REPO for Ukrainians Act
- Last Action
- 11/7/2023
Actions
- 2023-11-07Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 2.
- 2023-11-07Committee Consideration and Mark-up Session Held
- 2023-06-15Referred to the Committee on Foreign Affairs, and in addition to the Committees on Rules, and Financial Services, 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.
- 2023-06-15Referred to the Committee on Foreign Affairs, and in addition to the Committees on Rules, and Financial Services, 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.
- 2023-06-15Referred to the Committee on Foreign Affairs, and in addition to the Committees on Rules, and Financial Services, 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.
- 2023-06-15Introduced in House
- 2023-06-15Introduced in House
CRS Summary
As of 2023-06-15 (00)
Rebuilding Economic Prosperity and Opportunity for Ukrainians Act or the REPO for Ukrainians Act
This bill requires or authorizes various actions related to the confiscation and disposition of Russian sovereign assets (which include funds and other property of Russia's central bank, direct investment fund, or ministry of finance).
Under the bill, the President must require U.S. financial institutions to notify the Department of the Treasury of any Russian sovereign assets located at such institutions. The President may confiscate any such assets subject to U.S. jurisdiction. Confiscated funds and the proceeds of liquidated property must be deposited into the Ukraine Support Fund established by the bill.
The Ukraine Support Fund shall be used by the Department of State to compensate Ukraine for damages caused by the Russian invasion. The Ukraine Support Fund may also support an international body or mechanism for (1) reconstruction and rebuilding efforts in Ukraine, (2) humanitarian assistance to the Ukrainian people, or (3) other purposes which support the recovery of Ukraine and the welfare of the Ukrainian people.
The bill also directs the President to seek to establish, with foreign partners, an international mechanism to provide compensation to Ukraine using the Ukraine Support Fund and Russian sovereign assets confiscated by foreign partners.
Additionally, the bill sets policy on related topics, such as specifying that the United States should lead an international sanctions regime to freeze Russian sovereign assets in conjunction with allies and partners.
Cosponsors (20)
- MARCY KAPTUR (D-OH)
- Joe Wilson (R-SC)
- Steve Cohen (D-TN)
- Thomas Kean (R-NJ)
- Mike Quigley (D-IL)
- Brian Fitzpatrick (R-PA)
- Pat Fallon (R-TX)
- Michael Lawler (R-NY)
- Marc Veasey (D-TX)
- Jim Costa (D-CA)
- Linda Sánchez (D-CA)
- Ted Lieu (D-CA)
- Tony Gonzales (R-TX)
- Jake Ellzey (R-TX)
- Doug Lamborn (R-CO)
- Aumua Amata Radewagen (R-AS)
- Michael Turner (R-OH)
- SAM GRAVES (R-MO)
- J. Hill (R-AR)
- ADAM SCHIFF (D-CA)
Subjects
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Europe
- Government trust funds
- Presidents and presidential powers, Vice Presidents
- Russia
- Sanctions
- U.S. and foreign investments
- Ukraine
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.