22 U.S.C. § 8519 — Reports on certain activities of foreign ex-

Page 2089 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8519 try and Security of the Department of Com- merce— (1) $113,000,000 for fiscal year 2011; and (2) such sums as may be necessary for each of the fiscal years 2012 and 2013. (Pub. L. 111–195, title I, § 109, July 1, 2010, 124 Stat. 1338.) TERMINATION OF SECTION For termination of section, see section 8551(a) of this title. Editorial Notes CODIFICATION Section is comprised of section 109 of Pub. L. 111–195. Subsec. (c) of section 109 of Pub. L. 111–195 amended section 310 of Title 31, Money and Finance. § 8518. Reports on investments in the energy sec- tor of Iran (a) Initial report (1) In general Not later than 90 days after July 1, 2010, the President shall submit to the appropriate con- gressional committees a report— (A) on investments in the energy sector of Iran that were made during the period de- scribed in paragraph (2); and (B) that contains— (i) an estimate of the volume of energy- related resources (other than refined pe- troleum), including ethanol, that Iran im- ported during the period described in para- graph (2); and (ii) a list of all significant known en- ergy-related joint ventures, investments, and partnerships located outside Iran that involve Iranian entities in partnership with entities from other countries, includ- ing an identification of the entities from other countries; and (iii) an estimate of— (I) the total value of each such joint venture, investment, and partnership; and (II) the percentage of each such joint venture, investment, and partnership owned by an Iranian entity. (2) Period described The period described in this paragraph is the period beginning on January 1, 2006, and end- ing on the date that is 60 days after July 1, 2010. (b) Updated reports Not later than 180 days after submitting the report required by subsection (a), and every 180 days thereafter, the President shall submit to the appropriate congressional committees a re- port, covering the 180-day period beginning on the date that is 30 days before the date on which the preceding report was required to be sub- mitted by this section, that— (1) contains the matters required in the re- port under subsection (a)(1); and (2) identifies— (A) the volume of crude oil and refined pe- troleum products imported to and exported from Iran (including through swaps and similar arrangements); (B) the persons selling and transporting crude oil and refined petroleum products de- scribed in subparagraph (A), the countries with primary jurisdiction over those per- sons, and the countries in which those prod- ucts were refined; (C) the sources of financing for imports to Iran of crude oil and refined petroleum prod- ucts described in subparagraph (A); and (D) the involvement of foreign persons in efforts to assist Iran in— (i) developing upstream oil and gas pro- duction capacity; (ii) importing advanced technology to upgrade existing Iranian refineries; (iii) converting existing chemical plants to petroleum refineries; or (iv) maintaining, upgrading, or expand- ing existing refineries or constructing new refineries. (Pub. L. 111–195, title I, § 110, July 1, 2010, 124 Stat. 1338; Pub. L. 112–158, title II, § 224, Aug. 10, 2012, 126 Stat. 1240.) TERMINATION OF SECTION For termination of section, see section 8551(a) of this title. Editorial Notes AMENDMENTS 2012—Subsec. (b). Pub. L. 112–158 substituted ‘‘a re- port, covering the 180-day period beginning on the date that is 30 days before the date on which the preceding report was required to be submitted by this section, that—’’ for ‘‘a report containing the matters required in the report under subsection (a)(1) for the 180-day pe- riod beginning on the date that is 30 days before the date on which the preceding report was required to be submitted by this section.’’ and added pars. (1) and (2). Executive Documents DELEGATION OF FUNCTIONS Functions of President under this section delegated to Secretary of State, see Memorandum of President of the United States, Sept. 23, 2010, 75 F.R. 67025, set out as a note under section 8501 of this title. § 8519. Reports on certain activities of foreign ex- port credit agencies and of the Export-Im- port Bank of the United States (a) Report on certain activities of export credit agencies of foreign countries (1) In general Not later than 90 days after July 1, 2010, the President shall submit to the appropriate con- gressional committees a report on any activ- ity of an export credit agency of a foreign country that is an activity comparable to an activity described in subsection (a) or (b) of section 5 of the Iran Sanctions Act of 1996, as amended by section 102 of this Act. (2) Updates The President shall update the report re- quired by paragraph (1) as new information be- comes available with respect to the activities of export credit agencies of foreign countries. (b) Report on certain financing by the Export- Import Bank of the United States Not later than 30 days (or, in extraordinary circumstances, not later than 15 days) before the Page 2090 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8531 Export-Import Bank of the United States ap- proves cofinancing (including loans, guarantees, other credits, insurance, and reinsurance) in which an export credit agency of a foreign coun- try identified in the report required by sub- section (a) will participate, the President shall submit to the appropriate congressional com- mittees a report identifying— (1) the export credit agency of the foreign country; and (2) the beneficiaries of the financing. (Pub. L. 111–195, title I, § 111, July 1, 2010, 124 Stat. 1339.) TERMINATION OF SECTION For termination of section, see section 8551(a) of this title. Editorial Notes REFERENCES IN TEXT Section 5 of the Iran Sanctions Act of 1996, as amend- ed by section 102 of this Act, referred to in subsec. (a)(1), is section 5 of Pub. L. 104–172, as amended by sec- tion 102 of Pub. L. 111–195, which is set out as a note under section 1701 of Title 50, War and National De- fense. Executive Documents DELEGATION OF FUNCTIONS For delegation of functions of President under this section, see Memorandum of President of the United States, Sept. 23, 2010, 75 F.R. 67025, set out as a note under section 8501 of this title. SUBCHAPTER II—DIVESTMENT FROM CER- TAIN COMPANIES THAT INVEST IN IRAN § 8531. Definitions In this subchapter: (1) Energy sector of Iran The term ‘‘energy sector of Iran’’ refers to activities to develop petroleum or natural gas resources or nuclear power in Iran. (2) Financial institution The term ‘‘financial institution’’ has the meaning given that term in section 14 of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note). (3) Iran The term ‘‘Iran’’ includes the Government of Iran and any agency or instrumentality of Iran. (4) Person The term ‘‘person’’ means— (A) a natural person, corporation, com- pany, business association, partnership, soci- ety, trust, or any other nongovernmental en- tity, organization, or group; (B) any governmental entity or instrumen- tality of a government, including a multilat- eral development institution (as defined in section 262r(c)(3) of this title); and (C) any successor, subunit, parent entity, or subsidiary of, or any entity under com- mon ownership or control with, any entity described in subparagraph (A) or (B). (5) State The term ‘‘State’’ means each of the several States, the District of Columbia, the Common- wealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the United States Virgin Is- lands, and any other territory or possession of the United States. (6) State or local government The term ‘‘State or local government’’ in- cludes— (A) any State and any agency or instru- mentality thereof; (B) any local government within a State, and any agency or instrumentality thereof; (C) any other governmental instrumen- tality of a State or locality; and (D) any public institution of higher edu- cation within the meaning of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.). (Pub. L. 111–195, title II, § 201, July 1, 2010, 124 Stat. 1341.) TERMINATION OF SECTION For termination of section, see section 8551(a) of this title. Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in the origi- nal ‘‘this title’’, meaning Pub. L. 111–195, title II, July 1, 2010, 124 Stat. 1341, which enacted this subchapter, amended section 80a–13 of Title 15, Commerce and Trade, enacted provisions set out as notes under sec- tion 80a–13 of Title 15, and amended provisions set out as a note under section 1701 of Title 50, War and Na- tional Defense. For complete classification of title II to the Code, see Tables. The Higher Education Act of 1965, referred to in par. (6)(D), is Pub. L. 89–329, Nov. 8, 1965, 79 Stat. 1219, which is classified generally to chapter 28 (§ 1001 et seq.) of Title 20, Education. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 1001 of Title 20 and Tables. § 8532. Authority of State and local governments to divest from certain companies that invest in Iran (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 pro- hibits 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 sanc- tions imposed by the United States. (b) Authority to divest Notwithstanding any other provision of law, a State or local government may adopt and en- force measures that meet the requirements of subsection (d) to divest the assets of the State or local government from, or prohibit invest- ment of the assets of the State or local govern- ment in, any person that the State or local gov- ernment 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—