Sec. 2. Authority of State and local governments to restrict investment activities in Iran
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Section 202 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8532 ) is amended as follows: Subsection
(a)is amended— by striking should support and inserting should not interfere with ; and by striking in the energy sector of Iran and all that follows through United States and inserting in the business sector in Iran, or prohibits or limits any person from engaging in investment activities in the business sector of Iran, until such time as all Federal laws that either expressly authorize or require the imposition of sanctions by the Federal Government on Iran are rescinded by an Act or Acts of Congress . Subsection
(b)is amended— by amending the subsection heading to read as follows: ; by striking may adopt and enforce measures that meet and inserting may— adopt and enforce measures— that meet ; by moving the remaining text of subsection
(b)4 ems to the right; by striking subsection (c). and inserting subsection (c); or ; and by adding at the end the following: to prohibit or limit any person from engaging in investment activities in Iran described in subsection (c); and enter into interstate compacts regarding measures described in paragraph (1). Enforcement of measures under this subsection may include the imposition of disclosure and other transparency requirements to carry out paragraph (1). . Subsection
(c)is amended— in paragraph (1)— by striking $20,000,000 or more in the energy sector and inserting $10,000,000 or more— in the energy sector ; by moving the remaining text of paragraph
(1)2 ems to the right; and by adding at the end the following: in any other business enterprise in Iran, including an entity that is owned or controlled by the Government of Iran; or ; and in paragraph (2)— by striking $20,000,000 and inserting $10,000,000 ; and by adding after energy sector of Iran the following: or otherwise in a business enterprise in Iran, including an entity that is owned or controlled by the Government of Iran . Subsection
(f)is amended to read as follows: A measure of a State or local government authorized under subsection (b), (i), or (j)— is authorized and not preempted by any Federal law or regulation, or any policy, agreement, or exercise of waiver authority of the executive branch; and is consistent with United States Federal policy, including United States foreign policy. . Subsection
(g)is amended by adding at the end the following: The term own or control means, with respect to an entity— to hold more than 20 percent of the equity interest by vote or value in the entity; to hold a majority of seats on the board of directors of the entity; or to otherwise control the actions, policies, or personnel decisions of the entity. . Subsection
(h)is amended— in paragraph (1), by striking or subsection
(i)and inserting and subsections
(i)and
(j); and in paragraph (2), by striking subsection
(i)and inserting subsections
(i)and
(j). Subsection
(i)is amended by adding at the end the following: Paragraphs
(1)and
(2)apply with respect to this section as in effect on the day before the effective date of the State Sanctions Against Iranian Terrorism Act . . Section 202 is further amended— by redesignating subsection
(j)as subsection (k); and by inserting after subsection
(i)the following: 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 the enactment of the State Sanctions Against Iranian Terrorism Act (other than a measure covered by subsection (i)) 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 investment activities in Iran (determined without regard to subsection (c)) or other business activities in Iran that are identified in the measure; or prohibits or limits any person from engaging in investment activities in Iran described in subsection (c). 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 the State Sanctions Against Iranian Terrorism Act . . Section 401(a) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 855(a) ) is amended, in the matter preceding paragraph (1), by striking sections 105 and 305 and inserting sections 105, 202, and 305 . The heading for title II of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8531 et seq. ) is amended to read as follows: . The heading for section 202 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8532 ) is amended to read as follows: . The table of contents of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8501 et seq. ) is amended— by amending the item relating to title II to read as follows: Title II—Restrictions by State and Local Governments on Investment in Iran ; and by amending the item relating to section 202 to read as follows: Sec. 202. Authority of State and local governments to restrict investment activities in Iran. .
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- 22 USC 855(a)
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Sec. 2
Authority of State and local governments to restrict investment activities in Iran
Cite22 USC 855(a)
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