Iran and Libya Sanctions Act

Iran and Libya Sanctions Act of 1996

Long title	An Act to impose sanctions on persons making certain investments directly and significantly contributing to the enhancement of the ability of Iran or Libya to develop its petroleum resources, and on persons exporting certain items that enhance Libya's weapons or aviation capabilities or enhance Libya's ability to develop its petroleum resources, and for other purposes.
Acronyms (colloquial)	ILSA, IOSA
Nicknames	Iran Oil Sanctions Act of 1996
Enacted by	the 104th United States Congress
Effective	August 5, 1996
Citations
Public law	104-172
Statutes at Large	110 Stat. 1541
Codification
Titles amended	50 U.S.C.: War and National Defense
U.S.C. sections amended	50 U.S.C. ch. 35 § 1701 et seq.
Legislative history
Introduced in the House as H.R. 3107 by Benjamin A. Gilman (R–NY) on March 19, 1996 Committee consideration by House International Relations, House Banking and Financial Services, House Ways and Means, House Government Reform and Oversight Passed the House on June 19, 1996 (415–0, Roll call vote 250, via Clerk.House.gov) Passed the Senate on July 16, 1996 (passed unanimous consent) with amendment House agreed to Senate amendment on July 23, 1996 (agreed without objection) Signed into law by President William J. Clinton on August 5, 1996

The Iran and Libya Sanctions Act of 1996 (ILSA) was a 1996 act of Congress that imposed economic sanctions on firms doing business with Iran and Libya. On September 30, 2006, the act was renamed to the Iran Sanctions Act (ISA), as it no longer applied to Libya, and extended until December 31, 2011. As of March 2008, ISA sanctions had not been enforced against any non-US company; the act allows the president to waive sanctions on a case-by-case basis, though this waiver is subject to renewal every six months. Despite the restrictions on American investment in Iran, FIPPA provisions apply to all foreign investors, and many Iranian expatriates based in the US continue to make substantial investments in Iran.

A United States Department of State report states that "ILSA was introduced in the context of a tightening of U.S. sanctions on Iran during the first term of the Clinton administration." In the year leading up to passage of the act, President Bill Clinton had issued several executive orders with respect to Iran, including of March 15, 1995, banning U.S. investment in Iran's energy sector, and of May 6, 1995, which banned U.S. trade with and investment in Iran. These were intended to respond to the Iranian nuclear program and Iranian support for Hezbollah, Hamas, and Palestine Islamic Jihad, that are considered as terrorist organizations by US.

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