I 
118TH CONGRESS 
1ST SESSION H. R. 3088 
To direct the Secretary of the Treasury to provide for a determination 
on the activities on certain foreign financial institutions. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 5, 2023 
Mr. FALLON (for himself and Mr. HERN) introduced the following bill; which 
was referred to the Committee on Foreign Affairs, and in addition to the 
Committees on Financial Services, the Judiciary, Ways and Means, and 
Oversight and Accountability, 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 direct the Secretary of the Treasury to provide for a 
determination on the activities on certain foreign finan-
cial institutions. 
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 ‘‘Sanctions Enforcement 
and Financial Institutions Transparency Act’’ or the 
‘‘SEFIT Act’’. 
VerDate Sep 11 2014 
21:46 May 17, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3088.IH
H3088
kjohnson on DSK79L0C42PROD with BILLS
SEC. 2. DETERMINATION ON CERTAIN FOREIGN FINANCIAL 
INSTITUTIONS. 
(a) DETERMINATION.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of the this Act, and 
every 180 days thereafter for a period not to exceed 
5 years, the Secretary of the Treasury shall submit 
to the appropriate congressional committees a deter-
mination on whether each foreign financial institu-
tion described in subsection (b) engages in, or has 
engaged in or attempted to engage in one or more 
activities described in subsection (c) and provides a 
detailed description of each such activity. 
(2) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES DEFINED.—In this subsection, the term ‘‘ap-
propriate congressional committees’’ means— 
(A) the Committee on Foreign Affairs and 
the Committee on Armed Services of the House 
of Representatives; and 
(B) the Committee on Foreign Relations 
and the Committee on Armed Services of the 
Senate. 
(b) 
FOREIGN
FINANCIAL
INSTITUTION
DE-
SCRIBED.— 
VerDate Sep 11 2014 
21:46 May 17, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3088.IH
H3088
kjohnson on DSK79L0C42PROD with BILLS
(B) section 620A of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2371); 
(C) section 40 of the Arms Export Control 
Act (22 U.S.C. 2780); or 
(D) any other provision of law. 
(3) FOREIGN
FINANCIAL
INSTITUTION
DE-
FINED.—A foreign financial institution in this sub-
section includes— 
(A) the meaning given that term in section 
1010.605 of title 31, Code of Federal Regula-
tions; or 
(B) a foreign central bank. 
(c) ACTIVITIES DESCRIBED.— 
(1) IN GENERAL.—The activities described in 
this subsection include any act that engages in, or 
has engaged in or attempted to engage in conduct 
that would be sanctionable under covered Executive 
Orders described in paragraph (2) or covered provi-
sions of law described in paragraph (3). 
(2) COVERED
EXECUTIVE
ORDERS.—In this 
subsection, the term ‘‘covered executive orders’’ in-
cludes the following: 
(A) Executive Order 14071 (Prohibiting 
New Investment In And Certain Services To 
The Russian Federation In Response To Con-
VerDate Sep 11 2014 
21:46 May 17, 2023
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H3088.IH
H3088
kjohnson on DSK79L0C42PROD with BILLS
tinued Russian Federation Aggression (April 6, 
2022)). 
(B) Executive Order 14068 (Prohibiting 
Certain Imports, Exports, and New Investment 
with Respect to Continued Russian Federation 
Aggression (March 11, 2022)). 
(C) Executive Order 14066 (Prohibiting 
Certain Imports And New Investments With 
Respect To Continued Russian Federation Ef-
forts To Undermine the Sovereignty And Terri-
torial Integrity Of Ukraine (March 8, 2022)). 
(D) Executive Order 14039 (Blocking 
Property with Respect to Certain Russian En-
ergy Export Pipelines (August 20, 2021)). 
(E) Executive Order 14024 (Blocking 
Property With Respect To Specified Harmful 
Foreign Activities Of The Government Of The 
Russian Federation (April 15, 2021)). 
(F) Executive Order 14065 (Blocking 
Property Of Certain Persons And Prohibiting 
Certain Transactions With Respect To Contin-
ued Russian Efforts To Undermine The Sov-
ereignty And Territorial Integrity Of Ukraine 
(February 21, 2022)). 
VerDate Sep 11 2014 
21:46 May 17, 2023
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3088.IH
H3088
kjohnson on DSK79L0C42PROD with BILLS
(G) Executive Order 13883 (Administra-
tion of Proliferation Sanctions and Amendment 
of Executive Order 12851 (August 3, 2019)). 
(H) Executive Order 13849 (Authorizing 
the Implementation of Certain Sanctions Set 
Forth in the Countering America’s Adversaries 
Through Sanctions Act (September 20, 2018)). 
(I) Executive Order 13685 (Blocking Prop-
erty of Certain Persons and Prohibiting Certain 
Transactions with Respect to the Crimea Re-
gion of Ukraine (December 19, 2014)). 
(J) Executive Order 13662 (Blocking 
Property of Additional Persons Contributing to 
the Situation in Ukraine (March 20, 2014)). 
(K) Executive Order 13661 (Blocking 
Property of Additional Persons Contributing to 
the Situation in Ukraine (March 17, 2014)). 
(L) Executive Order 13660 (Blocking 
Property of Certain Persons Contributing to the 
Situation in Ukraine (March 6, 2014)). 
(M) Any directive issued pursuant to the 
Executive orders described in subparagraphs 
(A) through (L). 
VerDate Sep 11 2014 
21:46 May 17, 2023
Jkt 039200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3088.IH
H3088
kjohnson on DSK79L0C42PROD with BILLS
(N) Any other Executive order or directive 
imposing sanctions against the Russian Federa-
tion. 
(3) COVERED LEGISLATION DEFINED.—In this 
subsection the term ‘‘covered legislation’’ includes 
the following: 
(A) The Countering America’s Adversaries 
Through Sanctions Act (22 U.S.C. 9401 et 
seq.). 
(B) The Ukraine Freedom Support Act of 
2014 (22 U.S.C. 8921 et seq.). 
(C) The Support for the Sovereignty, In-
tegrity, Democracy, and Economic Stability of 
Ukraine Act of 2014 (22 U.S.C. 8901 et seq.). 
(D) The Protecting Europe’s Energy Secu-
rity Act of 2019 (title LXXV of division F of 
Public Law 116–92). 
(E) Any other law imposing sanctions 
against the Russian Federation. 
Æ 
VerDate Sep 11 2014 
21:46 May 17, 2023
Jkt 039200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6301
E:\BILLS\H3088.IH
H3088
kjohnson on DSK79L0C42PROD with BILLS