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US HB3523
Bill
Status
5/20/2025
Primary Sponsor
Jefferson Shreve
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AI Summary
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Secretary of the Treasury must designate foreign entities engaged in fraud against U.S. citizens and lawful permanent residents as "Foreign Financial Threat Organizations" within 90 days of enactment
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Designated organizations face the same penalties as specially designated global terrorist organizations under Executive Order 13224, including asset freezes and blocked financial transactions at U.S. institutions
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Federal Government authorized to take cybersecurity actions against designated organizations, including limiting their access to internet or cellular services and blocking their phone, internet, or email contact with U.S. persons
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Secretary must notify congressional leadership 7 days before publishing designations in the Federal Register and submit annual reports to Congress on implementation, seized assets, and funds returned to fraud victims
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"Covered organization" defined as foreign entities (including subsidiaries) that engage in fraudulent schemes to deceive U.S. citizens or permanent residents into providing cash or assets, as jointly determined by Treasury and the Attorney General
Legislative Description
To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes.
Finance and financial sector
Last Action
Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, and Energy and Commerce, 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.
5/20/2025