Arab Bank Accountability Act

Arab Bank Accountability Act - Directs the Secretary of the Treasury to release certain documents and information relating to the Arab Bank (other than those which would impede any federal criminal or civil investigation of the Bank).

Directs the President to block certain Bank assets within the United States which shall be made available for payment of any terrorism-related judgment against the Bank. States that after any such judgment becomes final the Board of Directors of the Federal Reserve System and the Comptroller of the Currency shall act to terminate any Bank branch or agency in the United States and to prohibit the Bank from maintaining any interest in any commercial lending company within the United States.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3370 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 3370

 To require the Secretary of the Treasury to take certain actions with 
            regard to the Arab Bank, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 20, 2005

 Mr. Weiner (for himself, Mr. Crowley, Mrs. Maloney, and Ms. Berkley) 
 introduced the following bill; which was referred to the Committee on 
 Financial Services, and in addition to the Committee on International 
 Relations, 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

_______________________________________________________________________

                                 A BILL


 
 To require the Secretary of the Treasury to take certain actions with 
            regard to the Arab Bank, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Arab Bank Accountability Act''.

SEC. 2. RELEASE OF DOCUMENTS AND INFORMATION.

    (a) In General.--The Secretary of the Treasury shall release any 
documents and information in the possession of the Secretary relating 
to the Arab Bank, including any branch or agency (as defined in section 
1(b) of the International Banking Act of 1978) of the Arab Bank, 
concerning any activities of the Arab Bank that are subject to the 
regulation of the Secretary under subchapter II of chapter 53 of title 
31, United States Code, including any records derived by the Secretary 
under section 5318(k)(3) of such title, and any records derived from 
any investigation by the Secretary of any possible violations by the 
Arab Bank, or any such branch or agency, of any provision of such 
subchapter or any other Federal law.
    (b) Exception for Ongoing Criminal or Other Investigation.--
Subsection (a) shall not apply to the release of any documents or 
information which the Secretary determines would impede or hinder a 
criminal or civil investigation of the Arab Bank by the Secretary or 
another Federal law enforcement agency.

SEC. 3. BLOCKING OF ARAB BANK ASSETS IN THE UNITED STATES.

    Under the authorities designated in Executive Order Numbered 13224 
of September 23, 2001 (relating to blocking property and prohibiting 
transactions with persons who commit, threaten to commit, or support 
terrorism), the President shall block all property and interests in 
property of the Arab Bank within the United States, including any 
branch or agency (as defined in section 1(b) of the International 
Banking Act of 1978) of the Arab Bank, and any such property or 
interests in property shall be available for payment of any judgment of 
any court in the United States of competent jurisdiction against the 
Arab Bank for money damages, which may include economic damages, 
solatium, and damages for pain and suffering, in any civil action 
against the Arab Bank by any victims of any terrorist act which the 
judgment of the court determines was supported by the Arab Bank or with 
which the Arab Bank was in any other way connected.

SEC. 4. DISSOLUTION OF CHARTER.

    After any judgment referred to in section 3 becomes final, the 
Board of Governors of the Federal Reserve System and the Comptroller of 
the Currency shall take any action necessary to terminate any branch or 
agency of the Arab Bank in the United States under the International 
Banking Act of 1978 and to prohibit the Arab Bank from maintaining any 
interest in any commercial lending company within the United States.
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