OFAC Licensure for Investigators Act
Latest action · Jan 16, 2024 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedNov 13, 2023
- Passed HouseJan 12, 2024
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.)
Cosponsors 1
Members who signed on, in the order they did. All signed on Nov 13, 2023.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IA | Zachary Nunn | Original | Nov 13, 2023 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Nov 13, 2023Markup Nov 14, 2023Reported Jan 9, 2024 |
| House | Foreign Affairs Committee | Referred Nov 13, 2023Discharged Jan 9, 2024 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jan 16, 2024 |
Actions 15
Everything that happened, newest first.
- Jan 16, 2024Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jan 12, 2024Considered as unfinished business. (consideration: CR H126)
- Jan 12, 2024Passed/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, 2024Motion to reconsider laid on the table Agreed to without objection.
- Jan 10, 2024Mr. McHenry moved to suspend the rules and pass the bill, as amended.
- Jan 10, 2024Considered under suspension of the rules. (consideration: CR H37-39)
- Jan 10, 2024DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.
- Jan 10, 2024At 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 9, 2024Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
- Jan 9, 2024Committee on Foreign Affairs discharged.
- Jan 9, 2024Placed on the Union Calendar, Calendar No. 280.
- Nov 14, 2023Committee Consideration and Mark-up Session Held
- Nov 14, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.
- Nov 13, 2023Introduced in House
- Nov 13, 2023Referred 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.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H126 | — | Jan 12, 2024 |
| House | Debate and remarks H37–H39Text printed H37 | Joyce Beatty D-OH, Patrick T. McHenry R-NC | Jan 10, 2024 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 187, November 13, 2023, page H5729.
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Title(s) as Introduced
- OFAC Licensure for Investigators Act
- Short Title(s) as Reported to House
- OFAC Licensure for Investigators Act
- Short Title(s) as Passed House
- OFAC Licensure for Investigators Act
- Short Titles from RFS (Referred to Senate) bill text
- OFAC Licensure for Investigators Act
Subjects
Assigned by the Library of Congress. Policy area: International Affairs.
Text 4
Each version as it was printed, newest first.
- Jan 16, 2024Referred in Senate
- Jan 12, 2024Engrossed in House
- Jan 9, 2024Reported in House
- Nov 13, 2023Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
