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[[Page 115 STAT. 199]]

Public Law 107-24
107th Congress

                                 An Act


 
 To extend the authorities of the Iran and Libya Sanctions Act of 1996 
   until 2006, and for other purposes. <<NOTE: Aug. 3, 2001 -  [H.R. 
                                1954]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress <<NOTE: ILSA Extension Act of 
2001.>> assembled,

SECTION 1. SHORT <<NOTE: 50 USC 1701 note.>> TITLE.

    This Act may be cited as the ``ILSA Extension Act of 2001''.

SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO LIBYA.

    (a) In General.--Section 5(b)(2) of the Iran and Libya Sanctions Act 
of 1996 (50 U.S.C. 1701 note; 110 Stat. 1543) is amended by striking 
``$40,000,000'' each place it appears and inserting ``$20,000,000''.
    (b) Effective <<NOTE: Applicability. 50 USC 1701 note.>> Date.--The 
amendments made by subsection (a) shall apply to investments made on or 
after June 13, 2001.

SEC. 3. REPORTS REQUIRED.

    Section 10 of the Iran and Libya Sanctions Act of 1996 (Public Law 
104-172; 50 U.S.C. 1701 note) is amended--
            (1) by redesignating subsection (b) as subsection (c); and
            (2) by inserting after subsection (a) the following:

    ``(b) Report <<NOTE: President.>> on Effectiveness of Actions Under 
This Act.--Not earlier than 24 months, and not later than 30 months, 
after the date of the enactment of the ILSA Extension Act of 2001, the 
President shall transmit to Congress a report that describes--
            ``(1) the extent to which actions relating to trade taken 
        pursuant to this Act--
                    ``(A) have been effective in achieving the 
                objectives of section 3 and any other foreign policy or 
                national security objectives of the United States with 
                respect to Iran and Libya; and
                    ``(B) have affected humanitarian interests in Iran 
                and Libya, the country in which the sanctioned person is 
                located, or in other countries; and
            ``(2) the impact of actions relating to trade taken pursuant 
        to this Act on other national security, economic, and foreign 
        policy interests of the United States, including relations with 
        countries friendly to the United States, and on the United 
        States economy.

The President may include in the report the President's recommendation 
on whether or not this Act should be terminated or modified.''.

[[Page 115 STAT. 200]]

SEC. 4. EXTENSION OF IRAN AND LIBYA SANCTIONS ACT OF 1996.

    Section 13(b) of the Iran and Libya Sanctions Act of 1996 (Public 
Law 104-172; 50 U.S.C. 1701 note) is amended by striking ``5 years'' and 
inserting ``10 years''.

SEC. 5. REVISED DEFINITION OF INVESTMENT.

    Section 14(9) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 
1701 note; 110 Stat. 1549) is amended by adding at the end the following 
new sentence: ``For purposes of this paragraph, an amendment or other 
modification that is made, on or after June 13, 2001, to an agreement or 
contract shall be treated as the entry of an agreement or contract.''.

    Approved August 3, 2001.

LEGISLATIVE HISTORY--H.R. 1954 (S. 1218):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 107-107, Pt. 1 (Comm. on International Relations) and 
Pt. 2 (Comm. on Ways and Means).
CONGRESSIONAL RECORD, Vol. 147 (2001):
            July 24, 26, considered and passed House.
            July 27, considered and passed Senate.

                                  <all>

Pages: 1

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