Description of Modifications to H.R. 1954 Contained in
Chairman’s Amendment in the Nature of a Substitute

Reporting Requirement:

The Chairman’s amendment in the nature of a substitute would amend H.R. 1954 to require a report eighteen months after enactment on the effectiveness of actions taken under the Iran and Libya Sanctions Act (P.L. 104-172).

The report would contain an assessment of the effectiveness of the actions relating to trade taken to achieve the objectives of the Iran and Libya Sanctions Act, as well as any other U.S. foreign policy or national security objectives with respect to Iran and Libya. The reporting requirement would also instruct the Administration to examine the impact of this law on humanitarian interests and on national security, economic, and foreign policy interests of the United States, including relations with countries friendly to the United States, and on the U.S. economy.

The amendment in the nature of a substitute would replace section 2 of H.R.1954 with a new section 3 and a new section 4.

-- New section 3 would amend H.R.1954 to extend the Iran and Libya Sanctions Act for five years.

-- New section 4 would provide for the termination of the Act before the termination date at anytime after submission of the eighteen-month report upon the adoption of a joint resolution terminating the Act. The joint resolution would be subject to the procedures provided in Section 152 of the Trade Act of 1974.