Asset Seizure for Ukraine Reconstruction Act

Bill: 117-s-3838
Sponsor: full_name: Sen. Whitehouse, Sheldon [D-RI]
Introduced: 2022-03-15
Policy area: International Affairs
Subjects: Computer security and identity theft

Conflicts and wars

Diplomacy, foreign officials, Americans abroad

Europe

Foreign aid and international relief

Foreign property

Government ethics and transparency, public corruption

Human rights

Internet, web applications, social media

Licensing and registrations

Military assistance, sales, and agreements

Military operations and strategy

Presidents and presidential powers, Vice Presidents

Reconstruction and stabilization

Refugees, asylum, displaced persons

Russia

Sanctions

Social work, volunteer service, charitable organizations

Subversive activities

Tax-exempt organizations

Technology transfer and commercialization

Ukraine

War and emergency powers
Latest action: action_date: 2022-03-15
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-03-15
action_desc: Introduced in Senate
text: <p><strong>Asset Seizure for Ukraine Reconstruction Act</strong></p> <p>This bill authorizes the President to confiscate the property of certain foreign persons (i.e., individuals or entities) that derive wealth through political support for or corruption linked to Russian President Vladimir Putin. The President may also liquidate the confiscated property and use the resulting funds to provide assistance to Ukraine. </p> <p>Specifically, upon a declaration of a national emergency relating to Russia's invasion of Ukraine, the President may confiscate the property of such a person if (1) the property is valued at more than $2 million; and (2) the person is subject to U.S. sanctions relating to corruption, human rights violations, Russia's malign influence, or conflicts in Ukraine.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3838 IN THE SENATE OF THE UNITED STATES March 15, 2022 Mr. Whitehouse (for himself, Mr. Graham , Mr. Blumenthal , and Mr. Wicker ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To authorize the confiscation of property of certain Russian persons subject to sanctions imposed by the United States and the use of that property for the benefit of the people of Ukraine, and for other purposes.

1. Short title This Act may be cited as the Asset Seizure for Ukraine Reconstruction Act . 2. Use of property of sanctioned Russian persons for the benefit of the people of Ukraine (a) Authorization of confiscation of property (1) In general Upon declaring a national emergency under section 201 of the National Emergencies Act ( 50 U.S.C. 1621 ) with respect to the engagement of the Russian Federation in a conflict of territorial conquest in Ukraine, the President may— (A) by means of such instructions, licenses, or other regulations as the President determines appropriate, confiscate any funds or other property of any foreign person described in subsection (b)— (i) subject to the jurisdiction of the United States; and (ii) valued in excess of $2,000,000; (B) liquidate or sell any of such property; and (C) transfer funds confiscated under subparagraph (A) and the proceeds of property liquidated or sold under subparagraph (B) to such agencies or other persons as the President determines appropriate to be used for the purposes described in subsection (c). (2) Vesting All right, title, and interest in funds and other property confiscated under paragraph (1) shall vest in the Government of the United States. (b) Foreign person described A foreign person described in this subsection is a foreign person— (1) the wealth of which, according to credible information, is derived in part through corruption linked to or political support for the regime of the President of the Russian Federation, Vladimir Putin; and (2) with respect to which the United States has imposed sanctions relating to corruption, human rights violations, the malign influence of the Russian Federation, or conflicts in Ukraine. (c) Use of funds Funds confiscated under subparagraph (A) of subsection (a)(1) and the proceeds of property liquidated or sold under subparagraph (B) of that subsection may be used only for the benefit of the people of Ukraine, for the following purposes: (1) Post-conflict reconstruction in Ukraine. (2) Humanitarian assistance. (3) Weapons for the military forces of the elected Government of Ukraine. (4) Provisions to support refugees and refugee resettlement in neighboring countries and in the United States. (5) The provision of technology items and services to ensure the free flow of information to the Ukrainian people in Ukraine, including items— (A) to counter internet censorship by the Government of the Russian Federation; (B) to circumvent efforts to shut down internet or communication services by that Government; or (C) to bolster cybersecurity capabilities of the elected Government of Ukraine or nongovernmental organizations in Ukraine. (6) Humanitarian and development assistance for the people of the Russian Federation, including democracy and human rights programming and monitoring. (d) Terms and conditions The President may impose such additional terms and conditions as the President determines appropriate with respect to the confiscation, liquidation, sale, or transfer of funds and other property under subsection (a) and with respect to the use of funds under subsection (c). (e) Authorization of rewards (1) In general In the sole discretion of the Secretary of the Treasury and in consultation, as appropriate, with the heads of other relevant Federal agencies, the Secretary may pay a reward to— (A) any individual that furnishes information leading to the confiscation of funds or other property of a foreign person described in subsection (b) that are subject to the jurisdiction of the United States; or (B) any nonprofit humanitarian organization designated by an individual described in subparagraph (A) to receive the reward. (2) Nonprofit humanitarian organization defined In this subsection, the term nonprofit humanitarian organization means an organization that— (A) is described in section 501(c) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code; and (B) engages in humanitarian work. (f) Sunset The authority provided by subsection (a) shall terminate on the date that is 2 years after the date of the enactment of this Act.