Last progress July 22, 2025 (4 months ago)
Introduced on February 21, 2025 by Joyce Beatty
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill tells the Treasury’s Office of Foreign Assets Control (OFAC) to start a pilot program within one year. Approved private companies could get a license to send or receive small amounts of money to help with their own investigations into possible sanctions problems, and they must file monthly reports on what they do under the license. The goal is to let firms test and trace transactions while staying within U.S. sanctions rules.
OFAC must work with the Financial Crimes Enforcement Network (FinCEN) to support information‑sharing, and it has to report each year on how many licenses were asked for and granted, plus how useful the program is. It must also give Congress private briefings with more details. The pilot ends five years after it begins.
Key points