H.R. 8001 · 117th Congress
Countering Atrocities through Currency Accountability Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BuckSponsor13 cosponsors · 1 D, 12 R
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Banks
TB
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Burchett
MC
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Cawthorn
LG
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Gooden
KH
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Hern
YH
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Herrell
BL
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Long
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Steube
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Torres
JW
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Wilson
GB
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Bilirakis
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Fulcher
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Cline10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Countering Atrocities through Currency Accountability Act of 2022
What it does: CRS summary · Introduced in House · Jun 9, 2022
Countering Atrocities through Currency Accountability Act of 2022
This bill requires financial institutions and agencies to take specified special measures regarding foreign financial activity if the Department of the Treasury concludes that the measures are necessary to address human rights violations. These measures are applied upon a finding that a jurisdiction (or a financial institution, transaction, or type of account involving a jurisdiction) is of primary humanitarian concern.
The measures include additional recordkeeping and reporting of transactions, beneficial ownership information, and information relating to payable-through accounts and correspondent accounts. If Treasury finds a payable-through or correspondent account involves foreign human rights violations, then Treasury is allowed to prohibit or impose conditions on that account.
The bill establishes additional due diligence requirements for financial institutions managing a bank account or a correspondent account of a foreign person.
Finally, Treasury must determine if the Xinjiang Uyghur Autonomous Region in China qualifies as a jurisdiction subject to the additional measures established by the bill.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Countering Atrocities through Currency Accountability Act of 2022
Latest action (Jun 9, 2022): 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.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 9, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.