; and (2) submits to the appropriate congressional committees a notification of the waiver and the reasons for the waiver. 15. Implementation; penalties (a) Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this Act. (b) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of this Act or any regulation, license, or order issued to carry out this Act 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.