119th Congress (2025-2026)

HR 1450

OFAC Licensure for Investigators Act

In Second Chamber

Jurisdiction

US Congress

Session

119th Congress (2025-2026)

Official source

Chamber

House

Session

119th Congress (2025-2026)

Jurisdiction

US Congress

Bill overview

This bill directs the Office of Foreign Assets Control (OFAC) to create a pilot program that allows certain private sector firms to obtain licenses for conducting small, nominal financial transactions while investigating potential sanctions violations. These firms would need to submit detailed monthly reports to OFAC about their activities. The program’s effectiveness will be evaluated through regular reports to Congress and classified briefings.

Key provisions

OFAC must establish a pilot program for private sector firms.
Firms can apply for licenses to conduct nominal financial transactions for investigations.
Licensed firms must submit monthly activity reports to OFAC.
The program will run for 5 years after establishment.
OFAC will coordinate with the Financial Crimes Enforcement Network.
Regular reports to Congress will assess the program's utility.
Congress will receive classified briefings on the program's operation and findings.
The program's effectiveness will be evaluated and recommendations for improvement will be provided.

Who is affected

Private sector firms
Office of Foreign Assets Control (OFAC)
Financial Crimes Enforcement Network (FinCEN)
House of Representatives Committees on Financial Services and Foreign Affairs
Senate Committees on Banking, Housing, and Urban Affairs and Foreign Relations

Notable changes

Positions across the country

No public positions recorded for this legislation.

Arguments in favor

Reasons to support this legislation.

No arguments in favor have been submitted.

Submit yours

Arguments opposed

Reasons to oppose this legislation.

No arguments opposed have been submitted.

Submit yours

Legislative history

2025-02-21House

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.

2025-02-21House

2025-02-21

Introduced in House

2025-02-21

Introduced in House

Passage without roll call

The official record shows passage by unanimous consent or voice vote where no roll call was taken. No member-level tally is available for these steps, and the district map does not apply.

7/21/2025HouseVoice vote
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
No roll-call vote on record for this action.
7/21/2025Voice vote
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
No roll-call vote on record for this action.

Floor votes and chamber actions

Recorded roll calls list how each member voted. Unanimous consent or voice vote appears in the official action history without a roll call; no member-level tally is available for those steps.

Passage without roll call

7/21/2025HouseVoice vote
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
No roll-call vote on record for this action.
7/21/2025Voice vote
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)
No roll-call vote on record for this action.

Read the latest version inline or switch to a previous version.

Feb 21, 2025XMLView source

119th CONGRESS — 1st Session

H. R. 1450

IN THE HOUSE OF REPRESENTATIVES

A BILL

To require the Office of Foreign Assets Control to develop a program under which private sector firms may receive a license to conduct nominal financial transactions in furtherance of the firms’ investigations, and for other purposes.

1.Short title

This Act may be cited as the

OFAC Licensure for Investigators Act

2.Sending and receiving of nominal amounts

(a)In generalThe Director of the Office of Foreign Assets Control shall, not later than 1 year after the date of the enactment of this section, establish a pilot program under which a private sector firm may receive a license to conduct nominal financial transactions in furtherance of the firm’s investigations.

(b)CoordinationWhen establishing and carrying out the pilot program required under subsection (a), the Director of the Office of Foreign Assets Control shall coordinate with the Director of the Financial Crimes Enforcement Network for the purposes of supporting activities of the Financial Crimes Enforcement Network Exchange, as described in section 310(d) of title 31 of the United States Code.

(c)Reporting on activitiesEach private sector firm that receives a license described under subsection (a) shall submit a detailed monthly report to the Director of the Office of Foreign Assets Control on the activities of the firm conducted under such license.

(d)Report to Congress

(1)In generalOn the date that is 1 year after the date on which the pilot program is established under this section, and annually thereafter until the end of the 1-year period beginning on the date the pilot program is terminated, the Director of the Office of Foreign Assets Control shall submit a report to the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate containing—

(A)the number of licenses requested under the pilot program;

(B)the number of licenses granted under the pilot program; and

(C)

a broad discussion of the utility of the pilot program.

(2)Classified briefingAfter submission of each report required under paragraph (1), the Director of the Office of Foreign Assets Control shall provide the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate with a classified briefing containing—

(A)

additional detail on the applicants for a license under the pilot program;

(B)

identification of the firms granted a license;

(C)

information on the operation of the pilot program, including how long each license lasted and the personnel needed to manage the pilot program;

(D)information gleaned by the Office of Foreign Assets Control from running the pilot program;

(E)

the utility of that information;

(F)

any obstacles to the operation or utility of the pilot program; and

(G)

any recommendations for improving or extending the pilot program.

(e)TerminationThe pilot program established by the Director of the Office of Foreign Assets Control under subsection (a) shall terminate on the date that is 5 years after the date on which the Director of the Office of Foreign Assets Control establishes such program.

HR 1450

Bill overview

Key provisions

Who is affected

Notable changes

Sponsors

Primary sponsor

Cosponsor

Positions across the country

Arguments in favor

Arguments opposed

Passage without roll call

Floor votes and chamber actions

Passage without roll call

Bill text

Positions across the country

Passage without roll call

Floor votes and chamber actions

Passage without roll call