IRGC Sanctions Act

[AI summary unavailable — showing source text] IRGC Sanctions Act This bill amends the Arms Export Control Act, the Export Administration Act of 1979, and the Foreign Assistance Act of 1961 to require congressional approval of any rescission of a determination that a country is a state sponsor of terrorism. The Trade Act of 1974 is amended to prohibit a U.S. person from knowingly engaging in any financial transaction with or transfer of funds to: Iran's Revolutionary Guard Corps (IRGC) or any IRGC subdivision; any person that is an agent, alias, front, instrumentality, or affiliate of any such entity; any person owned or controlled by such an entity or such a person; any natural person who is a representative, official, or senior member of any such entity; or any person for the purpose of avoiding a financial transaction with, or transfer of funds to, such an individual or entity, or for the benefit of such an individual or entity. The President shall exercise specified authorities under the International Emergency Economic Powers Act to carry out this Act, except that the President shall: not issue any general license authorizing, or otherwise authorize, any prohibited activity; or require any U.S. person seeking to engage in …