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Sanctions Recovery Act of 2024
3/30/2024, 8:23 AM
Summary of Bill S 3913
Bill 118 s 3913, also known as the Sanctions Recovery Act of 2024, is a piece of legislation introduced in the US Congress with the aim of addressing the issue of recovering funds from sanctions imposed on foreign entities. The bill seeks to establish a framework for the US government to recover funds that have been frozen or seized as a result of sanctions, and to ensure that these funds are returned to the American people.
The Sanctions Recovery Act of 2024 outlines a process for the US government to identify and track funds that have been frozen or seized due to sanctions, and to work with international partners to recover these funds. The bill also includes provisions for the establishment of a fund to hold recovered funds, which will be used to support programs and initiatives that benefit the American people.
Additionally, the legislation includes measures to increase transparency and accountability in the sanctions recovery process, including requirements for regular reporting to Congress on the status of funds and the outcomes of recovery efforts. The bill also includes provisions for the establishment of an independent oversight body to monitor and evaluate the effectiveness of the sanctions recovery process. Overall, the Sanctions Recovery Act of 2024 aims to ensure that funds seized or frozen as a result of sanctions are effectively recovered and returned to the American people, while also promoting transparency and accountability in the sanctions recovery process.
The Sanctions Recovery Act of 2024 outlines a process for the US government to identify and track funds that have been frozen or seized due to sanctions, and to work with international partners to recover these funds. The bill also includes provisions for the establishment of a fund to hold recovered funds, which will be used to support programs and initiatives that benefit the American people.
Additionally, the legislation includes measures to increase transparency and accountability in the sanctions recovery process, including requirements for regular reporting to Congress on the status of funds and the outcomes of recovery efforts. The bill also includes provisions for the establishment of an independent oversight body to monitor and evaluate the effectiveness of the sanctions recovery process. Overall, the Sanctions Recovery Act of 2024 aims to ensure that funds seized or frozen as a result of sanctions are effectively recovered and returned to the American people, while also promoting transparency and accountability in the sanctions recovery process.
Read the Full Bill
Current Status of Bill S 3913
Bill S 3913 is currently in the status of Bill Introduced since March 12, 2024. Bill S 3913 was introduced during Congress 118 and was introduced to the Senate on March 12, 2024. Bill S 3913's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 12, 2024
Bipartisan Support of Bill S 3913
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3913
Primary Policy Focus
International AffairsAlternate Title(s) of Bill S 3913
Sanctions Recovery Act of 2024
Sanctions Recovery Act of 2024
A bill to authorize the Director of the Office of Foreign Assets Control of the Department of the Treasury to use a portion of the amounts seized through the enforcement of sanctions to recover the costs of such enforcement.
A bill to authorize the Director of the Office of Foreign Assets Control of the Department of the Treasury to use a portion of the amounts seized through the enforcement of sanctions to recover the costs of such enforcement.
Comments
Sponsors and Cosponsors of S 3913
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