Prohibition on Financial Transactions With Countries Supporting Terrorism Act of 1997
The source supplies the latest action, but no lifecycle stage.
Latest action (13 Oct 1998): Referred to Subcommittee on Technology, Terrorism, Government.
What this bill does
This bill, S. 873, would amend federal law to repeal existing exceptions to a prohibition on financial transactions with countries designated as state sponsors of international terrorism. The bill would reinstate a ban, allowing for only a few specific exceptions. These exceptions would cover financial transactions by federal officials acting in their official capacity, those solely for humanitarian aid, activities by journalists, and specific transactions the President deems vital to national security.
The bill affects entities engaging in financial transactions and potentially the citizens or governments of countries designated as state sponsors of terrorism. It outlines how humanitarian aid and news media activities would be permitted, and establishes a process for the President to authorize certain national security-related transactions. Such presidential authorizations would require a 30-day advance report to Congress, be published, and be limited to 12-month periods, with possible extensions.
S. 873 was introduced in the Senate in June 1997 and referred to the Committee on the Judiciary. As of its introduction, its latest action is simply being introduced. If it were to advance, it would need to be considered by the committee, potentially amended, and then voted on by the Senate. If passed by the Senate, it would then proceed to the House of Representatives for consideration.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Prohibition on Financial Transactions With Countries Supporting Terrorism Act of 1997 - Amends the Federal criminal code to repeal provisions providing for exceptions, pursuant to regulations issued by the Secretary of the Treasury, to the prohibition on engaging in a financial transaction with the government of a country designated as a country supporting international terrorism. Makes such prohibition inapplicable to financial transactions: (1) engaged in by Federal officers or employees acting within official capacity; (2) for the sole purpose of providing humanitarian assistance in such countries; (3) involving travel or other activities by journalists or other members of the news media in such countries; or (4) within a certain class and with a specified country that are covered by a presidential determination that such transactions are vital to national security interests. Directs the President to report a determination to specified congressional committees at least 30 days before it is to take effect. Makes such determinations effective for 12 months and permits extensions.
Timeline
13 Oct 1998
Referred to Subcommittee on Technology, Terrorism, Government.
Common questions
- What does S. 873 do?
- This bill, S. 873, would amend federal law to repeal existing exceptions to a prohibition on financial transactions with countries designated as state sponsors of international terrorism. The bill would reinstate a ban, allowing for only a few specific exceptions. These exceptions would cover financial transactions by federal officials acting in their official capacity, those solely for humanitarian aid, activities by journalists, and specific transactions the President deems vital to national security. The bill affects entities engaging in financial transactions and potentially the citizens or governments of countries designated as state sponsors of terrorism. It outlines how humanitarian aid and news media activities would be permitted, and establishes a process for the President to authorize certain national security-related transactions. Such presidential authorizations would require a 30-day advance report to Congress, be published, and be limited to 12-month periods, with possible extensions. S. 873 was introduced in the Senate in June 1997 and referred to the Committee on the Judiciary. As of its introduction, its latest action is simply being introduced. If it were to advance, it would need to be considered by the committee, potentially amended, and then voted on by the Senate. If passed by the Senate, it would then proceed to the House of Representatives for consideration.
- Has S. 873 become law?
- The source does not supply a confirmed lifecycle stage for S. 873. Check the latest action and official source below.
- Who sponsored S. 873?
- S. 873 was sponsored by Sen. Ashcroft, John [R-MO] (R-MO), with 1 cosponsor.
- What's the latest action on S. 873?
- Referred to Subcommittee on Technology, Terrorism, Government. (13 Oct 1998).
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