I
119THCONGRESS
1
STSESSION H. R. 1450
To require the Office of Foreign Assets Control to develop a program under
which private sector firms may receive a license to conduct nominal
financial transactions in furtherance of the firms’ investigations, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY21, 2025
Mrs. B
EATTY(for herself and Mr. NUNNof Iowa) 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 subse-
quently determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
A BILL
To require the Office of Foreign Assets Control to develop
a program under which private sector firms may receive
a license to conduct nominal financial transactions in
furtherance of the firms’ investigations, and for other
purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘OFAC Licensure for 4
Investigators Act’’. 5
VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.IH H1450
kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
•HR 1450 IH
SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS. 1
(a) I
NGENERAL.—The Director of the Office of For-2
eign Assets Control shall, not later than 1 year after the 3
date of the enactment of this section, establish a pilot pro-4
gram under which a private sector firm may receive a li-5
cense to conduct nominal financial transactions in further-6
ance of the firm’s investigations. 7
(b) C
OORDINATION.—When establishing and carrying 8
out the pilot program required under subsection (a), the 9
Director of the Office of Foreign Assets Control shall co-10
ordinate with the Director of the Financial Crimes En-11
forcement Network for the purposes of supporting activi-12
ties of the Financial Crimes Enforcement Network Ex-13
change, as described in section 310(d) of title 31 of the 14
United States Code. 15
(c) R
EPORTING ONACTIVITIES.—Each private sector 16
firm that receives a license described under subsection (a) 17
shall submit a detailed monthly report to the Director of 18
the Office of Foreign Assets Control on the activities of 19
the firm conducted under such license. 20
(d) R
EPORT TOCONGRESS.— 21
(1) I
N GENERAL.—On the date that is 1 year 22
after the date on which the pilot program is estab-23
lished under this section, and annually thereafter 24
until the end of the 1-year period beginning on the 25
date the pilot program is terminated, the Director of 26
VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.IH H1450
kjohnson on DSK7ZCZBW3PROD with $$_JOB 3
•HR 1450 IH
the Office of Foreign Assets Control shall submit a 1
report to the Committees on Financial Services and 2
Foreign Affairs of the House of Representatives and 3
the Committees on Banking, Housing, and Urban 4
Affairs and Foreign Relations of the Senate con-5
taining— 6
(A) the number of licenses requested under 7
the pilot program; 8
(B) the number of licenses granted under 9
the pilot program; and 10
(C) a broad discussion of the utility of the 11
pilot program. 12
(2) C
LASSIFIED BRIEFING.—After submission 13
of each report required under paragraph (1), the Di-14
rector of the Office of Foreign Assets Control shall 15
provide the Committees on Financial Services and 16
Foreign Affairs of the House of Representatives and 17
the Committees on Banking, Housing, and Urban 18
Affairs and Foreign Relations of the Senate with a 19
classified briefing containing— 20
(A) additional detail on the applicants for 21
a license under the pilot program; 22
(B) identification of the firms granted a li-23
cense; 24
VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.IH H1450
kjohnson on DSK7ZCZBW3PROD with $$_JOB 4
•HR 1450 IH
(C) information on the operation of the 1
pilot program, including how long each license 2
lasted and the personnel needed to manage the 3
pilot program; 4
(D) information gleaned by the Office of 5
Foreign Assets Control from running the pilot 6
program; 7
(E) the utility of that information; 8
(F) any obstacles to the operation or util-9
ity of the pilot program; and 10
(G) any recommendations for improving or 11
extending the pilot program. 12
(e) T
ERMINATION.—The pilot program established by 13
the Director of the Office of Foreign Assets Control under 14
subsection (a) shall terminate on the date that is 5 years 15
after the date on which the Director of the Office of For-16
eign Assets Control establishes such program. 17
Æ
VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H1450.IH H1450
kjohnson on DSK7ZCZBW3PROD with $$_JOB