Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1450 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	IB
2		-	Union Calendar No. 34
	1	+	I
3	2		119THCONGRESS
4	3		1
5	4		STSESSION H. R. 1450
6		-	[Report No. 119–47, Part I]
7	5		To require the Office of Foreign Assets Control to develop a program under
8	6		which private sector firms may receive a license to conduct nominal
9	7		financial transactions in furtherance of the firms’ investigations, and
10	8		for other purposes.
11	9		IN THE HOUSE OF REPRESENTATIVES
12	10		FEBRUARY21, 2025
13	11		Mrs. B
14	12		EATTY(for herself and Mr. NUNNof Iowa) introduced the following
15	13		bill; which was referred to the Committee on Financial Services, and in
16	14		addition to the Committee on Foreign Affairs, for a period to be subse-
17	15		quently determined by the Speaker, in each case for consideration of such
18	16		provisions as fall within the jurisdiction of the committee concerned
19		-	M
20		-	ARCH27, 2025
21		-	Reported from the Committee on Financial Services
22		-	M
23		-	ARCH27, 2025
24		-	Committee on Foreign Affairs discharged; committed to the Committee of the
25		-	Whole House on the State of the Union and ordered to be printed
26		-	VerDate Sep 11 2014 22:29 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H1450.RH H1450
27		-	ssavage on LAPJG3WLY3PROD with BILLS 2
28		-	•HR 1450 RH
29	17		A BILL
30	18		To require the Office of Foreign Assets Control to develop
31	19		a program under which private sector firms may receive
32	20		a license to conduct nominal financial transactions in
33	21		furtherance of the firms’ investigations, and for other
34	22		purposes.
35		-	VerDate Sep 11 2014 22:29 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6652 E:\BILLS\H1450.RH H1450
36		-	ssavage on LAPJG3WLY3PROD with BILLS 3
37		-	•HR 1450 RH
38	23		Be it enacted by the Senate and House of Representa-1
39	24		tives of the United States of America in Congress assembled, 2
40	25		SECTION 1. SHORT TITLE. 3
41	26		This Act may be cited as the ‘‘OFAC Licensure for 4
42	27		Investigators Act’’. 5
43		-	SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS. 6
	28	+	VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.IH H1450
	29	+	kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
	30	+	•HR 1450 IH
	31	+	SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS. 1
44	32		(a) I
45		-	NGENERAL.—The Director of the Office of For-7
46		-	eign Assets Control shall, not later than 1 year after the 8
47		-	date of the enactment of this section, establish a pilot pro-9
48		-	gram under which a private sector firm may receive a li-10
49		-	cense to conduct nominal financial transactions in further-11
50		-	ance of the firm’s investigations. 12
	33	+	NGENERAL.—The Director of the Office of For-2
	34	+	eign Assets Control shall, not later than 1 year after the 3
	35	+	date of the enactment of this section, establish a pilot pro-4
	36	+	gram under which a private sector firm may receive a li-5
	37	+	cense to conduct nominal financial transactions in further-6
	38	+	ance of the firm’s investigations. 7
51	39		(b) C
52		-	OORDINATION.—When establishing and carrying 13
53		-	out the pilot program required under subsection (a), the 14
54		-	Director of the Office of Foreign Assets Control shall co-15
55		-	ordinate with the Director of the Financial Crimes En-16
56		-	forcement Network for the purposes of supporting activi-17
57		-	ties of the Financial Crimes Enforcement Network Ex-18
58		-	change, as described in section 310(d) of title 31 of the 19
59		-	United States Code. 20
	40	+	OORDINATION.—When establishing and carrying 8
	41	+	out the pilot program required under subsection (a), the 9
	42	+	Director of the Office of Foreign Assets Control shall co-10
	43	+	ordinate with the Director of the Financial Crimes En-11
	44	+	forcement Network for the purposes of supporting activi-12
	45	+	ties of the Financial Crimes Enforcement Network Ex-13
	46	+	change, as described in section 310(d) of title 31 of the 14
	47	+	United States Code. 15
60	48		(c) R
61		-	EPORTING ONACTIVITIES.—Each private sector 21
62		-	firm that receives a license described under subsection (a) 22
63		-	shall submit a detailed monthly report to the Director of 23
64		-	the Office of Foreign Assets Control on the activities of 24
65		-	the firm conducted under such license. 25
66		-	VerDate Sep 11 2014 22:29 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.RH H1450
67		-	ssavage on LAPJG3WLY3PROD with BILLS 4
68		-	•HR 1450 RH
69		-	(d) REPORT TOCONGRESS.— 1
	49	+	EPORTING ONACTIVITIES.—Each private sector 16
	50	+	firm that receives a license described under subsection (a) 17
	51	+	shall submit a detailed monthly report to the Director of 18
	52	+	the Office of Foreign Assets Control on the activities of 19
	53	+	the firm conducted under such license. 20
	54	+	(d) R
	55	+	EPORT TOCONGRESS.— 21
70	56		(1) I
71		-	N GENERAL.—On the date that is 1 year 2
72		-	after the date on which the pilot program is estab-3
73		-	lished under this section, and annually thereafter 4
74		-	until the end of the 1-year period beginning on the 5
75		-	date the pilot program is terminated, the Director of 6
76		-	the Office of Foreign Assets Control shall submit a 7
77		-	report to the Committees on Financial Services and 8
78		-	Foreign Affairs of the House of Representatives and 9
79		-	the Committees on Banking, Housing, and Urban 10
80		-	Affairs and Foreign Relations of the Senate con-11
81		-	taining— 12
82		-	(A) the number of licenses requested under 13
83		-	the pilot program; 14
84		-	(B) the number of licenses granted under 15
85		-	the pilot program; and 16
86		-	(C) a broad discussion of the utility of the 17
87		-	pilot program. 18
	57	+	N GENERAL.—On the date that is 1 year 22
	58	+	after the date on which the pilot program is estab-23
	59	+	lished under this section, and annually thereafter 24
	60	+	until the end of the 1-year period beginning on the 25
	61	+	date the pilot program is terminated, the Director of 26
	62	+	VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.IH H1450
	63	+	kjohnson on DSK7ZCZBW3PROD with $$_JOB 3
	64	+	•HR 1450 IH
	65	+	the Office of Foreign Assets Control shall submit a 1
	66	+	report to the Committees on Financial Services and 2
	67	+	Foreign Affairs of the House of Representatives and 3
	68	+	the Committees on Banking, Housing, and Urban 4
	69	+	Affairs and Foreign Relations of the Senate con-5
	70	+	taining— 6
	71	+	(A) the number of licenses requested under 7
	72	+	the pilot program; 8
	73	+	(B) the number of licenses granted under 9
	74	+	the pilot program; and 10
	75	+	(C) a broad discussion of the utility of the 11
	76	+	pilot program. 12
88	77		(2) C
89		-	LASSIFIED BRIEFING.—After submission 19
90		-	of each report required under paragraph (1), the Di-20
91		-	rector of the Office of Foreign Assets Control shall 21
92		-	provide the Committees on Financial Services and 22
93		-	Foreign Affairs of the House of Representatives and 23
94		-	the Committees on Banking, Housing, and Urban 24
95		-	~~VerDate Sep 11 2014 22:29 Mar 27,~~ ~~2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.RH H1450~~
96		-	~~ssavage on LAPJG3WLY3PROD with BILLS 5~~
97		-	~~•HR 1450 RH~~
98		-	~~Affairs and Foreign Relations of~~ the ~~Senate with a 1~~
99		-	~~classified briefing containing—~~ 2
100		-	~~(A) additional detail on the applicants for 3~~
101		-	~~a license under the pilot program;~~ 4
102		-	~~(B) identification of the firms granted a li-5~~
103		-	~~cense; 6~~
104		-	(C) information on the operation of the 7
105		-	pilot program, including how long each license 8
106		-	lasted and the personnel needed to manage the 9
107		-	pilot program; 10
108		-	(D) information gleaned by the Office of 11
109		-	Foreign Assets Control from running the pilot 12
110		-	program; 13
111		-	(E) the utility of that information; 14
112		-	(F) any obstacles to the operation or util-15
113		-	ity of the pilot program; and 16
114		-	(G) any recommendations for improving or 17
115		-	extending the pilot program. 18
	78	+	LASSIFIED BRIEFING.—After submission 13
	79	+	of each report required under paragraph (1), the Di-14
	80	+	rector of the Office of Foreign Assets Control shall 15
	81	+	provide the Committees on Financial Services and 16
	82	+	Foreign Affairs of the House of Representatives and 17
	83	+	the Committees on Banking, Housing, and Urban 18
	84	+	Affairs and Foreign Relations of the Senate with a 19
	85	+	classified briefing containing— 20
	86	+	(A) additional detail on the applicants for 21
	87	+	a license under the pilot program; 22
	88	+	(B) identification of the firms granted a li-23
	89	+	cense; 24
	90	+	VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.IH H1450
	91	+	kjohnson on DSK7ZCZBW3PROD with $$_JOB 4
	92	+	•HR 1450 IH
	93	+	(C) information on the operation of the 1
	94	+	pilot program, including how long each license 2
	95	+	lasted and the personnel needed to manage the 3
	96	+	pilot program; 4
	97	+	(D) information gleaned by the Office of 5
	98	+	Foreign Assets Control from running the pilot 6
	99	+	program; 7
	100	+	(E) the utility of that information; 8
	101	+	(F) any obstacles to the operation or util-9
	102	+	ity of the pilot program; and 10
	103	+	(G) any recommendations for improving or 11
	104	+	extending the pilot program. 12
116	105		(e) T
117		-	ERMINATION.—The pilot program established by 19
118		-	the Director of the Office of Foreign Assets Control under 20
119		-	subsection (a) shall terminate on the date that is 5 years 21
120		-	after the date on which the Director of the Office of For-22
121		-	eign Assets Control establishes such program. 23
122		-	VerDate Sep 11 2014 22:29 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H1450.RH H1450
123		-	ssavage on LAPJG3WLY3PROD with BILLS Union Calendar No.
124		-	34
125		-	119
126		-	TH
127		-	CONGRESS
128		-	1
129		-	ST
130		-	S
131		-	ESSION
132		-
133		-	H. R. 1450
134		-	[Report No. 119–47, Part I]
135		-	A BILL
136		-	To require the Office of Foreign Assets Control to
137		-	develop a program under which private sector
138		-	firms may receive a license to conduct nominal fi-
139		-	nancial transactions in furtherance of the firms’
140		-	investigations, and for other purposes.
141		-	M
142		-	ARCH
143		-	27, 2025
144		-	Reported from the Committee on Financial Services
145		-	M
146		-	ARCH
147		-	27, 2025
148		-	Committee on Foreign Affairs discharged; committed to
149		-	the Committee of the Whole House on the State of the
150		-	Union and ordered to be printed
151		-	VerDate Sep 11 2014 22:29 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H1450.RH H1450
152		-	ssavage on LAPJG3WLY3PROD with BILLS
	106	+	ERMINATION.—The pilot program established by 13
	107	+	the Director of the Office of Foreign Assets Control under 14
	108	+	subsection (a) shall terminate on the date that is 5 years 15
	109	+	after the date on which the Director of the Office of For-16
	110	+	eign Assets Control establishes such program. 17
	111	+	Æ
	112	+	VerDate Sep 11 2014 21:00 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H1450.IH H1450
	113	+	kjohnson on DSK7ZCZBW3PROD with $$_JOB