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Increased Scrutiny on Foreign Banks Linked to State Sponsors of Terrorism and Sanctions Evasion.

This law requires the Treasury Department to regularly investigate foreign financial institutions connected to state sponsors of terrorism or Russia. The goal is to identify and detail activities that violate existing US sanctions, particularly those related to aggression against Ukraine. While not directly impacting citizens' daily finances, it is crucial for national security and enforcing US foreign policy.
Key points
Mandates semi-annual reports to Congress identifying foreign banks (with capitalization over $10 million) operating in or controlled by state sponsors of terrorism.
Reports must detail any attempts by these institutions to engage in conduct sanctionable under existing US Executive Orders and laws, primarily targeting Russia.
The measure aims to enhance transparency and strengthen the enforcement of sanctions against entities supporting hostile regimes.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_3088
Sponsor: Rep. Fallon, Pat [R-TX-4]
Process start date: 2023-05-05
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SEFIT Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3088.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-05.

What are the main provisions?

Key points include:

  • Mandates semi-annual reports to Congress identifying foreign banks (with capitalization over $10 million) operating in or controlled by state sponsors of terrorism.
  • Reports must detail any attempts by these institutions to engage in conduct sanctionable under existing US Executive Orders and laws, primarily targeting Russia.
  • The measure aims to enhance transparency and strengthen the enforcement of sanctions against entities supporting hostile regimes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Fallon, Pat [R-TX-4].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Security Economy