Iran Sanctions Enabling Act of 2007

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Summary (how summaries work)

The Iran Sanctions Enabling Act of 2007[1] was introduced on May 15, 2007, in the 110th Congress by Reps. Barney Frank (D-Mass.), Chairman of the House Committee on Financial Services, Tom Lantos (D-Calif.), Chairman of the House Committee on Foreign Affairs, with 44 co-sponsors[2] and Senators Barack Obama (D-Ill.) and Sam Brownback (R-Kan.), with 14 co-sponsors[3] in the U.S. House of Representatives and U.S. Senate respectively.



Contents

Bill Summary

The bill "empowers Americans to apply economic pressure on the Iranian regime by establishing a federal list of entities that invest in Iran and allowing for divestment. As Iran continues to threaten regional stability and international security by pursuing a nuclear program, rattling sabers at its neighbors – especially Israel – and supporting Terrorist groups funded by its energy sector, this bill will enable investors and state and local governments to ensure they are not invested in companies that support Iran's oil and gas industry."[4]

House Version

The House version was passed on July 31, 2007,[5] by a roll call vote.[6]

Senate Version

On July 26, 2007, introductory remarks were made by the sponsor and the bill was referred to the Senate Committee on Banking, Housing, and Urban Affairs.[7]


Purpose

The Iran Sanctions Enabling Act of 2007 will:[4]

  1. "Require the U.S. government to publish a list every six months of those companies that have an investment of more than $20 million in Iran’s energy sector. This comprehensive list will provide investors with the knowledge to make informed investment decisions as well as a powerful disincentive for foreign companies to engage with Iran."
  2. "Authorize state and local governments to divest the assets of their pension funds and other funds under their control from any company on the list."
  3. "Protect fund managers who divest from companies on this list from lawsuits directed at them by investors who are unhappy with the results."

The new legislation would "protect fund managers and state pension programs from shareholder lawsuits if they divest stakes in energy companies that do business with Iran.

"Rather than taking punitive action, the new legislation would authorize state and local governments and private fund-managers to divest assets for companies that invest over $20 million in Iran's energy sector, which the U.S. government would publish in a list every six months."[8]


Resources

See also

References

  1. Iran Sanctions Enabling Act of 2007, House Committee on Financial Services, May 15, 2007.
  2. H.R. 2347, Iran Sanctions Enabling Act of 2007, GovTrack.us. As of September 14, 2007, the bill had 44 co-sponsors.
  3. S. 1430, Iran Sanctions Enabling Act of 2007, GovTrack.us.
  4. 4.0 4.1 Press Release: "Frank, Lantos and Obama Introduce Divestment Bill," Office of the House Committee on Financial Services, May 15, 2007.
  5. H.R. 2347, Votes, GovTrack.us.
  6. H.R. 2347, Totals and party breakdown, GovTrack.us.
  7. S. 1430, Status, GovTrack.us.
  8. Chris Baltimore, "New bill would allow Iran energy divestments," Reuters, May 16, 2007.

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External resources

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