To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3523 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 3523

 To require the Secretary of the Treasury to designate certain covered 
organizations as Foreign Financial Threat Organizations, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 20, 2025

  Mr. Shreve (for himself and Ms. Van Duyne) introduced the following 
 bill; which was 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

_______________________________________________________________________

                                 A BILL


 
 To require the Secretary of the Treasury to designate certain covered 
organizations as Foreign Financial Threat Organizations, 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. DESIGNATION OF FOREIGN FINANCIAL THREAT ORGANIZATIONS.

    (a) Designation.--The Secretary of the Treasury shall designate 
covered organizations to be known as ``Foreign Financial Threat 
Organizations''. The Secretary shall make the first such designations 
not later than 90 days after the date of the enactment of this Act.
    (b) Procedure.--
            (1) Notice.--Before making a designation under this 
        section, the Secretary shall notify, in writing, the Speaker 
        and Minority Leader of the House of Representatives, the 
        President pro tempore, Majority Leader, and Minority Leader of 
        the Senate, and the members of the relevant committees of 
        Congress of the intent to designate an organization under this 
        section as a Foreign Financial Threat Organization and the 
        factual basis for such designation.
            (2) Publication in federal register.--The Secretary shall 
        publish a designation made under this section in the Federal 
        Register seven days after providing the notification under 
        paragraph (1).
            (3) Freezing of assets.--Upon notification under paragraph 
        (1), the Secretary may require United States financial 
        institutions possessing or controlling any assets of a Foreign 
        Financial Threat Organization to block all financial 
        transactions involving those assets until further direction 
        from the Secretary of the Treasury, an Act of Congress, or an 
        order of a court.
            (4) Effect of designation.--A Foreign Financial Threat 
        Organization shall be subject to the same penalties and 
        procedures as an organization that has been designated as a 
        specially designated global terrorist organization by the 
        Secretary of State or the Secretary of the Treasury, as the 
        case may be, pursuant to Executive Order 13224 (50 U.S.C. 1701 
        note; relating to blocking property and prohibiting 
        transactions with persons who commit, threaten to commit, or 
        support terrorism).
    (c) Enforcement.--The Federal Government may take such actions as 
necessary against a Foreign Financial Threat Organization to protect 
the cybersecurity of the United States and limit the ability of the 
Foreign Financial Threat Organization to access internet or cellular 
services.
    (d) Prohibition on Contact.--The Secretary of the Treasury shall 
take such actions as may be necessary to prevent a Foreign Financial 
Threat Organization from contacting United States citizens or aliens 
who are lawful permanent residents of the United States by phone, 
internet, or email.
    (e) Report.--
            (1) In general.--Not later than 2 years after the date of 
        the enactment of this Act, and annually thereafter, the 
        Secretary of the Treasury shall submit to Committees on Foreign 
        Affairs and Financial Services of the House of Representatives 
        and the Committees on Foreign Relations and Banking, Housing, 
        and Urban Affairs of the Senate a report on the implementation 
        of this Act.
            (2) Contents.--Such report shall include--
                    (A) an identification of covered organizations that 
                have been designated as Foreign Financial Threat 
                Organizations;
                    (B) the amount of assets seized from such Foreign 
                Financial Threat Organizations;
                    (C) the actions taken by the Secretary to identify 
                such Foreign Financial Threat Organizations; and
                    (D) the amount of funds the Secretary was able to 
                return to victims of fraud by such Foreign Financial 
                Threat Organizations.
            (3) Form.--The Secretary shall make publicly available a 
        version of the report required under this subsection that does 
        not include any sensitive information.
    (f) Covered Organization Defined.--In this Act, the term ``covered 
organization'' means a foreign entity (as defined in section 800.220(a) 
of title 31, Code of Federal Regulations), including any subsidiary or 
affiliate of a foreign entity, that engages in fraudulent activity in 
an attempt to deceive United States citizens or aliens who are lawful 
permanent residents of the United States to provide cash or other 
assets to such foreign entity, as jointly determined by the Secretary 
of the Treasury and the Attorney General.
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