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H.R. 1450 · 119th Congress

OFAC Licensure for Investigators Act

Introduced Feb 21, 2025Policy area: International Affairs

Read the textOn Congress.gov

Status: Passed House

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Law

Latest action

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

Summary

OFAC Licensure for Investigators Act

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

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.)

Summary by the Congressional Research Service.

Actions

  1. Senate

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

  2. House

    Motion to reconsider laid on the table Agreed to without objection.

  3. House

    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)

  4. House

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1450.

  5. House

    Considered under suspension of the rules. (consideration: CR H3517-3518)

  6. House

    Mr. Hill (AR) moved to suspend the rules and pass the bill.

  7. House

    Placed on the Union Calendar, Calendar No. 34.

  8. House

    Committee on Foreign Affairs discharged.

  9. House

    Reported by the Committee on Financial Services. H. Rept. 119-47, Part I.

  10. House

    Ordered to be Reported by the Yeas and Nays: 49 - 0.

  11. House

    Committee Consideration and Mark-up Session Held

  12. House

    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.

Show 1 earlier actions

  1. Introduced in House