H.R. 5603 · 114th Congress
Kleptocracy Asset Recovery Rewards Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LynchSponsor14 cosponsors · 6 D, 8 R
R
Rothfus
AB
R
Barr
KE
D
Ellison
MF
R
Fitzpatrick
BF
D
Foster
AG
D
Green
JH
R
Hill
PK
R
King
GM
D
Meeks
RP
R
Pittenger
BP
R
Poliquin
BS
D
Sherman
SS
R
Stivers
MW
D
Waters1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes in the Department of the Treasury a Kleptocracy Asset Recovery Rewards Program for the payment of rewards to support U.S. government programs and investigations aimed at eliminating from accounts at U.S. financial institutions any stolen assets linked to foreign government corruption and the proceeds of such corruption.
What it does: CRS summary · Introduced in House · Jun 28, 2016
Kleptocracy Asset Recovery Rewards Act
This bill establishes in the Department of the Treasury a Kleptocracy Asset Recovery Rewards Program for the payment of rewards to support U.S. government programs and investigations aimed at eliminating from accounts at U.S. financial institutions any stolen assets linked to foreign government corruption and the proceeds of such corruption.
Treasury may pay a reward to any individual who furnishes information leading to the restraining, seizure, forfeiture, or repatriation of stolen assets in an account at a U.S. financial institution, that come within the United States, or that come within the possession or control of any U.S. person linked to foreign government corruption. U.S. or foreign government employees are not eligible for such a reward.
Treasury shall: (1) establish procedures for the offering, administration, and payment of such rewards in order to ensure that the payment of rewards pursuant to this bill does not duplicate or interfere with any other payment authorized by the Department of Justice (DOJ) or other federal law enforcement agencies for the obtaining of information or other evidence; and (2) obtain the written concurrence of DOJ before making such a reward under this bill in a matter over which there is federal criminal jurisdiction.
Such rewards shall be paid from the Department of the Treasury Forfeiture Fund.
The total amount of rewards paid may not exceed $25 million in any calendar year. The President may waive such limitation after providing prior notice to Congress.
No single reward may exceed $5 million, except as Treasury determines necessary in exceptional cases. Treasury may reduce or deny awards to individuals claiming awards who were involved in actions leading to the misappropriation or diversion of stolen assets or other foreign government corruption.
Treasury shall: (1) report annually regarding stolen assets, and (2) report describing policy choices for the disposition of recovered stolen assets.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Kleptocracy Asset Recovery Rewards Act
Latest action (Jun 28, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 28, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.