United States 114th Congress Status: Died 1 R cosponsors

HR 5308 — Terrorist Asset Seizure Reform Act of 2016

Last action — Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Terrorist Asset Seizure Reform Act of 2016 This bill directs the Department of the Treasury to require each financial institution to transfer annually to it all amounts of interest it has paid on certain frozen bank accounts, which shall be deposited into the Confiscated Assets Fund establish by this bill. With respect to certain frozen assets of a foreign terrorist organization or a specially designated terrorist, including a Specially Designated Global Terrorist, at the time an asset is frozen or otherwise blocked (or within six months of enactment of this bill for an asset already frozen or blocked) Treasury shall: publish a public notice that the asset is being frozen or otherwise blocked, and give the owner of the asset and other interested parties one year to challenge such freezing or blocking. If the asset remains frozen or otherwise blocked after a year, Treasury shall require the financial institution holding the frozen asset to transfer it to Treasury. Treasury shall: deposit all money received under such asset confiscation requirements into the Confiscated Assets Fund, and sell any non-monetary assets received under the bill and deposit the proceeds into the Fund. Treasury shall establish the Confiscated Assets Fund, which shall be made available to the Federal Emergency Management Agency (FEMA) to make grants under the Urban Area Security Initiative (for assisting high-risk urban areas in preventing, preparing for, protecting against, and responding to acts of terrorism). The Government Accountability Office shall study how Treasury's Office of Foreign Assets Control can better track frozen assets, manage data related to them, and improve reporting to Congress about them across all sanctions programs the Office of Foreign Assets Control administers.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 5308 on the official United States source →

Action History

  1. Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.

  2. Referred to the Subcommittee on Emergency Preparedness, Response and Communications.

  3. Referred to House Homeland Security

  4. Referred to House Foreign Affairs

  5. Referred to the Committee on Foreign Affairs, and in addition to the Committee on Homeland Security, 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.

  6. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

public-safety finance
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Frequently asked questions

What does HR 5308 do?
Terrorist Asset Seizure Reform Act of 2016 This bill directs the Department of the Treasury to require each financial institution to transfer annually to it all amounts of interest it has paid on certain frozen bank accounts, which shall be deposited into the Confiscated Assets Fund establish by this bill. With respect to certain frozen assets of a foreign terrorist organization or a specially designated terrorist, including a Specially Designated Global Terrorist, at the time an asset is frozen or otherwise blocked (or within six months of enactment of this bill for an asset already frozen or blocked) Treasury shall: publish a public notice that the asset is being frozen or otherwise blocked, and give the owner of the asset and other interested parties one year to challenge such freezing or blocking. If the asset remains frozen or otherwise blocked after a year, Treasury shall require the financial institution holding the frozen asset to transfer it to Treasury. Treasury shall: deposit all money received under such asset confiscation requirements into the Confiscated Assets Fund, and sell any non-monetary assets received under the bill and deposit the proceeds into the Fund. Treasury shall establish the Confiscated Assets Fund, which shall be made available to the Federal Emergency Management Agency (FEMA) to make grants under the Urban Area Security Initiative (for assisting high-risk urban areas in preventing, preparing for, protecting against, and responding to acts of terrorism). The Government Accountability Office shall study how Treasury's Office of Foreign Assets Control can better track frozen assets, manage data related to them, and improve reporting to Congress about them across all sanctions programs the Office of Foreign Assets Control administers.
Who sponsors HR 5308?
HR 5308 is sponsored by Daniel Donovan (R).
What is the current status of HR 5308?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 5308?
Track HR 5308 free on One Click Politics — get push/email alerts when it moves.

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