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Code · BILL · 114th Congress · H.R. 4258 (Introduced in House) — To impose sanctions against any entity with respect to which Iran’s Revolutionary Guard Corps owns, directly or indir... · Sec. 201

Sec. 201. Authority of States and local governments to divest from certain companies that engage in investment or business activities with Iran’s Revolutionary Guard Corps

1,001 words·~5 min read·/bill/114/hr/4258/ih/section-201

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Subtitle B of title III of the Iran Threat Reduction and Syria Human Rights Act of 2012 ( Public Law 112–158 ; 126 Stat. 1247), is amended by adding at the end the following: It is the sense of Congress that the United States should support the decision of any State or local government that for moral, prudential, or reputational reasons divests from, or prohibits the investment of assets of the State or local government in, a person that engages in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies, as long as Iran’s Revolutionary Guard Corps is subject to economic sanctions imposed by the United States.
Notwithstanding any other provision of law, a State or local government may adopt and enforce measures that meet the requirements of subsection
(d)to divest the assets of the State or local government from, or prohibit investment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies described in subsection (c). A person engages in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies if the person— has a financial investment in Iran’s Revolutionary Guard Corps or an Iran’s Revolutionary Guard Corps-related company; owns, in whole or in part, an Iran’s Revolutionary Guard Corps-related company; or is a financial institution that extends credit or financing to another person, for 45 days or more, if that person will use the credit or financing for investment in an Iran’s Revolutionary Guard Corps-related company. Any measure taken by a State or local government under subsection
(b)shall meet the following requirements: The State or local government shall provide written notice to each person to which a measure is to be applied. The measure shall apply to a person not earlier than the date that is 90 days after the date on which written notice is provided to the person under paragraph (1). The State or local government shall provide an opportunity to comment in writing to each person to which a measure is to be applied. If the person demonstrates to the State or local government that the person does not engage in investment or business activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies described in subsection (c), the measure shall not apply to the person. It is the sense of Congress that a State or local government should not adopt a measure under subsection
(b)with respect to a person unless the State or local government has made every effort to avoid erroneously targeting the person and has verified that the person engages in business or investment activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies described in subsection (c). Not later than 30 days after adopting a measure pursuant to subsection (b), a State or local government shall submit written notice to the Attorney General describing the measure. A measure of a State or local government authorized under subsection
(b)or
(i)is not preempted by any Federal law or regulation. In this section: Except as provided in subparagraph (B), the term assets refers to public monies and includes any pension, retirement, annuity, or endowment fund, or similar instrument, that is controlled by a State or local government. The term assets does not include employee benefit plans covered by title I of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq. ). The investment includes— a commitment or contribution of funds or property; a loan or other extension of credit; and the entry into or renewal of a contract for goods or services. Except as provided in paragraph
(2)or subsection (i), this section applies to measures adopted by a State or local government before, on, or after the date of the enactment of this Act. Except as provided in subsection (i), subsections
(d)and
(e)apply to measures adopted by a State or local government on or after the date of the enactment of this Act. Notwithstanding any other provision of this section or any other provision of law, a State or local government may enforce a measure (without regard to the requirements of subsection (d), except as provided in paragraph (2)) adopted by the State or local government before the date of this section that provides for the divestment of assets of the State or local government from, or prohibits the investment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in business or investment activities with Iran’s Revolutionary Guard Corps or Iran’s Revolutionary Guard Corps-related companies (determined without regard to subsection (c)) or other business or investment activities that are identified in the measure. A measure described in paragraph
(1)shall be subject to the requirements of paragraphs
(1)and
(2)and the first sentence of paragraph
(3)of subsection
(d)on and after the date that is 2 years after the date of the enactment of this Act. Nothing in this section or any other provision of law authorizing sanctions with respect to Iran shall be construed to abridge the authority of a State to issue and enforce rules governing the safety, soundness, and solvency of a financial institution subject to its jurisdiction or the business of insurance pursuant to the Act of March 9, 1945 ( 15 U.S.C. 1011 et seq. ) (commonly known as the McCarran-Ferguson Act ). . The table of contents for the Iran Threat Reduction and Syria Human Rights Act of 2012 is amended by adding after the item relating to section 312 the following: Sec. 313. Authority of States and local governments to divest from certain companies that engage in investment or business activities with Iran’s Revolutionary Guard Corps. .
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  • Pub. L. 112-158
  • 126 Stat. 1247
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Sec. 201
Authority of States and local governments to divest from certain companies that engage in investment or business activities with Iran’s Revolutionary Guard Corps
U.S.C.§ 1001
U.S.C.§ 1011
Pub. L.Pub. L. 112-158
Stat.126 Stat. 1247
Cites 4Cited by 0 across 0 sources
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