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.
OFAC Licensure for Investigators Act
This bill requires the Office of Foreign Assets Control (OFAC) to establish a pilot program to license eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations.
A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license.
(OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)
Introduced in House
Introduced in House
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.
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.
Committee Consideration and Mark-up Session Held
Ordered to be Reported by the Yeas and Nays: 49 - 0.
Reported by the Committee on Financial Services. H. Rept. 119-47, Part I.
Reported by the Committee on Financial Services. H. Rept. 119-47, Part I.
Committee on Foreign Affairs discharged.
Committee on Foreign Affairs discharged.
Placed on the Union Calendar, Calendar No. 34.
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H3517-3518)
DEBATE - The House proceeded with forty minutes of debate on H.R. 1450.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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