or debarment for submission of a false certification.
Authorizes a state or local government to adopt and enforce measures to prohibit the state or local government from entering into or renewing a procurement contract with persons that conduct specified business operations in Iran.
Directs U.S. government pension plans or thrift savings plans to take steps to divest from any entity with respect to which specified sanctions are applied under the Iran Sanctions Act of 1996 or the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010.
Directs the President to seek to terminate International Bank for Reconstruction and Development (Bank) loan disbursements to Iran.
Directs the President, if the Bank approves a Country Assistance Strategy for Iran or approves a loan to Iran, to: (1) terminate any U.S. contribution to the Bank, the International Finance Corporation, and the Multilateral Investment Guarantee Corporation for the fiscal year in which the Country Assistance Strategy or loan is approved, or if loan disbursements have been made, for the following fiscal year; (2) prohibit the sale of Bank debt instruments in the United States; and (3) prohibit the purchase of any such debt instrument by the U.S. government, a U.S. person, or a state or municipal governmental entity.
Sets forth sunset provisions.