July 26, 2001(Key vote)
Title: Iran and Libya Sanctions
Vote Smart's Synopsis:
Vote to suspend the rules and pass the bill that would extend the Iran-Libya Sanctions Act (ILSA) of 1996, which imposes sanctions against companies and individuals that invest in oil and gas industries in Libya and Iran.
Extends ILSA through 2006, three years longer than President Bush had proposed.
Lowers from $40 million to $20 million the threshold amount an investment in Libya's petroleum resources must reach before the President is required to impose two or more specified economic and trade sanctions.
Applies sanctions to those companies that amend pre-existing contracts to develop petroleum resources in Libya and Iran that were negotiated before original law went into effect.
Directs President to submit a report on the effect the trade actions have had on facilitating foreign policy and national objectives of the United States with respect to Iran and Libya and the world at large.
NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.