119-hr1450

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1450 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 1450

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 22, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

 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 section, 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 Office of 
Foreign Assets Control shall coordinate with the Director of the 
Financial Crimes Enforcement Network for the purposes of supporting 
activities of the Financial Crimes Enforcement Network 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) Report to Congress.--

    (1) In general.--On the date that is 1 year after the date 
 on which the pilot program is established under this section, 
 and annually thereafter until the end of the 1-year period 
 beginning on the date the pilot program is terminated, the 
 Director of the Office of Foreign Assets Control shall submit a 
 report to the Committees on Financial Services and Foreign 
 Affairs of the House of Representatives and the Committees on 
 Banking, Housing, and Urban Affairs and Foreign Relations of 
 the Senate containing--
        (A) the number of licenses requested under the 
 pilot program;
        (B) the number of licenses granted under the pilot 
 program; and
            (C) a broad discussion of the utility of the pilot 
 program.

    (2) Classified briefing.--After submission of each report 
 required under paragraph

    (1) , the Director of the Office of 
 Foreign Assets Control shall provide the Committees on 
 Financial Services and Foreign Affairs of the House of 
 Representatives and the Committees on Banking, Housing, and 
 Urban Affairs and Foreign Relations of the Senate with a 
 classified briefing containing--
        (A) additional detail on the applicants for a 
 license under the pilot program;
        (B) identification of the firms granted a license;
            (C) information on the operation of the pilot 
 program, including how long each license lasted and the 
 personnel needed to manage the pilot program;
            (D) information gleaned by the Office of Foreign 
 Assets Control from running the pilot program;
        (E) the utility of that information;
        (F) any obstacles to the operation or utility of 
 the pilot program; and
        (G) any recommendations for improving or extending 
 the pilot program.

    (e) 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.

 Passed the House of Representatives July 21, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.