[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5512 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 255
118th CONGRESS
  1st Session
                                H. R. 5512

                      [Report No. 118-316, Part I]

To require United States financial institutions to ensure entities and 
 persons owned or controlled by the institution comply with financial 
sanctions on the Russian Federation and the Republic of Belarus to the 
     same extent as the institution itself, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2023

  Mr. Sherman (for himself and Mrs. Beatty) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
     addition to the Committee on Agriculture, 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

                           December 13, 2023

         Additional sponsors: Mr. Hill and Ms. Garcia of Texas

                           December 13, 2023

  Reported from the Committee on Financial Services with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                           December 13, 2023

Committee on Agriculture discharged; committed to the Committee of the 
    Whole House on the State of the Union and ordered to be printed
    [For text of introduced bill, see copy of bill as introduced on 
                          September 14, 2023]


_______________________________________________________________________

                                 A BILL


 
To require United States financial institutions to ensure entities and 
 persons owned or controlled by the institution comply with financial 
sanctions on the Russian Federation and the Republic of Belarus to the 
     same extent as the institution itself, and for other purposes.


 


    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 ``Russia and Belarus Financial 
Sanctions Act of 2023''.

SEC. 2. REQUIREMENTS.

    (a) In General.--A United States financial institution shall take 
all actions necessary and available to cause any entity or person owned 
or controlled by the institution to comply with any provision of law 
described in subsection (b) to the same extent as required of a United 
States financial institution.
    (b) Provision of Law Described.--A provision of law described in 
this subsection is any prohibition or limitation described in a 
sanctions-related statute, regulation, or order applicable to a United 
States financial institution concerning the Russian Federation or the 
Republic of Belarus, involving--
            (1) the conduct of transactions;
            (2) the acceptance of deposits;
            (3) the making, granting, transferring, holding, or 
        brokering of loans or credits;
            (4) the purchasing or selling of foreign exchange, 
        securities, commodity futures, or options;
            (5) the procuring of purchasers and sellers described under 
        paragraph (4) as principal or agent; or
            (6) any other good or service provided by a United States 
        financial institution.
    (c) Penalty.--A United States financial institution that violates 
subsection (a) shall be subject to the penalties described in the 
applicable statute, regulation, or order applicable to a United States 
financial institution.
    (d) United States Financial Institution Defined.--In this section, 
the term ``United States financial institution'' means any U.S. entity 
(including its foreign branches) that is engaged in the business of 
accepting deposits, making, granting, transferring, holding, or 
brokering loans or credits, or purchasing or selling foreign exchange, 
securities, futures or options, or procuring purchasers and sellers 
thereof, as principal or agent. It includes depository institutions, 
banks, savings banks, money services businesses, operators of credit 
card systems, trust companies, insurance companies, securities brokers 
and dealers, futures and options brokers and dealers, forward contract 
and foreign exchange merchants, securities and commodities exchanges, 
clearing corporations, investment companies, employee benefit plans, 
dealers in precious metals, stones, or jewels, and U.S. holding 
companies, U.S. affiliates, or U.S. subsidiaries of any of the 
foregoing. This term includes those branches, offices, and agencies of 
foreign financial institutions that are located in the United States, 
but not such institutions' foreign branches, offices, or agencies.
                                                 Union Calendar No. 255

118th CONGRESS

  1st Session

                               H. R. 5512

                      [Report No. 118-316, Part I]

_______________________________________________________________________

                                 A BILL

To require United States financial institutions to ensure entities and 
 persons owned or controlled by the institution comply with financial 
sanctions on the Russian Federation and the Republic of Belarus to the 
     same extent as the institution itself, and for other purposes.

_______________________________________________________________________

                           December 13, 2023

  Reported from the Committee on Financial Services with an amendment

                           December 13, 2023

Committee on Agriculture discharged; committed to the Committee of the 
    Whole House on the State of the Union and ordered to be printed