I 
114TH CONGRESS 
2D SESSION 
H. R. 5308 
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. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 23, 2016 
Mr. DONOVAN (for himself, Mr. SIRES, Mr. POE of Texas, and Mr. MCCAUL) 
introduced the following bill; which was referred 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 
A BILL 
To require the Secretary of the Treasury to confiscate inter-
est paid on certain frozen bank accounts, to require 
the Secretary to confiscate certain frozen assets, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Terrorist Asset Seizure 
Reform Act of 2016’’. 
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SEC. 2. CONFISCATION OF ASSETS. 
(a) CONFISCATION OF INTEREST.— 
(1) INITIAL CONFISCATION.—As soon as prac-
ticable after the date of the enactment of this Act, 
but in no case later than 18 months after the date 
of the enactment of this Act, the Secretary shall re-
quire each financial institution to transfer to the 
Secretary all amounts of interest paid by such finan-
cial institution on frozen bank accounts. 
(2) ONGOING CONFISCATION.—One year after 
the initial confiscation under paragraph (1), and an-
nually thereafter, the Secretary shall require each fi-
nancial institution to transfer to the Secretary all 
amounts of interest paid by such financial institu-
tion on frozen bank accounts in the previous year. 
(3) INTEREST DEPOSITED INTO CONFISCATED 
ASSETS
FUND.—The Secretary shall deposit all 
amounts received under this subsection into the Con-
fiscated Assets Fund. 
(4) RULE OF CONSTRUCTION.—Paragraphs (1) 
and (2) shall only apply to interest paid on an ac-
count after the account became a frozen bank ac-
count. 
(b) CONFISCATIONS RELATED TO NON-STATE TER-
RORISM.— 
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(1) SPECIAL
RULE
FOR
CONFISCATIONS
RE-
LATED TO NON-STATE TERRORISM.— 
(A) IN GENERAL.—With respect to a fro-
zen asset of a person described in subparagraph 
(B)— 
(i) at the time such asset is frozen or 
otherwise blocked, or within 6 months of 
the date of the enactment of this Act with 
respect to an asset frozen or otherwise 
blocked before such date of enactment, the 
Secretary shall— 
(I) publish public notice that the 
asset is being frozen or otherwise 
blocked; and 
(II) provide the owner of the 
asset and other interested parties with 
a 1-year period to challenge such 
freezing or blocking; and 
(ii) if such asset remains frozen or 
otherwise blocked after the 1-year period 
described under clause (i)(II), the Sec-
retary shall require the financial institution 
holding the frozen asset to transfer such 
asset to the Secretary. 
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