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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Terrorist Asset Seizure Reform Act of 2016

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To require the Secretary of the Treasury to confiscate interest paid on certain frozen bank accounts, to require the Secretary to confiscate certain frozen assets, and for other purposes.


Actions Overview (1)

Date Actions Overview
05/23/2016Introduced in House

All Actions (6)

Date All Actions
09/07/2016Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.
Action By: Committee on Foreign Affairs
06/02/2016Referred to the Subcommittee on Emergency Preparedness, Response and Communications.
Action By: Committee on Homeland Security
05/23/2016Referred to the Committee on Foreign Affairs, and in addition to the Committee on Homeland Security, 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.
Action By: House of Representatives
05/23/2016Referred to the Committee on Foreign Affairs, and in addition to the Committee on Homeland Security, 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.
Action By: House of Representatives
05/23/2016Referred to the Committee on Foreign Affairs, and in addition to the Committee on Homeland Security, 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.
Action By: House of Representatives
05/23/2016Introduced in House
Action By: House of Representatives

Cosponsors (3)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Sires, Albio [D-NJ-8]* 05/23/2016
Rep. Poe, Ted [R-TX-2]* 05/23/2016
Rep. McCaul, Michael T. [R-TX-10]* 05/23/2016

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
House Foreign Affairs05/23/2016 Referred to
House Foreign Affairs Subcommittee on Terrorism, Nonproliferation, and Trade09/07/2016 Referred to
House Homeland Security05/23/2016 Referred to
House Homeland Security Subcommittee on Emergency Preparedness, Response, and Communications06/02/2016 Referred to

No related bill information was received for H.R.5308.


Latest Summary (1)

There is one summary for H.R.5308. View summaries

Shown Here:
Introduced in House (05/23/2016)

Terrorist Asset Seizure Reform Act of 2016

This bill directs the Department of the Treasury to require each financial institution to transfer annually to it all amounts of interest it has paid on certain frozen bank accounts, which shall be deposited into the Confiscated Assets Fund establish by this bill.

With respect to certain frozen assets of a foreign terrorist organization or a specially designated terrorist, including a Specially Designated Global Terrorist, at the time an asset is frozen or otherwise blocked (or within six months of enactment of this bill for an asset already frozen or blocked) Treasury shall:

  • publish a public notice that the asset is being frozen or otherwise blocked, and
  • give the owner of the asset and other interested parties one year to challenge such freezing or blocking.

If the asset remains frozen or otherwise blocked after a year, Treasury shall require the financial institution holding the frozen asset to transfer it to Treasury.

Treasury shall:

  • deposit all money received under such asset confiscation requirements into the Confiscated Assets Fund, and
  • sell any non-monetary assets received under the bill and deposit the proceeds into the Fund.

Treasury shall establish the Confiscated Assets Fund, which shall be made available to the Federal Emergency Management Agency (FEMA) to make grants under the Urban Area Security Initiative (for assisting high-risk urban areas in preventing, preparing for, protecting against, and responding to acts of terrorism).

The Government Accountability Office shall study how Treasury's Office of Foreign Assets Control can better track frozen assets, manage data related to them, and improve reporting to Congress about them across all sanctions programs the Office of Foreign Assets Control administers.