To authorize the Director of the Office of Foreign Assets Control of the Department of the Treasury to use a portion of the amounts seized through the enforcement of sanctions to recover the costs of such enforcement.
About This Bill
Committee
Latest Action · March 12, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The Sanctions Recovery Act of 2024 would allow the Treasury Department's Office of Foreign Assets Control to keep a portion of money and assets seized when enforcing U.S. sanctions against foreign entities. Specifically, the bill authorizes the director to deposit up to 5 percent of seized foreign assets into the office's programs account to help pay for the costs of administering and enforcing sanctions. The deposited funds would be available indefinitely until spent and could be used for the same purposes as money Congress normally appropriates to the office. This bill affects the Treasury Department and would provide it with an additional funding mechanism to support its sanctions enforcement operations without requiring separate congressional appropriations.
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