Iran Sanctions Enabling Act of 2007
| Date | Chamber | What was voted on | Result | Yes–No | |
|---|---|---|---|---|---|
| Jul 31, 2007 | House · vote #765 | On Motion to Suspend the Rules and Pass, as Amended | Passed | 408–6 | See who voted → |
Iran Sanctions Enabling Act of 2007 - (Sec. 3) Directs the President to ensure: (1) biannual publication in the Federal Register of a list of each person, whether within or outside of the United States, that has an investment of more than $20 million in the energy sector in Iran and each person that is an international financial institution that, as of the date of publication, has any investment in the energy sector in Iran; and (2) that such list is updated and published on a government website.
Defines "international financial institution" as the International Bank for Reconstruction and Development, the International Monetary Fund, and the United Nations.
Requires the list to describe to the extent practicable the investment made by each listed person, including dollar value, intended purpose, and status as of the date of publication.
Declares it is the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in, persons that have investments of more than $20 million in Iran's energy sector.
Authorizes a state or local government to adopt and enforce measures to divest its assets from, or prohibit investment of assets in: (1) persons included on the most recent list; and (2) persons having an investment in, or carrying on a trade or business in or with, Iran.
(Sec. 5) 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 included on such most recent list.
(Sec. 6) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to shield from treatment as breaching a fiduciary duty any person divesting plan assets from, or avoiding investing plan assets in, persons included on such most recent list.
(Sec. 7) Expresses the sense of Congress that the Federal Retirement Thrift Investment Board should initiate efforts to provide a terror-free international investment option among the funds of the Thrift Savings Fund.
(Sec. 9) Terminates this Act 30 days after the President certifies to Congress that the government of Iran has ceased: (1) providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state-sponsor of terrorism; and (2) the pursuit, acquisition, and development of nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.