Summary: H.R.3425 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.3425. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/26/2017)

State Sanctions Against Iranian Terrorism Act

This bill amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to specify that a state may, in addition to limiting investment in Iran's energy sector, prohibit or limit any person from engaging in specified investment activities in Iran. A state may also enter into interstate compacts to prohibit or limit such financial activities.

Enforcement of such measures may include the imposition of disclosure and transparency requirements.

The description of "investment activities" is revised to: (1) reduce the threshold for financial involvement from $20 million to $10 million; and (2) include, in addition to the energy sector, involvement in a business enterprise in Iran, including an entity owned or controlled by the Iranian government.

The bill declares that a state or local government measure authorized pursuant to the bill is: (1) authorized and not preempted by any federal law or regulation, or any policy, agreement, or exercise of waiver authority of the executive branch; and (2) is consistent with U.S. federal policy, including U.S. foreign policy.

A state or local government may enforce a measure adopted before the enactment of this bill that: (1) provides for the divestment of state or local assets from, or prohibits the investment of those assets in, any person that engages in investment activities in Iran or other business activities in Iran identified in the measure; or (2) prohibits or limits any person from engaging in investment activities in Iran.

State and local government authority to divest from certain companies that invest in Iran shall not terminate pursuant to a presidential certification if Congress, not later than 60 days after the date on which the President submits such certification, enacts a joint resolution disapproving such certification.