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to the public on the website and social media ac-
counts of the Department of the Treasury— 
(A) in English, Chinese, and any other lan-
guage that the Secretary finds appropriate; and 
(B) in precompressed, easily downloadable 
versions that are made available in all appro-
priate formats. 
SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CER-
TAIN IMMEDIATE FAMILY. 
(a) IN GENERAL.—The Secretary of the Treasury 
shall prohibit a United States financial institution, and 
any person owned or controlled by a United States finan-
cial institution, from engaging in a significant transaction 
with— 
(1) a natural person covered by a report made 
under section 2(a); and 
(2) the immediate family of a person described 
under paragraph (1), if the Secretary finds that 
such immediate family benefits from funds described 
in the report. 
(b) EXCEPTIONS.— 
(1) EXCEPTION FOR INTELLIGENCE, LAW EN-
FORCEMENT, 
AND
NATIONAL
SECURITY
ACTIVI-
TIES.—Subsection (a) shall not apply with respect to 
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any intelligence, law enforcement, or national secu-
rity activity of the United States. 
(2) WAIVER.—The President may waive the ap-
plication of subsection (a) with respect to a person 
upon reporting to the appropriate Members of Con-
gress that— 
(A) the waiver would substantially promote 
the objective of ending the threat described 
under section 2(a)(1); 
(B) the threat described under section 
2(a)(1) is no longer present; or 
(C) the waiver is essential to the national 
security interests of the United States. 
(3) FORM OF REPORTS.—The reports required 
under paragraph (2) shall be submitted in unclassi-
fied form but may contain a classified annex. 
(4) RULE OF CONSTRUCTION.— 
(A) IN GENERAL.—Nothing in this section 
shall be construed as authorizing or requiring 
any sanction with respect to the importation of 
any good. 
(B) GOOD DEFINED.—In this paragraph, 
the term ‘‘good’’ means any article, natural or 
manmade substance, material, supply or manu-
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factured product, including inspection and test 
equipment, and excluding technical data. 
(c) IMPLEMENTATION; PENALTIES.— 
(1) IMPLEMENTATION.—The President may ex-
ercise all authorities provided to the President under 
sections 203 and 205 of the International Emer-
gency Economic Powers Act (50 U.S.C. 1702 and 
1704) to carry out this section. Not later than 60 
days after issuing a license pursuant to this section, 
the President shall submit a copy of the license to 
the appropriate Members of Congress. 
(2) PENALTIES.—A person that violates, at-
tempts to violate, conspires to violate, or causes a 
violation of this section or any regulation, license, or 
order issued to carry out this section shall be subject 
to the penalties set forth in subsections (b) and (c) 
of section 206 of the International Emergency Eco-
nomic Powers Act (50 U.S.C. 1705) to the same ex-
tent as a person that commits an unlawful act de-
scribed in subsection (a) of that section 206. 
(d) TERMINATION.—This section shall have no force 
or effect on the earlier of— 
(1) the date that is 30 days after the date that 
the President reports to the appropriate Members of 
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Congress that the threat described under section 
2(a)(1) is no longer present; or 
(2) the date that is 25 years after the date that 
the Secretary of the Treasury submits the final re-
port required under section 2(a)(1). 
SEC. 4. DEFINITIONS. 
For purposes of this Act: 
(1) APPROPRIATE MEMBERS OF CONGRESS.— 
The term ‘‘appropriate Members of Congress’’ 
means the Speaker and minority leader of the House 
of Representatives, the majority leader and minority 
leader of the Senate, the Chairman and Ranking 
Member of the Committee on Financial Services of 
the House of Representatives, and the Chairman 
and Ranking Member of the Committee on Banking, 
Housing, and Urban Affairs of the Senate. 
(2) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means a United States financial 
institution or a foreign financial institution. 
(3) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
given that term in section 561.308 of title 31, Code 
of Federal Regulations. 
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(4) FUNDS.—The term ‘‘funds’’ has the mean-
ing given to such term by the Secretary of the 
Treasury. 
(5) IMMEDIATE FAMILY.—The term ‘‘immediate 
family’’ of any natural person means the following 
(whether by the full or half blood or by adoption): 
(A) Such person’s spouse, father, mother, 
children, brothers, sisters, and grandchildren. 
(B) The father, mother, brothers, and sis-
ters of such person’s spouse. 
(C) The spouse of a child, brother, or sis-
ter of such person. 
(6) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ has 
the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of 
Federal Regulations. 
Passed the House of Representatives September 9, 
2024. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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