The Act: 

Declares that the efforts of Iran and Libya to acquire weapons of mass destruction,
their support of international terrorism, and Libya's failure to comply with UN
Security Council Resolutions 731, 748, and 883 concerning the bombing of Pan Am
103 endanger U.S. and allied national security.

Declares that it is U.S. policy to deny Iran the ability to support international
terrorism and to fund its weapons of mass destruction program by limiting the
development of its petroleum resources. Also declares that it is U.S. policy to seek
full compliance by Libya with UN Resolutions, an end to its support of international
terrorism, and an end to its efforts to obtain weapons of mass destruction.

Urges the President to begin immediate negotiations to establish a multilateral
sanctions regime against Iran, to include limitations on the development of its
petroleum resources.
 
Requires the President to impose two out of six sanctions on foreign entities that
invest more than $40 million in any year in the petroleum sectors of Iran or Libya or
that trade with Libya in violation of UN Security Council resolutions. The six
sanctions from which the President may select are:

  1. No extension of credit to a sanctioned entity from the U.S. Export-Import
     Bank. 

  2. No export licenses granted to a sanctioned entity seeking advanced U.S.
     dual-use technology.

  3. No loans or credits in excess of $10 million to a sanctioned entity from
     U.S. financial institutions.

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