OFAC Licensure for Investigators Act

Bill: 118-hr-6370
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2023-11-13 in the House
Policy area: International Affairs
Subjects: Fraud offenses and financial crimes
Licensing and registrations
Public-private cooperation
U.S. and foreign investments

Summary:
action_date: 2023-11-13
text: 

OFAC Licensure for Investigators Act

 
This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. 
 
Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. 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.)

action_date: 2024-01-09
text:  

OFAC Licensure for Investigators Act

 
This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. 
 
Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. 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.)

 
action_date: 2024-01-12
text:  

OFAC Licensure for Investigators Act

 
This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. 
 
Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. 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.)

 

Legislative actions:
action_date: 2024-01-16
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2024-01-12
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2024-01-12
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
action_date: 2024-01-12
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
action_date: 2024-01-12
text: Considered as unfinished business. (consideration: CR H126)
action_date: 2024-01-10
text: At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. McHenry objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
action_date: 2024-01-10
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.
action_date: 2024-01-10
text: Considered under suspension of the rules. (consideration: CR H37-39)
action_date: 2024-01-10
text: Mr. McHenry moved to suspend the rules and pass the bill, as amended.
action_date: 2024-01-09
text: Placed on the Union Calendar, Calendar No. 280.
action_date: 2024-01-09
text: Committee on Foreign Affairs discharged.
action_date: 2024-01-09
text: Committee on Foreign Affairs discharged.
action_date: 2024-01-09
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
action_date: 2024-01-09
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
action_date: 2023-11-14
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.
action_date: 2023-11-14
text: Committee Consideration and Mark-up Session Held
action_date: 2023-11-13
text: 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.
action_date: 2023-11-13
text: 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.
action_date: 2023-11-13
text: Introduced in House
action_date: 2023-11-13
text: Introduced in House