End Financing for Hamas and State Sponsors of Terrorism Act

Bill: 118-hr-6322
Sponsor: full_name: Rep. Steil, Bryan [R-WI-1]
Introduced: 2023-11-09
Policy area: International Affairs
Subjects: Conflicts and wars

Congressional oversight

Currency

International monetary system and foreign exchange

International organizations and cooperation

Israel

Palestinians

Terrorism
Latest action: action_date: 2024-12-12
text: Placed on the Union Calendar, Calendar No. 704.

Summaries:
action_date: 2023-11-09
action_desc: Introduced in House
text: <p><strong>End Financing for Hamas and State Sponsors of Terrorism Act</strong></p><p>This bill prohibits the Department of the Treasury from using its stabilization fund to deal in International Monetary Fund (IMF) Special Drawing Rights (SDR) from any country determined to be a state sponsor of terrorism.&nbsp;(The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)</p><p>Treasury must develop a strategy, in coordination with allies and partners, to ensure that Hamas is incapable of financing armed hostilities against Israel.</p><p>Treasury must report to Congress on the major sources of funding to Hamas, with an evaluation of U.S. efforts to undermine Hamas' ability to finance armed hostilities against Israel.</p>

tv_txt: IB Union Calendar No. 704 118th CONGRESS 2d Session H. R. 6322 [Report No. 118–799, Part I] IN THE HOUSE OF REPRESENTATIVES November 9, 2023 Mr. Steil (for himself and Ms. Pettersen ) introduced the following bill; which was 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 December 5, 2024 Reported from the Committee on Financial Services with an amendment Strike out all after the enacting clause and insert the part printed in italic December 5, 2024 Referral to the Committee on Foreign Affairs extended for a period ending not later than December 19, 2024 December 12, 2024 Additional sponsors: Mr. Meuser , Mr. Wilson of South Carolina , Mr. Barr , Mr. Sessions , Mr. Sherman , Mr. Suozzi , Mr. Moskowitz and Mr. Fitzpatrick December 12, 2024 Committee on Foreign Affairs discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed For text of introduced bill, see copy of bill as introduced on November 9, 2023 A BILL To evaluate and disrupt financing to Hamas, and to amend title 31, United States Code, to prohibit the exchange stabilization fund from being used to deal in Special Drawing Rights from state sponsors of terrorism, and for other purposes.

1. Short title This Act may be cited as the End Financing for Hamas and State Sponsors of Terrorism Act . 2. Report on financing for Hamas Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report (which shall be in unclassified form but may include a classified annex) that includes— (1) an analysis of the major sources of financing to Hamas; (2) a description of United States and multilateral efforts to disrupt illicit financial flows involving Hamas; (3) an evaluation of United States efforts to undermine the ability of Hamas to finance armed hostilities against Israel; and (4) an implementation plan with respect to the multilateral strategy described in section 3. 3. Multilateral Strategy to Disrupt Hamas Financing The Secretary of the Treasury, through participation in the G7, and other appropriate fora, shall develop a strategy in coordination with United States allies and partners to ensure that Hamas is incapable of financing armed hostilities against Israel. 4. Prohibition on use of the exchange stabilization fund to exchange Special Drawing Rights of, or to benefit, state sponsors of terrorism Section 5302 of title 31, United States Code, is amended by adding at the end the following: (e) Prohibition on use of fund to exchange Special Drawing Rights of, or to benefit, a state sponsor of terrorism The Secretary may not use the fund to— (1) deal in Special Drawing Rights from any country determined by the Secretary of State to have repeatedly provided support for acts of international terrorism, as designated pursuant to section 1754(c) of the National Defense Authorization Act for Fiscal Year 2019, section 40 of the Arms Export Control Act, or section 620A of the Foreign Assistance Act of 1961; or (2) deal in Special Drawing Rights with any other country in a manner that the Secretary finds will result in the direct provision of funds to a country referred to in paragraph (1). .

December 12, 2024 Committee on Foreign Affairs discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 6322 IN THE HOUSE OF REPRESENTATIVES November 9, 2023 Mr. Steil (for himself and Ms. Pettersen ) introduced the following bill; which was 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 A BILL To evaluate and disrupt financing to Hamas, and to amend title 31, United States Code, to prohibit the exchange stabilization fund from being used to deal in Special Drawing Rights from state sponsors of terrorism, and for other purposes.

1. Short title This Act may be cited as the End Financing for Hamas and State Sponsors of Terrorism Act . 2. Report on Hamas financing Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report (which shall be in unclassified form but may include a classified annex) that includes— (1) an analysis of the major sources of financing to Hamas; (2) a description of United States and multilateral efforts to disrupt illicit financial flows involving Hamas; (3) an evaluation of United States efforts to undermine the ability of Hamas to finance armed hostilities against Israel; and (4) an implementation plan with respect to the multilateral strategy described in section 3. 3. Multilateral Strategy to Disrupt Hamas Financing The Secretary of the Treasury, through participation in the G7, and other appropriate fora, shall develop a strategy in coordination with United States allies and partners to ensure that Hamas is incapable of financing armed hostilities against Israel. 4. Prohibition on use of the exchange stabilization fund to exchange Special Drawing Rights of, or to benefit, state sponsors of terrorism Section 5302 of title 31, United States Code, is amended by adding at the end the following: (e) Prohibition on use of fund To exchange Special Drawing Rights of, or To benefit, a state sponsor of terrorism The Secretary may not use the fund to— (1) deal in Special Drawing Rights from any country determined by the Secretary of State to have repeatedly provided support for acts of international terrorism, as designated pursuant to section 1754(c) of the National Defense Authorization Act for Fiscal Year 2019, section 40 of the Arms Export Control Act, or section 620A of the Foreign Assistance Act of 1961; or (2) engage in a transaction with any other entity that will result in the provision of any asset to such a country. .