Bill · H.R. 3523· House(119-HR-3523)
To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes.
- Introduced
- 5/20/2025
- Last activity
- 5/20/2025 — 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.
- Sponsored by
- Jefferson Shreve
- Cosponsors
- - 4 - 0
- Introduced
- In Committee
What this bill would do
This bill directs the Secretary of the Treasury to designate certain foreign entities as "Foreign Financial Threat Organizations." These covered organizations are defined as foreign entities, including subsidiaries or affiliates, that engage in fraudulent activity to deceive United States citizens or lawful permanent residents into providing cash or assets. The Secretary must make initial designations within 90 days of the Act's enactment. Designated organizations may face frozen assets, penalties similar to those for specially designated global terrorist organizations, and restrictions on their ability to access internet or cellular services. Additionally, the Secretary is tasked with preventing these organizations from contacting individuals in the United States via phone, internet, or email.
Yes· 3 of 5
Does this better protect the country from computer attacks?+7
The bill authorizes federal action to protect the cybersecurity of the United States against fraudulent foreign entities.
Would immigrants be better off under this?+5
The bill specifically protects lawful permanent residents from fraudulent contact by foreign entities.
Does this give people more protection from unfair business practices?+5
The bill enhances consumer protection by providing mechanisms to combat and recover funds from fraudulent foreign entities.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Asset Recovery for Victims: The Secretary is required to track and report the amount of funds returned to victims of fraud perpetrated by these organizations (Section 1(e)(2)(D)).
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Protection Against Fraudulent Contact: The Secretary of the Treasury must take necessary actions to prevent these organizations from contacting United States citizens or lawful permanent residents via phone, internet, or email (Section 1(d)).
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Limiting Access to Services: The Federal Government can take actions to limit a Foreign Financial Threat Organization's ability to access internet or cellular services (Section 1(c)).
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Cybersecurity Protection: The Federal Government is authorized to take necessary actions against these organizations to protect the cybersecurity of the United States (Section 1(c)).
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Freezing of Fraudulent Assets: The Secretary may require United States financial institutions to block all financial transactions involving assets controlled by these organizations (Section 1(b)(3)).
Potential Negative Impacts for People
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Restrictions on Communication: The bill mandates actions to prevent these organizations from contacting United States citizens or aliens who are lawful permanent residents through various digital or telephonic means (Section 1(d)).
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Financial Asset Freezing: United States financial institutions may be required to block all financial transactions involving assets of a designated organization until further direction is provided (Section 1(b)(3)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Increases Federal Power+4Improves Government Transparency+3
- National Security And Foreign Policy
- Improves Cybersecurity Defense+7
- Demographic And Interest Groups
- Good For Immigrants+5
- Economy And Finance
- Improves Consumer Protection+5
- 6/4/2025
- 1 Cosponsor added.
- 6/3/2025
- 1 Cosponsor added.
- 5/21/2025
- 1 Cosponsor added.
- 5/20/2025
- 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.
- 1 Cosponsor added.
- Introduced in House
Brian FitzpatrickRepublican · Pennsylvania
Michael GuestRepublican · Mississippi
Keith SelfRepublican · Texas
Beth Van DuyneRepublican · Texas