The IEEPA sanctions were imposed in 1986 after Libya was blamed for the bombing of a Berlin disco that killed two U.S. servicemen and a Turkish woman, and wounded 229, including 79 Americans.

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The Lautenberg amendment would explicitly amend IEEPA to ensure that foreign subsidiaries controlled or fifty-one percent or more owned by American businesses are bound by the same sanctions regimes as are the parent companies.

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The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA as may be necessary to carry out the purposes of this order.

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The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to submit the recurring and final reports to the Congress on the national emergency declared in this order, consistent with section 401(c) of the NEA (50 U.S.C. 1641(c)) and section 204(c) of IEEPA (50 U.S.C. 1703(c)).

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Section 1 of the order is intended to implement sanctions pursuant to ISA, CISADA, or ITRSHRA. Certain ISA sanctions require action by the private sector, and the order will further the implementation of those ISA sanctions by providing authority under IEEPA to the Secretary of the Treasury to take certain actions with respect to those sanctions.

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In order to close this loophole, the Lautenberg amendment would apply the same restrictions imposed on U.S. companies' dealings with a foreign country or persons dealing with that country pursuant to the International Emergency Economic Powers Act (IEEPA) to foreign-incorporated subsidiaries of such companies, where the U.S. parent owns at least a 50% share of the subsidiary.

CENTERFORSECURITYPOLICY: Center For Security Policy

Sec. 5. (a) The Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Energy, and, as appropriate, other agencies, is hereby authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA, as may be necessary to carry out the purposes of this order.

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The Secretary of the Treasury, in consultation with the Secretary of State, is hereby further authorized to exercise the functions and waiver authorities conferred upon the President by section 401(b) of CISADA (22 U.S.C. 8551(b)) with respect to the requirement to impose or maintain sanctions pursuant to IEEPA under section 105(a) of CISADA (22 U.S.C. 8514(a)) and to redelegate these functions and waiver authorities consistent with applicable law.

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