End Financing for Hamas and State Sponsors of Terrorism Act

12/16/2024, 7:32 PM

End Financing for Hamas and State Sponsors of Terrorism Act

This bill prohibits the Department of the Treasury from using its stabilization fund to deal in International Monetary Fund (IMF) Special Drawing Rights (SDR) from any country determined to be a state sponsor of terrorism. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)

Treasury must develop a strategy, in coordination with allies and partners, to ensure that Hamas is incapable of financing armed hostilities against Israel.

Treasury must report to Congress on the major sources of funding to Hamas, with an evaluation of U.S. efforts to undermine Hamas' ability to finance armed hostilities against Israel.

Bill 118 hr 6322, also known as the End Financing for Hamas and State Sponsors of Terrorism Act, is a piece of legislation introduced in the US Congress. The main goal of this bill is to cut off financial support for Hamas, a known terrorist organization, and other state sponsors of terrorism.

The bill outlines several key provisions, including the imposition of sanctions on individuals and entities that provide financial support to Hamas or other designated terrorist groups. It also calls for increased cooperation between the US government and international partners to disrupt the flow of funds to these organizations.

Additionally, the bill requires the Secretary of State to submit a report to Congress detailing the efforts being made to combat terrorist financing and the progress being made in cutting off funding to Hamas and other terrorist groups. Overall, the End Financing for Hamas and State Sponsors of Terrorism Act aims to strengthen US efforts to combat terrorism by targeting the financial networks that support these dangerous organizations.
Congress
118
Number
HR - 6322
Introduced on
2023-11-09
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

11/9/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

End Financing for Hamas and State Sponsors of Terrorism Act

This bill prohibits the Department of the Treasury from using its stabilization fund to deal in International Monetary Fund (IMF) Special Drawing Rights (SDR) from any country determined to be a state sponsor of terrorism. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)

Treasury must develop a strategy, in coordination with allies and partners, to ensure that Hamas is incapable of financing armed hostilities against Israel.

Treasury must report to Congress on the major sources of funding to Hamas, with an evaluation of U.S. efforts to undermine Hamas' ability to finance armed hostilities against Israel.

Bill 118 hr 6322, also known as the End Financing for Hamas and State Sponsors of Terrorism Act, is a piece of legislation introduced in the US Congress. The main goal of this bill is to cut off financial support for Hamas, a known terrorist organization, and other state sponsors of terrorism.

The bill outlines several key provisions, including the imposition of sanctions on individuals and entities that provide financial support to Hamas or other designated terrorist groups. It also calls for increased cooperation between the US government and international partners to disrupt the flow of funds to these organizations.

Additionally, the bill requires the Secretary of State to submit a report to Congress detailing the efforts being made to combat terrorist financing and the progress being made in cutting off funding to Hamas and other terrorist groups. Overall, the End Financing for Hamas and State Sponsors of Terrorism Act aims to strengthen US efforts to combat terrorism by targeting the financial networks that support these dangerous organizations.
Alternative Names
Official Title as IntroducedTo evaluate and disrupt financing to Hamas, and to amend title 31, United States Code, to prohibit the exchange stabilization fund from being used to deal in Special Drawing Rights from state sponsors of terrorism, and for other purposes.
Policy Areas
International Affairs

Comments

Related

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Committee:  Foreign Affairs
Committee:  Financial Services

Recent Activity

Latest Summary11/29/2024

End Financing for Hamas and State Sponsors of Terrorism Act

This bill prohibits the Department of the Treasury from using its stabilization fund to deal in International Monetary Fund (IMF) Special Drawing Rights (SDR) from ...

Latest Action12/12/2024
Placed on the Union Calendar, Calendar No. 704.