HR 6370 United States House · 118th Congress

OFAC Licensure for Investigators Act

HR 6370, the OFAC Licensure for Investigators Act, creates a 5-year pilot program allowing private sector firms to obtain licenses from the Office of Foreign Assets Control (OFAC) for conducting small financial transactions during investigations. This directly affects private firms engaged in investigative work who need to make minimal transactions without triggering standard sanctions restrictions. The bill requires OFAC to establish the program within one year, mandate monthly activity reports from participating firms, and coordinate with the Financial Crimes Enforcement Network (FinCEN). The program terminates automatically after five years, with no changes to existing OFAC licensing rules for non-pilot activities.

Bill status passed 3 of 5 stages cleared

Introduction

Nov 2023

Committee Review

Jan 2024

House Passage

Jan 2024

Senate Passage

President

Introduced Nov 13, 2023 Last action Jan 16, 2024

Maddy AI version diff · 1 comparison

What changed between versions

Introduced in House → Engrossed in House · 3 edits · Jan 12, 2024

MINOR

The Engrossed version adds a new subsection requiring the Director of OFAC to submit annual reports and classified briefings to four congressional committees about the pilot program's operation, including how many licenses were requested and granted, which firms received them, and what intelligence was gathered. This gives Congress ongoing oversight of the program throughout its five-year life.

ENFORCEMENT

New subsection (d) requires OFAC to submit an annual public report to House Financial Services and Foreign Affairs Committees and Senate Banking and Foreign Relations Committees starting one year after the pilot program is established, continuing until one year after termination. The report must include the number of licenses requested, the number granted, and a broad discussion of the program's utility.

New subsection (d)(2) requires OFAC to provide a classified briefing to the same four committees after each annual report, containing detailed information on applicants, identification of licensed firms, operational details such as license duration and staffing, intelligence gathered by OFAC through the program, assessment of that intelligence's utility, any obstacles encountered, and recommendations for improving or extending the program.

TECHNICAL

The termination provision was renumbered from subsection (d) to subsection (e) to accommodate the new reporting subsection. No substantive change to the five-year termination period.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 16, 2024

Committee

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

upper

Jan 12, 2024

Introduced

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)

lower

Jan 12, 2024

Lower · Passed

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)

lower

Jan 10, 2024

Introduced

Mr. McHenry moved to suspend the rules and pass the bill, as amended.

lower

Jan 9, 2024

Lower · Passed

Committee on Foreign Affairs discharged.

lower

Jan 9, 2024

Lower · Passed

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.

lower

Nov 14, 2023

Introduced

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.

lower

Nov 14, 2023

Lower · Passed

Committee Consideration and Mark-up Session Held

lower

Nov 13, 2023

Committee

Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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.

lower

Nov 13, 2023

Introduced

Introduced in House

lower

1 primary · 1 co-sponsor