[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3088 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 3088
To direct the Secretary of the Treasury to provide for a determination
on the activities on certain foreign financial institutions.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 5, 2023
Mr. Fallon (for himself and Mr. Hern) introduced the following bill;
which was referred to the Committee on Foreign Affairs, and in addition
to the Committees on Financial Services, the Judiciary, Ways and Means,
and Oversight and Accountability, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To direct the Secretary of the Treasury to provide for a determination
on the activities on certain foreign financial institutions.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Sanctions Enforcement and Financial
Institutions Transparency Act'' or the ``SEFIT Act''.
SEC. 2. DETERMINATION ON CERTAIN FOREIGN FINANCIAL INSTITUTIONS.
(a) Determination.--
(1) In general.--Not later than 180 days after the date of
the enactment of the this Act, and every 180 days thereafter
for a period not to exceed 5 years, the Secretary of the
Treasury shall submit to the appropriate congressional
committees a determination on whether each foreign financial
institution described in subsection (b) engages in, or has
engaged in or attempted to engage in one or more activities
described in subsection (c) and provides a detailed description
of each such activity.
(2) Appropriate congressional committees defined.--In this
subsection, the term ``appropriate congressional committees''
means--
(A) the Committee on Foreign Affairs and the
Committee on Armed Services of the House of
Representatives; and
(B) the Committee on Foreign Relations and the
Committee on Armed Services of the Senate.
(b) Foreign Financial Institution Described.--
(1) In general.--A foreign financial institution described
in this subsection is a foreign financial institution that,
wherever located, is--
(A) organized under the laws of a state sponsor of
terrorism or any jurisdiction within a state sponsor of
terrorism;
(B) owned or controlled, directly or indirectly by
the government of a state sponsor of terrorism;
(C) located in the territory of a state sponsor of
terrorism; or
(D) owned or controlled by a foreign financial
institution described in subparagraph (A), (B), or (C);
and
(E) the capitalization of which exceeds
$10,000,000.
(2) State sponsor of terrorism defined.--In this
subsection, the term ``state sponsor of terrorism'' means a
country the government of which the Secretary of State has
determined is a government that has repeatedly provided support
for acts of international terrorism for purposes of--
(A) section 1754(c) of the Export Control Reform
Act of 2018;
(B) section 620A of the Foreign Assistance Act of
1961 (22 U.S.C. 2371);
(C) section 40 of the Arms Export Control Act (22
U.S.C. 2780); or
(D) any other provision of law.
(3) Foreign financial institution defined.--A foreign
financial institution in this subsection includes--
(A) the meaning given that term in section 1010.605
of title 31, Code of Federal Regulations; or
(B) a foreign central bank.
(c) Activities Described.--
(1) In general.--The activities described in this
subsection include any act that engages in, or has engaged in
or attempted to engage in conduct that would be sanctionable
under covered Executive Orders described in paragraph (2) or
covered provisions of law described in paragraph (3).
(2) Covered executive orders.--In this subsection, the term
``covered executive orders'' includes the following:
(A) Executive Order 14071 (Prohibiting New
Investment In And Certain Services To The Russian
Federation In Response To Continued Russian Federation
Aggression (April 6, 2022)).
(B) Executive Order 14068 (Prohibiting Certain
Imports, Exports, and New Investment with Respect to
Continued Russian Federation Aggression (March 11,
2022)).
(C) Executive Order 14066 (Prohibiting Certain
Imports And New Investments With Respect To Continued
Russian Federation Efforts To Undermine the Sovereignty
And Territorial Integrity Of Ukraine (March 8, 2022)).
(D) Executive Order 14039 (Blocking Property with
Respect to Certain Russian Energy Export Pipelines
(August 20, 2021)).
(E) Executive Order 14024 (Blocking Property With
Respect To Specified Harmful Foreign Activities Of The
Government Of The Russian Federation (April 15, 2021)).
(F) Executive Order 14065 (Blocking Property Of
Certain Persons And Prohibiting Certain Transactions
With Respect To Continued Russian Efforts To Undermine
The Sovereignty And Territorial Integrity Of Ukraine
(February 21, 2022)).
(G) Executive Order 13883 (Administration of
Proliferation Sanctions and Amendment of Executive
Order 12851 (August 3, 2019)).
(H) Executive Order 13849 (Authorizing the
Implementation of Certain Sanctions Set Forth in the
Countering America's Adversaries Through Sanctions Act
(September 20, 2018)).
(I) Executive Order 13685 (Blocking Property of
Certain Persons and Prohibiting Certain Transactions
with Respect to the Crimea Region of Ukraine (December
19, 2014)).
(J) Executive Order 13662 (Blocking Property of
Additional Persons Contributing to the Situation in
Ukraine (March 20, 2014)).
(K) Executive Order 13661 (Blocking Property of
Additional Persons Contributing to the Situation in
Ukraine (March 17, 2014)).
(L) Executive Order 13660 (Blocking Property of
Certain Persons Contributing to the Situation in
Ukraine (March 6, 2014)).
(M) Any directive issued pursuant to the Executive
orders described in subparagraphs (A) through (L).
(N) Any other Executive order or directive imposing
sanctions against the Russian Federation.
(3) Covered legislation defined.--In this subsection the
term ``covered legislation'' includes the following:
(A) The Countering America's Adversaries Through
Sanctions Act (22 U.S.C. 9401 et seq.).
(B) The Ukraine Freedom Support Act of 2014 (22
U.S.C. 8921 et seq.).
(C) The Support for the Sovereignty, Integrity,
Democracy, and Economic Stability of Ukraine Act of
2014 (22 U.S.C. 8901 et seq.).
(D) The Protecting Europe's Energy Security Act of
2019 (title LXXV of division F of Public Law 116-92).
(E) Any other law imposing sanctions against the
Russian Federation.
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