Bill · H.R. 1450· House(119-HR-1450)
OFAC Licensure for Investigators Act
- Introduced
- 2/21/2025
- Last activity
- 7/22/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Joyce Beatty
- Cosponsors
- - 0 - 1
- Introduced
- Passed House
- In Senate committee
What this bill would do
The "OFAC Licensure for Investigators Act" requires the Director of the Office of Foreign Assets Control to create a pilot program. This program allows private sector firms to get licenses to make nominal financial transactions for their investigations. The Director must coordinate this effort with the Director of the Financial Crimes Enforcement Network. Licensed firms must provide detailed monthly reports on their activities. The Director must also provide annual reports and classified briefings to specific House and Senate committees. The pilot program is set to end five years after it is established.
Yes
Does this give people more protection from unfair business practices?+2
The bill aims to uncover illicit financial activities, which can protect consumers from fraud and other financial crimes.
Does this make what the government does easier for the public to see?+2
The bill requires detailed monthly reports from firms and reports to Congress, increasing transparency.
Does this put more money into stopping terrorism?+2
By uncovering illicit financial activities, the bill could help counter terrorism financing.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
- Support for Investigations: Section 2(a) allows private sector firms to receive licenses for nominal financial transactions to further their investigations.
Potential Negative Impacts for People
- Reporting Requirements: Section 2(c) requires every private sector firm that gets a license to submit a detailed monthly report to the Director of the Office of Foreign Assets Control.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Consumer Protection+2
- Governance And Ideology
- Improves Government Transparency+2
- National Security And Foreign Policy
- Increases Counter Terrorism Funding+2
- 7/22/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 7/21/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
- On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 1450.
- Considered under suspension of the rules. (consideration: CR H3517-3518)
- Mr. Hill (AR) moved to suspend the rules and pass the bill.
- 3/27/2025
- Reported by the Committee on Financial Services. H. Rept. 119-47, Part I.
- Committee on Foreign Affairs discharged.
- Placed on the Union Calendar, Calendar No. 34.
- 3/5/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported by the Yeas and Nays: 49 - 0.
- 2/21/2025
- Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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.
- 1 Cosponsor added.
- Introduced in House
Zachary NunnRepublican · Iowa