[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3088 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3088

To direct the Secretary of the Treasury to provide for a determination 
      on the activities on certain foreign financial institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 5, 2023

 Mr. Fallon (for himself and Mr. Hern) introduced the following bill; 
which was referred to the Committee on Foreign Affairs, and in addition 
to the Committees on Financial Services, the Judiciary, Ways and Means, 
   and Oversight and Accountability, 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

_______________________________________________________________________

                                 A BILL


 
To direct the Secretary of the Treasury to provide for a determination 
      on the activities on certain foreign financial institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Sanctions Enforcement and Financial 
Institutions Transparency Act'' or the ``SEFIT Act''.

SEC. 2. DETERMINATION ON CERTAIN FOREIGN FINANCIAL INSTITUTIONS.

    (a) Determination.--
            (1) In general.--Not later than 180 days after the date of 
        the enactment of the this Act, and every 180 days thereafter 
        for a period not to exceed 5 years, the Secretary of the 
        Treasury shall submit to the appropriate congressional 
        committees a determination on whether each foreign financial 
        institution described in subsection (b) engages in, or has 
        engaged in or attempted to engage in one or more activities 
        described in subsection (c) and provides a detailed description 
        of each such activity.
            (2) Appropriate congressional committees defined.--In this 
        subsection, the term ``appropriate congressional committees'' 
        means--
                    (A) the Committee on Foreign Affairs and the 
                Committee on Armed Services of the House of 
                Representatives; and
                    (B) the Committee on Foreign Relations and the 
                Committee on Armed Services of the Senate.
    (b) Foreign Financial Institution Described.--
            (1) In general.--A foreign financial institution described 
        in this subsection is a foreign financial institution that, 
        wherever located, is--
                    (A) organized under the laws of a state sponsor of 
                terrorism or any jurisdiction within a state sponsor of 
                terrorism;
                    (B) owned or controlled, directly or indirectly by 
                the government of a state sponsor of terrorism;
                    (C) located in the territory of a state sponsor of 
                terrorism; or
                    (D) owned or controlled by a foreign financial 
                institution described in subparagraph (A), (B), or (C); 
                and
                    (E) the capitalization of which exceeds 
                $10,000,000.
            (2) State sponsor of terrorism defined.--In this 
        subsection, the term ``state sponsor of terrorism'' means a 
        country the government of which the Secretary of State has 
        determined is a government that has repeatedly provided support 
        for acts of international terrorism for purposes of--
                    (A) section 1754(c) of the Export Control Reform 
                Act of 2018;
                    (B) section 620A of the Foreign Assistance Act of 
                1961 (22 U.S.C. 2371);
                    (C) section 40 of the Arms Export Control Act (22 
                U.S.C. 2780); or
                    (D) any other provision of law.
            (3) Foreign financial institution defined.--A foreign 
        financial institution in this subsection includes--
                    (A) the meaning given that term in section 1010.605 
                of title 31, Code of Federal Regulations; or
                    (B) a foreign central bank.
    (c) Activities Described.--
            (1) In general.--The activities described in this 
        subsection include any act that engages in, or has engaged in 
        or attempted to engage in conduct that would be sanctionable 
        under covered Executive Orders described in paragraph (2) or 
        covered provisions of law described in paragraph (3).
            (2) Covered executive orders.--In this subsection, the term 
        ``covered executive orders'' includes the following:
                    (A) Executive Order 14071 (Prohibiting New 
                Investment In And Certain Services To The Russian 
                Federation In Response To Continued Russian Federation 
                Aggression (April 6, 2022)).
                    (B) Executive Order 14068 (Prohibiting Certain 
                Imports, Exports, and New Investment with Respect to 
                Continued Russian Federation Aggression (March 11, 
                2022)).
                    (C) Executive Order 14066 (Prohibiting Certain 
                Imports And New Investments With Respect To Continued 
                Russian Federation Efforts To Undermine the Sovereignty 
                And Territorial Integrity Of Ukraine (March 8, 2022)).
                    (D) Executive Order 14039 (Blocking Property with 
                Respect to Certain Russian Energy Export Pipelines 
                (August 20, 2021)).
                    (E) Executive Order 14024 (Blocking Property With 
                Respect To Specified Harmful Foreign Activities Of The 
                Government Of The Russian Federation (April 15, 2021)).
                    (F) Executive Order 14065 (Blocking Property Of 
                Certain Persons And Prohibiting Certain Transactions 
                With Respect To Continued Russian Efforts To Undermine 
                The Sovereignty And Territorial Integrity Of Ukraine 
                (February 21, 2022)).
                    (G) Executive Order 13883 (Administration of 
                Proliferation Sanctions and Amendment of Executive 
                Order 12851 (August 3, 2019)).
                    (H) Executive Order 13849 (Authorizing the 
                Implementation of Certain Sanctions Set Forth in the 
                Countering America's Adversaries Through Sanctions Act 
                (September 20, 2018)).
                    (I) Executive Order 13685 (Blocking Property of 
                Certain Persons and Prohibiting Certain Transactions 
                with Respect to the Crimea Region of Ukraine (December 
                19, 2014)).
                    (J) Executive Order 13662 (Blocking Property of 
                Additional Persons Contributing to the Situation in 
                Ukraine (March 20, 2014)).
                    (K) Executive Order 13661 (Blocking Property of 
                Additional Persons Contributing to the Situation in 
                Ukraine (March 17, 2014)).
                    (L) Executive Order 13660 (Blocking Property of 
                Certain Persons Contributing to the Situation in 
                Ukraine (March 6, 2014)).
                    (M) Any directive issued pursuant to the Executive 
                orders described in subparagraphs (A) through (L).
                    (N) Any other Executive order or directive imposing 
                sanctions against the Russian Federation.
            (3) Covered legislation defined.--In this subsection the 
        term ``covered legislation'' includes the following:
                    (A) The Countering America's Adversaries Through 
                Sanctions Act (22 U.S.C. 9401 et seq.).
                    (B) The Ukraine Freedom Support Act of 2014 (22 
                U.S.C. 8921 et seq.).
                    (C) The Support for the Sovereignty, Integrity, 
                Democracy, and Economic Stability of Ukraine Act of 
                2014 (22 U.S.C. 8901 et seq.).
                    (D) The Protecting Europe's Energy Security Act of 
                2019 (title LXXV of division F of Public Law 116-92).
                    (E) Any other law imposing sanctions against the 
                Russian Federation.
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