S 3407 — Guaranteeing Ukrainian Autonomy by Reinforcing its Defense (GUARD) Act of 2021

(a) Submission to Congress of proposed action (1) In general Notwithstanding any other provision of law, before taking any action described in paragraph (2), the President shall submit to the appropriate congressional committees and leadership a report that describes the proposed action and the reasons for that action. (2) Actions described (A) In general An action described in this paragraph is— (i) an action to terminate the application of any sanctions described in subparagraph (B); (ii) with respect to sanctions described in subparagraph (B) imposed by the President with respect to a person, an action to waive the application of those sanctions with respect to that person; or (iii) a licensing action that significantly alters United States’ 1 foreign policy with regard to the Russian Federation. (B) Sanctions described The sanctions described in this subparagraph are— (i) sanctions provided for under— (I) this chapter or any provision of law amended by this title, including the Executive orders codified under section 9522 of this title; (II) the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (22 U.S.C. 8901 et seq.); or (III) the Ukraine Freedom Support Act of 2014 (22 U.S.C. 8921 et seq.); and (ii) the prohibition on access to the properties of the Government of the Russian Federation located in Maryland and New York that the President ordered vacated on December 29, 2016. (3) Description of type of action Each report submitted under paragraph (1) with respect to an action described in paragraph (2) shall include a description of whether the action— (A) is not intended to significantly alter United States foreign policy with regard to the Russian Federation; or (B) is intended to significantly alter United States foreign policy with regard to the Russian Federation. (4) Inclusion of additional matter (A) In general Each report submitted under paragraph (1) that relates to an action that is intended to significantly alter United States foreign policy with regard to the Russian Federation shall include a description of— (i) the significant alteration to United States foreign policy with regard to the Russian Federation; (ii) the anticipated effect of the action on the national security interests of the United States; and (iii) the policy objectives for which the sanctions affected by the action were initially imposed. (B) Requests from banking and financial services committees The Committee on Banking, Housing, and Urban Affairs of the Senate or the Committee on Financial Services of the House of Representatives may request the submission to the Committee of the matter described in clauses (ii) and (iii) of subparagraph (A) with respect to a report submitted under paragraph (1) that relates to an action that is not intended to significantly alter United States foreign policy with regard to the Russian Federation. (5) Confidentiality of proprietary information Proprietary information that can be associated with a particular person with respect to an action described in paragraph (2) may be included in a report submitted under paragraph (1) only if the appropriate congressional committees and leadership provide assurances of confidentiality, unless such person otherwise consents in writing to such disclosure. (6) Rule of construction Paragraph (2)(A)(iii) shall not be construed to require the submission of a report under paragraph (1) with respect to the routine issuance of a license that does not significantly alter United States foreign policy with regard to the Russian Federation. (b) Period for review by Congress (1) In general During the period of 30 calendar days beginning on the date on which the President submits a report under subsection (a)(1)— (A) in the case of a report that relates to an action that is not intended to significantly alter United States foreign policy with regard to the Russian Federation, the Committee on Banking, Housing, and Urban Affairs of t...