Iran Sanctions Act
(December 1, 2016)
The Iran and Libya Sanctions Act of 1996 (ILSA) was a 1996 act of the United States Congress that imposed economic sanctions on firms doing business with Iran and Libya. The Act empowers the President to waive sanctions on a case-by-case basis, which is subject to renewal every six months. On September 20, 2004, the President signed an Executive Order to end economic sanctions on Libya. On September 30, 2006, the Act was renamed the Iran Sanctions Act (ISA). The Act was originally limited to five years, and has been extended several times. On December 1, 2016, ISA was extended for a further ten years. The measure passed by 99-0 in the Senate and nearly unanimously a month earlier.
Members of Congress and administration officials said the renewal of the ISA would not violate the nuclear agreement with Iran.
Sources:
“Iran and Libya Sanctions Act,” Wikipedia;
Patricia Zengerle, “Extension of Iran Sanctions Act passes U.S. Congress,” Reuters, (December 1, 2016).
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