Terrorist Asset Seizure Reform Act of 2016
Latest action · Sep 7, 2016 Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 23, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Terrorist Asset Seizure Reform Act of 2016
This bill directs the Department of the Treasury to require each financial institution to transfer annually to it all amounts of interest it has paid on certain frozen bank accounts, which shall be deposited into the Confiscated Assets Fund establish by this bill.
With respect to certain frozen assets of a foreign terrorist organization or a specially designated terrorist, including a Specially Designated Global Terrorist, at the time an asset is frozen or otherwise blocked (or within six months of enactment of this bill for an asset already frozen or blocked) Treasury shall:
- publish a public notice that the asset is being frozen or otherwise blocked, and
- give the owner of the asset and other interested parties one year to challenge such freezing or blocking.
If the asset remains frozen or otherwise blocked after a year, Treasury shall require the financial institution holding the frozen asset to transfer it to Treasury.
Treasury shall:
- deposit all money received under such asset confiscation requirements into the Confiscated Assets Fund, and
- sell any non-monetary assets received under the bill and deposit the proceeds into the Fund.
Treasury shall establish the Confiscated Assets Fund, which shall be made available to the Federal Emergency Management Agency (FEMA) to make grants under the Urban Area Security Initiative (for assisting high-risk urban areas in preventing, preparing for, protecting against, and responding to acts of terrorism).
The Government Accountability Office shall study how Treasury's Office of Foreign Assets Control can better track frozen assets, manage data related to them, and improve reporting to Congress about them across all sanctions programs the Office of Foreign Assets Control administers.
Cosponsors 3
Members who signed on, in the order they did. All signed on May 23, 2016.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Albio Sires | Original | May 23, 2016 |
| R-TX | Michael T. McCaul | Original | May 23, 2016 |
| R-TX | Ted Poe | Original | May 23, 2016 |
Actions 4
Everything that happened, newest first.
- Sep 7, 2016Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.
- Jun 2, 2016Referred to the Subcommittee on Emergency Preparedness, Response and Communications.
- May 23, 2016Introduced in House
- May 23, 2016Referred to the Committee on Foreign Affairs, and in addition to the Committee on Homeland Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Bank accounts, deposits, capital
- Congressional oversight
- Emergency planning and evacuation
- Finance and Financial Sector
- Foreign property
- Government information and archives
- Government studies and investigations
- Government trust funds
- Interest, dividends, interest rates
- Sanctions
- Terrorism
- Urban and suburban affairs and development
Text 1
Each version as it was printed, newest first.
- May 23, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.