diff -r bb645cc39e60 Include/pyerrors.h
--- a/Include/pyerrors.h	Fri Mar 18 13:03:17 2011 -0500
+++ b/Include/pyerrors.h	Fri Mar 18 23:53:47 2011 +0100
@@ -47,6 +47,12 @@
     PyObject *filename;
 } PyEnvironmentErrorObject;
 
+typedef struct {
+    PyException_HEAD
+    PyObject *msg;
+    PyObject *module_name;
+} PyImportErrorObject;
+
 #ifdef MS_WINDOWS
 typedef struct {
     PyException_HEAD
diff -r bb645cc39e60 Lib/test/test_import.py
--- a/Lib/test/test_import.py	Fri Mar 18 13:03:17 2011 -0500
+++ b/Lib/test/test_import.py	Fri Mar 18 23:53:47 2011 +0100
@@ -294,6 +294,18 @@
             sys.argv.insert(0, C())
             """))
         script_helper.assert_python_ok(testfn)
+        
+    def test_module_name_keyword(self):
+        try:
+            raise ImportError('failed to import', module_name='failingmodule')
+        except ImportError as e:
+            self.assertEqual(e.module_name, 'failingmodule')
+            
+    def test_module_name(self):
+        try:
+            import failingmodule
+        except ImportError as e:
+            self.assertEqual(e.module_name, 'failingmodule')
 
 
 class PycRewritingTests(unittest.TestCase):
diff -r bb645cc39e60 Objects/exceptions.c
--- a/Objects/exceptions.c	Fri Mar 18 13:03:17 2011 -0500
+++ b/Objects/exceptions.c	Fri Mar 18 23:53:47 2011 +0100
@@ -547,9 +547,91 @@
 /*
  *    ImportError extends Exception
  */
-SimpleExtendsException(PyExc_Exception, ImportError,
-          "Import can't find module, or can't find name in module.");
 
+static int
+ImportError_init(PyImportErrorObject *self, PyObject *args, PyObject *kwds)
+{
+    PyObject *msg = NULL;
+    PyObject *module_name = NULL;
+        
+    if (kwds){
+        module_name = PyDict_GetItemString(kwds, "module_name");
+        if (module_name){
+            Py_CLEAR(self->module_name);       /* replacing */
+            self->module_name = module_name;
+            Py_INCREF(self->module_name);
+            if (PyDict_DelItemString(kwds, "module_name"))
+                return -1;
+        }
+    }
+    
+    if (BaseException_init((PyBaseExceptionObject *)self, args, kwds) == -1)
+        return -1;
+    if (PyTuple_GET_SIZE(args) != 1)
+        return 0;
+    if (!PyArg_UnpackTuple(args, "ImportError", 1, 1, &msg)) 
+        return -1;
+
+    Py_CLEAR(self->msg);          /* replacing */
+    self->msg = msg;
+    Py_INCREF(self->msg);
+
+    return 0;
+}
+
+static int
+ImportError_clear(PyImportErrorObject *self)
+{
+    Py_CLEAR(self->msg);
+    Py_CLEAR(self->module_name);
+    return BaseException_clear((PyBaseExceptionObject *)self);
+}
+
+static void
+ImportError_dealloc(PyImportErrorObject *self)
+{
+    _PyObject_GC_UNTRACK(self);
+    ImportError_clear(self);
+    Py_TYPE(self)->tp_free((PyObject *)self);
+}
+
+static int
+ImportError_traverse(PyImportErrorObject *self, visitproc visit, void *arg)
+{
+    Py_VISIT(self->msg);
+    Py_VISIT(self->module_name);
+    return BaseException_traverse((PyBaseExceptionObject *)self, visit, arg);
+}
+
+static PyObject *
+ImportError_str(PyImportErrorObject *self)
+{
+    if (self->msg) {
+        Py_INCREF(self->msg);
+        return self->msg;
+    }
+    else
+        return BaseException_str((PyBaseExceptionObject *)self);
+}
+
+static PyMemberDef ImportError_members[] = {
+    {"msg", T_OBJECT, offsetof(PyImportErrorObject, msg), 0,
+        PyDoc_STR("exception message")},
+    {"module_name", T_OBJECT, offsetof(PyImportErrorObject, module_name), 0,
+        PyDoc_STR("exception module_name")},
+    {NULL}  /* Sentinel */
+};
+
+static PyMethodDef ImportError_methods[] = {
+    {NULL}
+};
+
+ComplexExtendsException(PyExc_Exception, ImportError,
+                        ImportError, ImportError_dealloc,
+                        ImportError_methods, ImportError_members,
+                        ImportError_str,
+                        "Import can't find module, or can't find name in "
+                        "module.");
 
 /*
  *    EnvironmentError extends Exception
diff -r bb645cc39e60 Python/import.c
--- a/Python/import.c	Fri Mar 18 13:03:17 2011 -0500
+++ b/Python/import.c	Fri Mar 18 23:53:47 2011 +0100
@@ -2768,8 +2768,23 @@
 
     if (result == Py_None) {
         Py_DECREF(result);
-        PyErr_Format(PyExc_ImportError,
-                     "No module named %.200s", name);
+        PyObject *message = PyUnicode_FromFormat("No module named %.200s", 
+                                                 name);
+        if (message == NULL)
+            return NULL;
+        PyObject *module = PyUnicode_DecodeASCII(name, strlen(name), "strict");
+        if (module == NULL){
+            Py_DECREF(message);
+            return NULL;
+        }
+        PyObject *value = Py_BuildValue("O", message);
+        Py_DECREF(message);
+        Py_DECREF(module);
+        if (value == NULL)
+            return NULL;
+        
+        PyErr_SetObject(PyExc_ImportError, value);
+        Py_DECREF(value);
         return NULL;
     }