Vote to pass a bill to increase economic sanctions on Iran and to allow the President to determine if the Iranian Islamic Revolutionary Guards Corps should be considered a foreign terrorist organization.
Determines that it is the sense of the Congress that (Sec. 2):
Iran's President Ahmadinejad is violating the Convention on the Prevention and Punishment of the Crime of Genocide by his denials of the Holocaust and calls to have Israel "wiped off the map";
Iran should be prevented from joining the World Trade Organization until all nuclear program issues are resolved;
The UN Security Council should enact a sanction to prevent investment in Iran's energy sector; and
United States concerns regarding Iran are strictly the result of actions of the Government of Iran.
States that this Act cannot be interpreted to authorize the use of force against Iran (Sec. 102).
Requires parent companies to pay penalties for any of its subsidiaries that engage in business with Iran (Sec. 201).
Bans the import of all goods originating from Iran, effective 120 days after enactment (Sec. 202).
Requires the President to determine whether the Iranian Islamic Revolutionary Guards Corps (IRGC) should be designated as a foreign terrorist organization, placed on the list of specially designated global terrorists and on the list of weapons of mass destruction proliferators and supporters, and requires the President to report any justifications for not placing the IRGC on either list (Sec. 401).
Authorizes $59.47 million for the Office of Terrorism and Financial Intelligence and $85.84 million for the Financial Crimes Enforcement Network, for the fiscal year 2008 (Sec. 402).
Authorizes $10.00 million for fiscal year 2008 to fund cultural exchange programs with Iran under the Mutual Educational and Cultural Exchange Act (Sec. 403).
Prohibits agreements for exporting goods or services that can be used for nuclear programs between the US and the government of the Russian Federation or any other country determined by the President to be assisting the nuclear program of Iran or transferring advanced conventional weapons to Iran (Sec. 405).
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.