IB
Union Calendar No. 34
119THCONGRESS
1
STSESSION H. R. 1450
[Report No. 119–47, Part I]
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
M
ARCH27, 2025
Reported from the Committee on Financial Services
M
ARCH27, 2025
Committee on Foreign Affairs discharged; committed to the Committee of the
Whole House on the State of the Union and ordered to be printed
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•HR 1450 RH
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.
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•HR 1450 RH
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
SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS. 6
(a) I
NGENERAL.—The Director of the Office of For-7
eign Assets Control shall, not later than 1 year after the 8
date of the enactment of this section, establish a pilot pro-9
gram under which a private sector firm may receive a li-10
cense to conduct nominal financial transactions in further-11
ance of the firm’s investigations. 12
(b) C
OORDINATION.—When establishing and carrying 13
out the pilot program required under subsection (a), the 14
Director of the Office of Foreign Assets Control shall co-15
ordinate with the Director of the Financial Crimes En-16
forcement Network for the purposes of supporting activi-17
ties of the Financial Crimes Enforcement Network Ex-18
change, as described in section 310(d) of title 31 of the 19
United States Code. 20
(c) R
EPORTING ONACTIVITIES.—Each private sector 21
firm that receives a license described under subsection (a) 22
shall submit a detailed monthly report to the Director of 23
the Office of Foreign Assets Control on the activities of 24
the firm conducted under such license. 25
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•HR 1450 RH
(d) REPORT TOCONGRESS.— 1
(1) I
N GENERAL.—On the date that is 1 year 2
after the date on which the pilot program is estab-3
lished under this section, and annually thereafter 4
until the end of the 1-year period beginning on the 5
date the pilot program is terminated, the Director of 6
the Office of Foreign Assets Control shall submit a 7
report to the Committees on Financial Services and 8
Foreign Affairs of the House of Representatives and 9
the Committees on Banking, Housing, and Urban 10
Affairs and Foreign Relations of the Senate con-11
taining— 12
(A) the number of licenses requested under 13
the pilot program; 14
(B) the number of licenses granted under 15
the pilot program; and 16
(C) a broad discussion of the utility of the 17
pilot program. 18
(2) C
LASSIFIED BRIEFING.—After submission 19
of each report required under paragraph (1), the Di-20
rector of the Office of Foreign Assets Control shall 21
provide the Committees on Financial Services and 22
Foreign Affairs of the House of Representatives and 23
the Committees on Banking, Housing, and Urban 24
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•HR 1450 RH
Affairs and Foreign Relations of the Senate with a 1
classified briefing containing— 2
(A) additional detail on the applicants for 3
a license under the pilot program; 4
(B) identification of the firms granted a li-5
cense; 6
(C) information on the operation of the 7
pilot program, including how long each license 8
lasted and the personnel needed to manage the 9
pilot program; 10
(D) information gleaned by the Office of 11
Foreign Assets Control from running the pilot 12
program; 13
(E) the utility of that information; 14
(F) any obstacles to the operation or util-15
ity of the pilot program; and 16
(G) any recommendations for improving or 17
extending the pilot program. 18
(e) T
ERMINATION.—The pilot program established by 19
the Director of the Office of Foreign Assets Control under 20
subsection (a) shall terminate on the date that is 5 years 21
after the date on which the Director of the Office of For-22
eign Assets Control establishes such program. 23
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ssavage on LAPJG3WLY3PROD with BILLS Union Calendar No.
34
119
TH
CONGRESS
1
ST
S
ESSION
H. R. 1450
[Report No. 119–47, Part I]
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 fi-
nancial transactions in furtherance of the firms’
investigations, and for other purposes.
M
ARCH
27, 2025
Reported from the Committee on Financial Services
M
ARCH
27, 2025
Committee on Foreign Affairs discharged; committed to
the Committee of the Whole House on the State of the
Union and ordered to be printed
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