SEFIT Act

This bill requires the Treasury Secretary to submit quarterly reports (for up to 5 years) to Congress on foreign financial institutions tied to state sponsors of terrorism (like Iran or North Korea) that exceed $10 million in capital. It directs Treasury to assess whether these institutions engage in activities violating U.S. sanctions, using existing Russia-related executive orders (e.g., EOs 14024, 14071) and laws (e.g., Countering America’s Adversaries Through Sanctions Act) as reference points. The reports would detail specific sanctionable conduct, targeting banks located in, owned by, or controlled by governments of designated state sponsors of terrorism.