Congress 118 - HR 6370 - OFAC Licensure for Investigators Act

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Topics

Fraud offenses and financial crimes International Affairs Licensing and registrations Public-private cooperation U.S. and foreign investments

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Summary

OFAC Licensure for Investigators Act

This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations.

Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license.

(OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)

Actions

Jan 16, 2024

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 12, 2024

Motion to reconsider laid on the table Agreed to without objection.
Jan 12, 2024

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
Jan 12, 2024

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
Jan 12, 2024

Considered as unfinished business. (consideration: CR H126)
Jan 10, 2024

At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. McHenry objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
Jan 10, 2024

DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.
Jan 10, 2024

Considered under suspension of the rules. (consideration: CR H37-39)
Jan 10, 2024

Mr. McHenry moved to suspend the rules and pass the bill, as amended.
Jan 9, 2024

Placed on the Union Calendar, Calendar No. 280.
Jan 9, 2024

Committee on Foreign Affairs discharged.
Jan 9, 2024

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
Nov 14, 2023

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.
Nov 14, 2023

Committee Consideration and Mark-up Session Held
Nov 13, 2023

Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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.
Nov 13, 2023

Introduced in House

Amendments

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