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22 U.S.C. § 8541 — Authority of State and local governments to divest from certain companies that invest in Iran
Federal law — U.S. Code and appendices · legal_authorities
**(a) Sense of Congress** 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 activities in the energy sector of Iran, as long as Iran is subject to economic sanctions imposed by the United States.
**(b) Authority to divest** 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 activities in Iran described in subsection (c).
**(c) Investment activities described** A person engages in investment activities in Iran described in this subsection if the person—
(1) has an investment of $20,000,000 or more in the energy sector of Iran, including in a person that provides oil or liquified natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquified natural gas, for the energy sector of Iran; or
(2) is a financial institution that extends $20,000,000 or more in credit to another person, for 45 days or more, if that person will use the credit for investment in the energy sector of Iran.
**(d) Requirements** Any measure taken by a State or local government under subsection (b) shall meet the following requirements:
(1) **Notice** — The State or local government shall provide written notice to each person to which a measure is to be applied.
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Source file: Laws/federal/codes/united-states-code/title-22/section-8541-authority-of-state-and-local-governments-to-divest-from-certain-companie--5bf25e784e.md
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Source location: Title 22, Chapter 92, § 8541; chapter-092-comprehensive-iran-sanctions-accountability-and-divestment.md
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**(a) Sense of Congress** 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 activities in the energy sector of Iran, as long as Iran is subject to economic sanctions imposed by the United States.
**(b) Authority to divest** 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 activities in Iran described in subsection (c).
**(c) Investment activities described** A person engages in investment activities in Iran described in this subsection if the person—
(1) has an investment of $20,000,000 or more in the energy sector of Iran, including in a person that provides oil or liquified natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquified natural gas, for the energy sector of Iran; or
(2) is a financial institution that extends $20,000,000 or more in credit to another person, for 45 days or more, if that person will use the credit for investment in the energy sector of Iran.
**(d) Requirements** Any measure taken by a State or local government under subsection (b) shall meet the following requirements:
(1) **Notice** — The State or local government shall provide written notice to each person to which a measure is to be applied.
(2) **Timing** — 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).
(3) **Opportunity for hearing** — 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 activities in Iran described in subsection (c), the measure shall not apply to the person.
(4) **Sense of Congress on avoiding erroneous targeting** — 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 investment activities in Iran described in subsection (c).
**(e) Notice to Department of Justice** 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.
**(f) Nonpreemption** A measure of a State or local government authorized under subsection (b) or (i) is not preempted by any Federal law or regulation.
**(g) Definitions** In this section:
(1) **Assets**
(A) *In general* — 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.
(B) *Exception* — 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1001&num=0&edition=prelim) et seq.).
(2) **Investment** — The “investment” includes—
(A) a commitment or contribution of funds or property;
(B) a loan or other extension of credit; and
(C) the entry into or renewal of a contract for goods or services.
**(h) Effective date**
(1) **In general** — 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 July 1, 2010.
(2) **Notice requirements** — Except as provided in subsection (i), subsections (d) and (e) apply to measures adopted by a State or local government on or after July 1, 2010.
**(i) Authorization for prior enacted measures**
(1) **In general** — 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 July 1, 2010, 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.
(2) **Application of notice requirements** — 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 July 1, 2010.
**(j) Rule of construction** Nothing in this Act 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1011&num=0&edition=prelim) et seq.) (commonly known as the “McCarran-Ferguson Act”).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Benefit plans as affecting interstate commerce and the Federal taxing power** The Congress finds that the growth in size, scope, and numbers of employee benefit plans in recent years has been rapid and substantial; that the operational scope and economic impact of such plans is increasingly interstate; that the continued well-being and security of millions of employees and their dependents are directly affected by these plans; that they are affected with a national public interest; that they have become an important factor affecting the stability of employment and the successful development of industrial relations; that they have become an important factor in commerce because of the interstate character of their activities, and of the activities of their participants, and the employers, employee organizations, and other entities by which they are established or maintained; that a large volume of the activities of such plans are carried on by means of the mails and instrumentalities of interstate commerce; that owing to the lack of employee information and adequate safeguards concerning their operation, it is desirable in the interests of employees and their beneficiaries, and to provide for the general welfare and the free flow of commerce, that disclosure be made and safeguards be provided with respect to the establishment, operation, and administration of such plans; that they substantially affect the revenues of the United States because they are afforded preferential Federal tax treatment; that despite the enormous growth in such plans many employees with long years of employment are losing anticipated retirement benefits owing to the lack of vesting provisions in such plans; that owing to the inadequacy of current minimum standards, the soundness and stabilit
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Any authority granted to the President by [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1702&num=0&edition=prelim) may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat.
**(b)** The authorities granted to the President by [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1702&num=0&edition=prelim) may only be exercised to deal with an unusual and extraordinary threat with respect to which a national emergency has been declared for purposes of this chapter and may not be exercised for any other purpose. Any exercise of such authorities to deal with any new threat shall be based on a new declaration of national emergency which must be with respect to such threat.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In General.—** The Financial Crimes Enforcement Network established by order of the Secretary of the Treasury (Treasury Order Numbered 105–08, in this section referred to as “FinCEN”) on April 25, 1990, shall be a bureau in the Department of the Treasury.
**(b) Director.—**
(1) **Appointment.—** — The head of FinCEN shall be the Director, who shall be appointed by the Secretary of the Treasury.
(2) **Duties and powers.—** — The duties and powers of the Director are as follows:
(A) Advise and make recommendations on matters relating to financial intelligence, financial criminal activities, and other financial activities to the Under Secretary of the Treasury for Enforcement.
(B) Maintain a government-wide data access service, with access, in accordance with applicable legal requirements, to the following:
(i) Information collected by the Department of the Treasury, including report information filed under subchapter II of chapter 53 of this title (such as reports on cash transactions, foreign financial agency transactions and relationships, foreign currency transactions, exporting and importing monetary instruments, and suspicious activities), chapter 2 of title I of Public Law 91–508, and section 21 of the Federal Deposit Insurance Act.
(ii) Information regarding national and international currency flows.
(iii) Other records and data maintained by other Federal, State, local, and foreign agencies, including financial and other records developed in specific cases.
(iv) Other privately and publicly available information.
(C) Analyze and disseminate the available data in accordance with applicable legal requirements and policies and guidelines established by the Secretary of the Treasury and the Under Secretary of the Treasury for Enfo
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 310
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibited actions for registered investment companies** No registered investment company shall, unless authorized by the vote of a majority of its outstanding voting securities—
(1) change its subclassification as defined in section 80a–5(a)(1) and (2) of this title or its subclassification from a diversified to a nondiversified company;
(2) borrow money, issue senior securities, underwrite securities issued by other persons, purchase or sell real estate or commodities or make loans to other persons, except in each case in accordance with the recitals of policy contained in its registration statement in respect thereto;
(3) deviate from its policy in respect of concentration of investments in any particular industry or group of industries as recited in its registration statement, deviate from any investment policy which is changeable only if authorized by shareholder vote, or deviate from any policy recited in its registration statement pursuant to [section 80a–8(b)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–8/b/3&num=0&edition=prelim); or
(4) change the nature of its business so as to cease to be an investment company.
**(b) Majority equivalent for common-law trusts** In the case of a common-law trust of the character described in [section 80a–16(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–16/c&num=0&edition=prelim), either written approval by holders of a majority of the outstanding shares of beneficial interest or the vote of a majority of such outstanding shares cast in person or by proxy at a meeting called for the purpose shall for the purposes of subsection (a) be deemed the equivalent of the vote of a majority of the outstanding voting securit
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 80a–13
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Federal law — U.S. Code and appendices · legal_authorities
Congress hereby declares that the continued regulation and taxation by the several States of the business of insurance is in the public interest, and that silence on the part of the Congress shall not be construed to impose any barrier to the regulation or taxation of such business by the several States.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1011
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Criminal liability** Whoever shall willfully violate any of the provisions of this chapter or of any license, rule, or regulation issued thereunder, and whoever shall willfully violate, neglect, or refuse to comply with any order of the President issued in compliance with the provisions of the chapter shall, upon conviction, be fined not more than $1,000,000, or if a natural person, be imprisoned for not more than 20 years, or both.
**(b) Civil liability; hearing; judicial review**
(1) A civil penalty of not to exceed $50,000 may be imposed by the Secretary of the Treasury on any person who violates any license, order, rule, or regulation issued in compliance with the provisions of this chapter.
(2) Any property, funds, securities, papers, or other articles or documents, or any vessel, together with its tackle, apparel, furniture, and equipment, that is the subject of a violation under paragraph (1) shall, at the direction of the Secretary of the Treasury, be forfeited to the United States Government.
(3) The penalties provided under this subsection may be imposed only on the record after opportunity for an agency hearing in accordance with sections 554 through 557 of title 5, with the right to prehearing discovery.
(4) Judicial review of any penalty imposed under this subsection may be had to the extent provided in [section 702 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section702&num=0&edition=prelim).
**(c) Forfeiture** Upon conviction, any property, funds, securities, papers, or other articles or documents, or any vessel, together with tackle, apparel, furniture, and equipment, concerned in any violation of subsection (a) may be forfeited to the United States.
**(d) Statute of limitations**
(1) **Time for commencing
Source: Supplied U.S. Code snapshot — release unconfirmed · 50 U.S.C. § 4315
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Federal law — U.S. Code and appendices · legal_authorities
In this subchapter:
(1) **Appropriate congressional committees** — The term “appropriate congressional committees” means—
(A) the Committee on Foreign Affairs, the Committee on the Judiciary, and the Committee on Financial Services of the House of Representatives; and
(B) the Committee on Foreign Relations, the Committee on the Judiciary, and the Committee on Banking, Housing, and Urban Affairs of the Senate.
(2) **Covered family member** — The term “covered family member”, with respect to a foreign person who is an individual, means a spouse, adult child, parent, or sibling of the person who engages in the sanctionable activity described under [section 8572 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8572&num=0&edition=prelim) or who demonstrably benefits from such activity.
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 8501
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Sunset** The provisions of this Act (other than sections 105 and 305 [[22 U.S.C. 8514](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8514&num=0&edition=prelim), 8544] and the amendments made by sections 102, 107, 109, and 205) shall terminate, and [section 80a–13(c)(1)(B) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–13/c/1/B&num=0&edition=prelim), as added by section 203(a), shall cease to be effective, on the date that is 30 days after the date on which the President certifies to Congress that—
(1) the Government of Iran has ceased providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state sponsor of terrorism (as defined in section 301 [[22 U.S.C. 8541](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8541&num=0&edition=prelim)]) under—
(A) section 4605(j)(1)(A) 11 See References in Text note below. of title 50 (or any successor thereto);
(B) [section 2780(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2780/d&num=0&edition=prelim); or
(C) [section 2371(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2371/a&num=0&edition=prelim); and
(2) Iran has ceased the pursuit, acquisition, and development of, and verifiably dismantled its, nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology.
**(b) Presidential waivers**
(1) **In general** — The President may waive the application of sanctions under section 103(b) [[22 U.S.C. 8512(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8512/b&num=0&edition=prelim)], the requiremen
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 8561
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Federal law — U.S. Code and appendices · legal_authorities
Page 1261
TITLE 15—COMMERCE AND TRADE
§ 1012
§ 1006. Authorization for free travel on San Fran-
cisco-Oakland Bay Bridge; issuance, presen-
tation, and acceptance; other authorization
devices
(a) The use of the San Francisco-Oakland Bay
Bridge free of toll, provided for in section 1005 of
this title, shall be granted upon the presen-
tation and surrender at the toll lanes of an au-
thorization certifying that the traffic or person
in question is entitled to such right. Such au-
thorization shall be issued and signed by any of-
ficer or official designated for such purpose in
accordance with regulations which shall be pre-
scribed by the Secretary of the Department hav-
ing control of the personnel exempted by section
1005 of this title. The names and signatures of
officers so designated shall be furnished to the
California Toll Bridge Authority and thereafter
authorizations signed by them shall be accepted
by such authority as prima facie evidence of the
facts stated therein.
(b) Notwithstanding the provisions of sub-
section (a), such right to use the San Francisco-
Oakland Bay Bridge free of toll may be estab-
lished by any other device or means which may
be acceptable to the California Toll Bridge Au-
thority; and the Secretary of the appropriate
Department and the California Toll Bridge Au-
thority may enter into any appropriate agree-
ments to secure the effective, convenient, and
just exercise of such right.
(July 1, 1946, ch. 528, § 2, 60 Stat. 348.)
§ 1007. Penalties
Whoever secures or attempts to secure the ex-
emption from toll provided for in sections 1005
to 1007 of this title or an authorization referred
to in section 1006 of this title, knowing that he
is not entitled thereto, and whoever signs or
issues any such authorization certif
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1011
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Federal law — U.S. Code and appendices · legal_authorities
Page 2092
TITLE 22—FOREIGN RELATIONS AND INTERCOURSE
§ 8541
1 See References in Text note below.
Sept. 2, 1974, 88 Stat. 829. Title I of the Act is classified
generally to subchapter I (§ 1001 et seq.) of chapter 18 of
Title 29, Labor. For complete classification of this Act
to the Code, see Short Title note set out under section
1001 of Title 29 and Tables.
This Act, referred to in subsec. (j), is Pub. L. 111–195,
July 1, 2010, 124 Stat. 1312, which enacted this chapter,
amended sections 287c, 2778, and 2780 of this title, sec-
tion 80a–13 of Title 15, Commerce and Trade, section 310
of Title 31, Money and Finance, and section 4315 of
Title 50, War and National Defense, enacted provisions
set out as notes under section 80a–13 of Title 15 and sec-
tion 1701 of Title 50, and amended provisions set out as
notes under section 1701 of Title 50. For complete clas-
sification of this Act to the Code, see Short Title note
set out under section 8501 of this title and Tables.
Act of March 9, 1945, referred to in subsec. (j), is act
Mar. 9, 1945, ch. 20, 59 Stat. 33, popularly known as the
McCarran-Ferguson Act, which is classified generally
to chapter 20 (§ 1011 et seq.) of Title 15, Commerce and
Trade. For complete classification of this Act to the
Code, see Short Title note set out under section 1011 of
Title 15 and Tables.
AMENDMENTS
2012—Subsec. (j). Pub. L. 112–158 added subsec. (j).
SUBCHAPTER III—PREVENTION OF DIVER-
SION
OF
CERTAIN
GOODS,
SERVICES,
AND TECHNOLOGIES TO IRAN
§ 8541. Definitions
In this subchapter:
(1) Allow
The term ‘‘allow’’, with respect to the diver-
sion through a country of goods, services, or
technologies, means the government of the
country knows or has reason to know that the
territory of the country is being used
Source: Supplied 2024 U.S. Code historical extraction · 22 U.S.C. § 8541
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