This bill would reauthorize the Iran Sanctions Act of 1996 for 10 years through December 31, 2026. Under current law, it would expire on December 31, 2016.

The Iran Sanctions Act of 1996 originally sanctioned businesses that did business with Libya and Iran, but Libya was dropped from the law in 2006. It imposed financial sanctions on both U.S. and non-U.S. business that make investments in Iran. Sanctions could include:

• Denial of Export-Import Bank of the U.S. assistance;

• Denial of export licenses for exports to the violating company;

• Prohibition of loans or credits from U.S. financial institutions of over $10 million in any 12-month period;

• Prohibition on designation as a primary dealer for U.S. treasury securities;

• Prohibition on serving as an agent of the U.S. or as a repository for government funds;

• Denial of U.S. government procurement opportunities (consistent with World Trade Organization obligations);

• A ban on all or some imports of the violating company.