REPO for Ukrainians Act
- Last Action
- 4/9/2024
Actions
- 2024-04-09Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-550.
- 2024-01-30Placed on Senate Legislative Calendar under General Orders. Calendar No. 316.
- 2024-01-30Committee on Foreign Relations. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.
- 2024-01-30Committee on Foreign Relations. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.
- 2024-01-24Committee on Foreign Relations. Ordered to be reported with an amendment in the nature of a substitute favorably.
- 2023-06-15Read twice and referred to the Committee on Foreign Relations.
- 2023-06-15Introduced in Senate
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 available to the Department of State only to compensate Ukraine for damages caused by the Russian invasion, including by providing funds to 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)
- Sheldon Whitehouse (D-RI)
- Richard Blumenthal (D-CT)
- Roger Wicker (R-MS)
- Pete Ricketts (R-NE)
- Lindsey Graham (R-SC)
- Mark Kelly (D-AZ)
- Joseph Manchin (D-WV)
- Katie Britt (R-AL)
- John Fetterman (D-PA)
- Chuck Grassley (R-IA)
- Michael Bennet (D-CO)
- Mike Braun (R-IN)
- Peter Welch (D-VT)
- John Hickenlooper (D-CO)
- Rick Scott (R-FL)
- Todd Young (R-IN)
- Mazie Hirono (D-HI)
- Catherine Cortez Masto (D-NV)
- Ted Cruz (R-TX)
- John Cornyn (R-TX)
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.