H.R. 7112 would impose sanctions with respect to Iran, to provide for the divestment of assets in Iran by State and local governments and other entities, and to identify locations of concern with respect to transshipment, reexportation, or diversion of certain sensitive items to Iran.
Detailed Summary
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2008 - Expresses the sense of Congress that the United States should use diplomatic and economic measures to resolve the Iranian nuclear problem. Declares nothing in this Act shall be construed to authorize the use force against Iran.
Subjects Iran to specified economic sanctions, including import and export prohibitions.
Subjects a U.S. person to penalties for violations of certain sanctions committed by a subsidiary established by such person outside of the United States that would be subject to prohibitions if committed inside the United States or by a U.S. person.
Authorizes appropriations for the Department of the Treasury's Office of Terrorism and Financial Intelligence and for the Financial Crimes Enforcement Network.
Urges the President to impose sanctions on the Central Bank of Iran and any other Iranian banks engaged in the support of terrorist groups.
Increases temporarily the fee for processing machine readable nonimmigrant visas and border crossing identification cards.
Authorizes a state or local government to adopt and enforce measures to divest its assets from, or prohibit investment of assets in, persons that have direct or indirect investments in Iran's energy sector of more than $20 million.
Amends the Investment Company Act of 1940 to shield any registered investment company from civil, criminal, or administrative action based upon its divesting from, or avoiding investing in, securities issued by companies with such investments in the energy sector of Iran.
Requires the Director of National Intelligence to report to the Secretary of Commerce, the Secretary of State, the Secretary of the Treasury, and appropriate congressional committees on all countries of concern with respect to the transshipment, reexportation, or diversion of certain export controlled items to Iran.
Requires the Secretary of Commerce to designate a country as a Destination of Possible Diversion Concern if appropriate to carry out activities to strengthen that country's export control systems. Requires the United States to initiate such activities on a government-to-government basis.
Defines a Destination of Diversion Concern as any country whose government is directly involved in the transshipment, reexportation, or diversion of U.S.-originating controlled items to unverifiable end users or to Iran, or that has failed to strengthen adequately its export control systems.
Requires a license to export to a country designated a Destination of Diversion Concern any controlled items that could contribute to Iran's obtaining nuclear, biological, or chemical weapons, or its support for acts of international terrorism.
Requires the Director to report to the appropriate congressional committees on: (1) any country that may be transshipping, reexporting, or diverting controlled items to a country other than Iran if such other country is seeking to obtain nuclear, biological, or chemical weapons, defense technologies, components for improvised explosive devices (IEDs), or other defense items, or provides support for acts of international terrorism; and (2) the feasibility and advisability of including such countries in the system for designating countries as Destinations of Possible Diversion Concern and Destinations of Diversion Concern.
Status of the Legislation
Latest Major Action: 9/27/2008: Received in the Senate.
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