Bill · H.R. 7993· House(119-HR-7993)
Somaliland Economic Access and Opportunity Act
- Introduced
- 3/19/2026
- Last activity
- 3/19/2026 — Referred to the House Committee on Financial Services.
- Sponsored by
- John Rose
- Cosponsors
- - 3 - 0
- Introduced
- In Committee
What this bill would do
The Somaliland Economic Access and Opportunity Act requires the Secretary of the Treasury to submit a comprehensive report to Congress. This report must analyze the legal, regulatory, and policy barriers preventing Somaliland from accessing the United States financial system. It specifically looks at issues like international recognition, remittance flows, and compliance with anti-money laundering and counter-terrorism standards. The bill also asks for recommendations on how the United States can facilitate financial access and how Somaliland can improve compliance with international norms. Finally, the report must include ways to mitigate risks related to illicit finance.
Yes· 3 of 7
Does this strengthen ties with allied countries?+3
The bill explores strengthening financial cooperation and engagement with Somaliland to advance U.S. policy objectives.
Does this make trade with other countries easier?+3
The bill seeks to identify and reduce barriers that currently impact trade with Somaliland.
Would households on low incomes be better off under this?+2
Improving remittance flows can assist low-income households that rely on these transfers.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Advancing Regional Security and Economic Stability: Financial engagement with Somaliland has the potential to advance U.S. interests in regional security and economic stability (Section 2(a)(2)).
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Improving Remittances and Trade: Addressing current barriers could mitigate adverse impacts on remittance flows and trade (Section 2(a)(3)).
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Strengthening Policy Objectives: Enhanced financial access, when done with proper compliance safeguards, could serve to strengthen U.S. policy objectives in the region (Section 2(b)(2)).
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Promoting Transparency and Integrity: There is a national security and humanitarian interest in ensuring Somaliland's financial sector operates with transparency, integrity, and compliance with international standards (Section 2(a)(3)).
Potential Negative Impacts for People
-
Risks of Illicit Finance: The bill notes that there are risks regarding money laundering, terrorism financing, and other illicit activities associated with remittances and U.S. financial system access that require mitigation (Section 3(b)(3)).
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Regulatory and Compliance Barriers: Somaliland currently faces legal, regulatory, and institutional barriers that may negatively impact its financial access (Section 2(a)(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.
- National Security And Foreign Policy
- Improves International Alliances+3Improves International Trade+3Improves Veterans Benefits+1
- Demographic And Interest Groups
- Good For Low Income Households+2Good For Urban Residents+1
- Governance And Ideology
- Improves Government Transparency+2
- Social Issues And Justice
- Improves Poverty Reduction+2
- 3/26/2026
- 1 Cosponsor added.
- 3/19/2026
- Referred to the House Committee on Financial Services.
- 2 Cosponsors added.
- Introduced in House
Pat HarriganRepublican · North Carolina
Addison McDowellRepublican · North Carolina
Andrew OglesRepublican · Tennessee