Sanctions Policy Reform Act - Prescribes procedural guidelines and informational requirements for legislation and executive actions that must be met before imposition of unilateral economic sanctions intended to achieve foreign policy goals. (Excludes from this Act any trade remedies or trade sanctions imposed because of market access restrictions, unfair trade practices, or violations of U.S. commercial or trade laws.)
Requires both legislation and executive actions to: (1) terminate within two years; (2) provide contract sanctity; (3) target a sanction as narrowly as possible on foreign governments, entities, and officials responsible for the conduct being targeted; (4) exclude restrictions on the provision of medicine, medical equipment, or food; (5) seek to minimize any adverse impact on the humanitarian activities of U.S. and foreign nongovernmental organizations in any country against which the sanction may be imposed; and (6) direct the Secretary of Agriculture to expand agricultural export assistance under U.S. market development, food assistance, or export promotion programs to offset any potential damage to incomes of producers of any affected agricultural commodity.
Requires any such legislation to provide authority for the President both to adjust the timing and scope of the sanction and to waive the sanction, if the President determines it is in the national interest to do so.
Requires Congress to consider findings by executive branch officials that evaluate the impact of proposed sanctions on American agriculture, energy requirements, and capital markets.
Requires the President, before imposing any new unilateral economic sanction, to report to specified congressional committees certain explanations, including an assessment of the sanction's likelihood to achieve specific foreign policy or national security objectives within a stated period of time.
Establishes an executive branch Sanctions Review Committee to coordinate U.S. policy regarding unilateral economic sanctions, evaluate the effect of any proposed sanctions, and provide appropriate recommendations to the President before their imposition.
Authorizes the President to waive the application of any sanction or prohibition under the Arms Export Control Act, the Foreign Assistance Act of 1961, or the Export Import Bank Act of 1945 if the President determines that such a waiver would advance the purposes of such Acts or U.S. national security interests. Requires the President to consult with the appropriate congressional committees before exercising such waiver authority.