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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Nov 18, 2020.
Libya Stabilization Act
This bill provides for sanctions and assistance related to the conflict in Libya.
The President shall impose property- and visa-blocking sanctions on any foreign person providing significant support to a militia or paramilitary group that is (1) knowingly threatening peace or stability in Libya, (2) knowingly engaging in the significant misappropriation or illicit exploitation of Libyan state assets or natural resources, or (3) responsible for or complicit in gross human rights violations in Libya. Such sanctions shall expire on December 31, 2024.
The Department of State shall work to strengthen Libya's democratic governance, including by providing assistance to (1) support efforts to resolve the current civil conflict in Libya, (2) unify Libya's financial and governing institutions, and (3) ensure transparent and credible future elections in Libya.
The Department of the Treasury shall vote and argue for international financial institutions to support an economic recovery in Libya that supports the establishment of a sovereign state with democratic institutions and rule of law.