[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1450 Reported in House (RH)]
<DOC>
Union Calendar No. 34
119th CONGRESS
1st Session
H. R. 1450
[Report No. 119-47, Part I]
To require the Office of Foreign Assets Control to develop a program
under which private sector firms may receive a license to conduct
nominal financial transactions in furtherance of the firms'
investigations, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 21, 2025
Mrs. Beatty (for herself and Mr. Nunn of Iowa) introduced the following
bill; which was referred to the Committee on Financial Services, and in
addition to the Committee on Foreign Affairs, 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
March 27, 2025
Reported from the Committee on Financial Services
March 27, 2025
Committee on Foreign Affairs discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed
_______________________________________________________________________
A BILL
To require the Office of Foreign Assets Control to develop a program
under which private sector firms may receive a license to conduct
nominal financial transactions in furtherance of the firms'
investigations, and for other purposes.
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 ``OFAC Licensure for Investigators
Act''.
SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS.
(a) In General.--The Director of the Office of Foreign Assets
Control shall, not later than 1 year after the date of the enactment of
this section, establish a pilot program under which a private sector
firm may receive a license to conduct nominal financial transactions in
furtherance of the firm's investigations.
(b) Coordination.--When establishing and carrying out the pilot
program required under subsection (a), the Director of the Office of
Foreign Assets Control shall coordinate with the Director of the
Financial Crimes Enforcement Network for the purposes of supporting
activities of the Financial Crimes Enforcement Network Exchange, as
described in section 310(d) of title 31 of the United States Code.
(c) Reporting on Activities.--Each private sector firm that
receives a license described under subsection (a) shall submit a
detailed monthly report to the Director of the Office of Foreign Assets
Control on the activities of the firm conducted under such license.
(d) Report to Congress.--
(1) In general.--On the date that is 1 year after the date
on which the pilot program is established under this section,
and annually thereafter until the end of the 1-year period
beginning on the date the pilot program is terminated, the
Director of the Office of Foreign Assets Control shall submit a
report to the Committees on Financial Services and Foreign
Affairs of the House of Representatives and the Committees on
Banking, Housing, and Urban Affairs and Foreign Relations of
the Senate containing--
(A) the number of licenses requested under the
pilot program;
(B) the number of licenses granted under the pilot
program; and
(C) a broad discussion of the utility of the pilot
program.
(2) Classified briefing.--After submission of each report
required under paragraph (1), the Director of the Office of
Foreign Assets Control shall provide the Committees on
Financial Services and Foreign Affairs of the House of
Representatives and the Committees on Banking, Housing, and
Urban Affairs and Foreign Relations of the Senate with a
classified briefing containing--
(A) additional detail on the applicants for a
license under the pilot program;
(B) identification of the firms granted a license;
(C) information on the operation of the pilot
program, including how long each license lasted and the
personnel needed to manage the pilot program;
(D) information gleaned by the Office of Foreign
Assets Control from running the pilot program;
(E) the utility of that information;
(F) any obstacles to the operation or utility of
the pilot program; and
(G) any recommendations for improving or extending
the pilot program.
(e) Termination.--The pilot program established by the Director of
the Office of Foreign Assets Control under subsection (a) shall
terminate on the date that is 5 years after the date on which the
Director of the Office of Foreign Assets Control establishes such
program.
Union Calendar No. 34
119th CONGRESS
1st Session
H. R. 1450
[Report No. 119-47, Part I]
_______________________________________________________________________
A BILL
To require the Office of Foreign Assets Control to develop a program
under which private sector firms may receive a license to conduct
nominal financial transactions in furtherance of the firms'
investigations, and for other purposes.
_______________________________________________________________________
March 27, 2025
Reported from the Committee on Financial Services
March 27, 2025
Committee on Foreign Affairs discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed