Sanctions Policy Reform Act

Sanctions Policy Reform Act - Declares that it is the purpose of this Act to establish an effective framework for consideration by the legislative and executive branches of unilateral economic sanctions in order to ensure coordination of U.S. policy with respect to trade, security, and human rights.

(Sec. 3) Declares that it is U.S. policy to: (1) pursue U.S. interests through vigorous and effective diplomatic, political, commercial, charitable, educational, cultural, and strategic engagement with other countries, while recognizing that U.S. national security interests may sometimes require the imposition of economic sanctions on other countries; (2) foster multilateral cooperation on vital matters of U.S. foreign policy, including promoting human rights and democracy, combating international terrorism, proliferation of weapons of mass destruction, and international narcotics trafficking, and ensuring adequate environmental protection; (3) promote U.S. economic growth and job creation by expanding exports of goods, services, and agricultural commodities, and by encouraging investment that supports the sale abroad of U.S. products and services; (4) maintain the reputation of U.S. businesses and farmers as reliable suppliers to international customers of quality products and services; (5) avoid the use of restrictions on exports of agricultural commodities as a foreign policy weapon; and (6) oppose policies of other countries designed to discourage economic interaction with countries friendly to the United States or with any U.S. national, and to avoid use of such measures as instruments of U.S. foreign policy. States that when economic sanctions are necessary, it is U.S. policy to: (1) target them as narrowly as possible on those foreign governments, entities, and officials that are responsible for the conduct being targeted, thereby minimizing unnecessary or disproportionate harm to individuals who are not responsible for such conduct; and (2) to the extent feasible, avoid any adverse impact of economic sanctions on the humanitarian activities of the United States and foreign nongovernmental organizations in a country against which sanctions are imposed.

(Sec. 5) Expresses the sense of Congress that any unilateral economic sanction legislation introduced in or reported to a House of Congress should: (1) state the U.S. foreign policy or national security objective; (2) terminate after two years unless specifically reauthorized; (3) provide for contract sanctity, with specified exceptions; (4) provide presidential authority to adjust or waive the sanction in the national interest; (5) target the sanction as narrowly as possible against the parties responsible for the conduct being targeted; and (6) provide for expanded export promotion programs if sanctions are likely to target an export market for American farmers.

(Sec. 6) Sets forth a procedure for congressional consideration of any unilateral economic sanction legislation. Requires specified reports: (1) from the President assessing the likelihood that the proposed unilateral economic sanction will achieve its stated objective within a reasonable period of time, as well as the impact of the proposed unilateral economic sanction on U.S. foreign policy, national security, and humanitarian activities; and (2) from the Secretary of Agriculture assessing the extent to which any country or countries proposed or likely to be sanctioned are markets that accounted for more than three percent of all U.S. agricultural export sales in the preceding calendar year, as well as the likelihood that U.S. agricultural exports will be affected by the proposed sanction or by retaliation by any country proposed or likely to be sanctioned, and specific commodities which are most likely to be affected.

Requires that any bill or joint resolution that imposes any unilateral economic sanction be treated as including a Federal private sector mandate for purposes of the Unfunded Mandates Reform Act of 1995. Requires the Congressional Budget Office, in its report pursuant to such Act, to assess the likely short- and long-term costs of the proposed sanction to the U.S. economy.

(Sec. 7) Requires the President to: (1) publish notice in the Federal Register at least 45 days in advance of the President's intention to impose any new unilateral economic sanction with respect to a foreign country or foreign entity; and (2) consult with the appropriate congressional committees regarding such proposed sanction. Requires any executive sanction to include an assessment of whether the sanction is likely to achieve a specific U.S. foreign policy or national security objective within a reasonable and specified period of time. Requires, before imposition of a new unilateral economic sanction, that the President and the Secretary of Agriculture report to appropriate congressional committees the same assessments required in connection with any bill or joint resolution imposing or authorizing the imposition of a unilateral economic sanction by the executive branch. Requires the President to request a report by the U.S. International Trade Commission (ITC) on the likely short- and long-term costs of the proposed sanction to the U.S. economy, including the potential impact on U.S. competitiveness. Provides, in the event that it is in the national interest, for allowing the President temporarily to waive most of the requirements for executive action in order to act immediately, generally requiring the waived requirements to be met within 60 days after imposition of the sanction (which shall terminate after 90 days if such requirements are not met). Establishes an interagency Sanctions Review Committee to coordinate U.S. policy regarding unilateral economic sanctions and provide appropriate recommendations to the President.

(Sec. 8) Requires the President and the ITC to report annually to the appropriate congressional committees with respect to each unilateral economic sanction imposed under this Act or under any other U.S. law, regulation, or Executive order.