; and (2) submits to the appropriate congressional committees a report on the waiver and the reasons for the waiver. (g) Implementation; penalties (1) Implementation The President may exercise all authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 and 1704) to carry out this section. (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (h) Definitions In this section: (1) Admission; admitted; alien The terms admission , admitted , and alien have the meanings given those terms in section 101 of the Immigration and Nationality Act ( 8 U.S.C. 1101 ). (2) Appropriate congressional committees The term appropriate congressional committees means the Committee on Foreign Relations and Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Foreign Affairs and Committee on Financial Services of the House of Representatives. (3) Foreign person The term foreign person means an individual or entity that is not a United States person. (4) Knowingly The term knowingly , with respect to conduct, a circumstance, or a result, means that a person has actual knowledge, or should have known, of the conduct, the circumstance, or the result. (5) United states person The term United States person means— (A) a United States citizen or an alien lawfully admitted for permanent residence to the United States