; and (2) submits to the appropriate congressional committees and leadership a report on the determination and the reasons for the determination. (b) Termination of sanctions and removal from report Unless a disapproval resolution is enacted under subsection (d), the President may terminate the application of sanctions under section 6 or 7 with respect to a foreign person or foreign financial institution and remove that foreign person or foreign financial institution from the report required under section 5(a) if the Secretary of State determines that the actions taken by the foreign person or foreign financial institution that led to the imposition of sanctions— (1) do not have a significant and lasting negative effect that contravenes the obligations of China under the Joint Declaration and the Basic Law; (2) are not likely to be repeated in the future