[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6370 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 280
118th CONGRESS
  2d Session
                                H. R. 6370

                      [Report No. 118-341, Part I]

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 13, 2023

Mrs. Beatty (for herself and Mr. Nunn of Iowa) introduced the following 
bill; which was 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

                            January 9, 2024

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

                            January 9, 2024

Committee on Foreign Affairs 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 
                           November 13, 2023]


_______________________________________________________________________

                                 A BILL


 
 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.


 


    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 ``OFAC Licensure for Investigators 
Act''.

SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS.

    (a) In General.--The Director of the Office of Foreign Assets 
Control shall, not later than 1 year after the date of the enactment of 
this Act, establish a pilot program under which a private sector firm 
may receive a license to conduct nominal financial transactions in 
furtherance of the firm's investigations.
    (b) Coordination.--When establishing and carrying out the pilot 
program required under subsection (a), the Director of the of the 
Office of Foreign Assets Control shall coordinate with the Director of 
the Financial Crimes Enforcement Network for the purposes of supporting 
activities of the FinCEN Exchange, as described in section 310(d) of 
title 31 of the United States Code.
    (c) Reporting on Activities.--Each private sector firm that 
receives a license described under subsection (a) shall submit a 
detailed monthly report to the Director of the Office of Foreign Assets 
Control on the activities of the firm conducted under such license.
    (d) Termination.--The pilot program established by the Director of 
the Office of Foreign Assets Control under subsection (a) shall 
terminate on the date that is 5 years after the date on which the 
Director of the Office of Foreign Assets Control establishes such 
program.
            Amend the title so as to read: ``A bill 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.''.
                                                 Union Calendar No. 280

118th CONGRESS

  2d Session

                               H. R. 6370

                      [Report No. 118-341, Part I]

_______________________________________________________________________

                                 A BILL

 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.

_______________________________________________________________________

                            January 9, 2024

   Reported from the Committee on Financial Services with amendments

                            January 9, 2024

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