Taylor Force Martyr Payment Prevention Act of 2023

Senate Bill 691 - Taylor Force Martyr Payment Prevention Act of 2023: Overview, Status, and Impact

Hozzl · 2023-12-15T16:06:24Z

Explore the details of Senate Bill 691 Taylor Force Martyr Payment Prevention Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 4:06 PM

Congressional Summary of S 691

Taylor Force Martyr Payment Prevention Act of 2023

This bill expands the institutional factors the Department of the Treasury must consider when making a finding that a foreign financial institution is of primary money laundering concern and is therefore subject to special measures, including the prohibition of opening or maintaining correspondent accounts in U.S financial institutions. Specifically, Treasury must consider (1) the extent to which an institution knowingly provides financial services to Hamas, or to an agent of Hamas; and (2) the extent to which an institution, transaction, or type of account is used to facilitate or promote payments for certain acts of terrorism against U.S. and Israeli citizens.

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Current Status of Bill S 691

Bill S 691 is currently in the status of Bill Introduced since March 7, 2023. Bill S 691 was introduced during Congress 118 and was introduced to the Senate on March 7, 2023. Bill S 691's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S671-672) as of March 7, 2023

Bipartisan Support of Bill S 691

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 691

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 691

Taylor Force Martyr Payment Prevention Act of 2023

A bill to deter foreign financial institutions from providing banking services for the benefit of foreign terrorist organizations and from facilitating or promoting payments for acts of terrorism.