H.R. 2347 (110th): Iran Sanctions Enabling Act of 2007

Introduced:
May 16, 2007 (110th Congress, 2007–2009)
Sponsor:
Rep. Barney Frank [D-MA4]
Status:
Died (Passed House)
See Instead:
This bill was re-introduced as H.R. 1327 (111th) on Mar 05, 2009.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the House on July 31, 2007 but was never passed by the Senate.

Progress
Introduced May 16, 2007
Referred to Committee May 16, 2007
Reported by Committee May 16, 2007
Referred to Committee May 23, 2007
Reported by Committee May 23, 2007
Passed House Jul 31, 2007
Votes

House Vote on Passage
Jul 31, 2007 12:12 p.m.
Passed 408/6

Cosponsors
44 cosponsors (27D, 17R) (show)
Committees

House Education and the Workforce

House Financial Services

House Oversight and Government Reform

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to authorize State and local governments to direct divestiture from, and prevent investment in, companies with investments of $20,000,000 or more in Iran's energy sector, companies that sell arms to the Government of Iran, and financial institutions that extend $20,000,000 or more in credit to the Government of Iran for 45 days or more, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Aug 03, 2007.
13 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/31/2007.
Section 3 -
Directs the President to ensure biannual publication in the Federal Register of a list of each person that: (1) has an investment of more than $20 million in the energy sector in Iran; (2) sells arms to the government of Iran; or (3) is a financial institution that extends $20 million or more in credit for 45 days or more to the government of Iran.
Instructs the President to use only publicly available (including proprietary) information when compiling such list.
Requires the list to: (1) describe to the extent practicable the investment made by each listed person, including dollar value, intended purpose, and status as of the date of publication; and (2) be updated and published on a government website.
Declares it is the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in: (1) persons that have investments of more than $20 million in Iran's energy sector; (2) persons that sell arms to the government of Iran; and (3) financial institutions that extend $20 million or more in credit for 45 days or more to the government of Iran.
Authorizes a governmental entity to adopt and enforce measures to divest its assets from, or prohibit investment of assets in a person that: (1) is included on the most recent list; (2) sells arms to the government of Iran; (3) is a financial institution that extends $20 million or more in credit for 45 days or more to the government of Iran; or (4) is included on a state or local government-authorized list of entities invested in or doing business in or with Iran.
Section 5 -
Amends the Investment Company Act of 1940 to shield any registered investment company from civil, criminal, or administrative action based solely upon its divesting from, or avoiding investing in, securities issued by companies included on such most recent list.
Section 6 -
Amends the Employee Retirement Income Security Act of 1974 (ERISA) to shield from treatment as breaching a fiduciary duty any person divesting plan assets from, or avoiding investing plan assets in, persons included on such most recent list.
Section 9 -
Terminates this Act 30 days after the President certifies to Congress that the government of Iran has ceased: (1) providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state-sponsor of terrorism; and (2) the pursuit, acquisition, and development of nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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