United States · Amendment · HAMDT

HAMDT 477 (98th)

An amendment to require the President, within 90 days, to issue regulations prohibiting any U.S. person from making any investment in South Africa. "Investment" is defined as 1) loans or business credits for establishment of a business in South Africa, including subsidiary affiliates, branches, or offices, 2) investment of funds in an existing enterprise in South Africa, including loans or other credit extensions. This does not apply to earnings from enterprises in South Africa established before this act or purchase of securitites on a security exchange. The amendment sets out enforcement provisions including a fine of up to 1 million dollars. The prohibition is to be lifted when the President determines that South Africa has made substantial progress in ending racial discrimination.