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HOUSE 6370118th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

OFAC Licensure for Investigators Act

Last Action
1/16/2024

Actions

  • 2024-01-16Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • 2024-01-12Motion to reconsider laid on the table Agreed to without objection.
  • 2024-01-12On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
  • 2024-01-12Passed/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)
  • 2024-01-12Considered as unfinished business. (consideration: CR H126)
  • 2024-01-10At 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 The point of no quorum was considered as withdrawn.
  • 2024-01-10DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.
  • 2024-01-10Considered under suspension of the rules. (consideration: CR H37-39)
  • 2024-01-10Mr. McHenry moved to suspend the rules and pass the bill, as amended.
  • 2024-01-09Placed on the Union Calendar, Calendar No. 280.
  • 2024-01-09Committee on Foreign Affairs discharged.
  • 2024-01-09Committee on Foreign Affairs discharged.
  • 2024-01-09Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
  • 2024-01-09Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
  • 2023-11-14Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2024-01-12 (53)

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.)

Cosponsors (1)

  • Zachary Nunn (R-IA)

Subjects

  • Fraud offenses and financial crimes
  • Licensing and registrations
  • Public-private cooperation
  • U.S. and foreign investments
Read on Congress.gov

Sourced from Congress.gov (public domain).

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