Joseph Cao on War & Peace

Sanctions on Iran to end nuclear program.

Expresses the sense of Congress that:
1. diplomatic efforts to address Iran's illicit nuclear efforts, unconventional and ballistic missile development programs, and support for international terrorism are more likely to be effective if the President is empowered with explicit authority to impose additional sanctions on the government of Iran;
2. US concerns regarding Iran are strictly the result of that government's actions; and
3. the people of the United States have feelings of friendship for the people of Iran and regret that developments in recent decades have created impediments to that friendship.

States that it should be US policy to:
1. support international diplomatic efforts to end Iran's uranium enrichment program and its nuclear weapons program;
2. encourage foreign governments to direct state-owned and private entities to cease all investment in, and support of, Iran's energy sector and all exports of refined petroleum products to Iran;
3. impose sanctions on the Central Bank of Iran and any other Iranian financial institution engaged in proliferation activities or support of terrorist groups; and
4. work with allies to protect the international financial system from deceptive and illicit practices by Iranian financial institutions involved in proliferation activities or support of terrorist groups.

• Amends the Iran Sanctions Act of 1996 to direct the President to impose sanctions if a person has made an investment of $20 million or more (or any combination of investments of at least $5 million which in the aggregate equals or exceeds $20 million in any 12-month period) that directly and significantly contributed to Iran's ability to develop its petroleum resources. (Under current law the sanction thresholds are $40 million, $10 million, and $40 million, respectively.)
• Establishes additional sanctions prohibiting specified foreign exchange, banking, and property transactions.
• Includes refined petroleum resources.