H.R. 5308: Terrorist Asset Seizure Reform Act of 2016

114th Congress · introduced 2016-05-23 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.

federal

Follow this bill, step by step

Where it came from: introduced 2016-05-23 · official record
Who proposed it: Rep. Donovan, Daniel M., Jr. [R-NY-11] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Terrorist Asset Seizure Reform Act of 2016

Plain summary

Terrorist Asset Seizure Reform Act of 2016 This bill directs the Department of the Treasury to require each financial institution to transfer annually to it all amounts of interest it has paid on certain frozen bank accounts, which shall be deposited into the Confiscated Assets Fund establish by this bill. With respect to certain frozen assets of a foreign terrorist organization or a specially designated terrorist, including a Specially Designated Global Terrorist, at the time an asset is frozen or otherwise blocked (or within six months of enactment of this bill for an asset already frozen or blocked) Treasury shall: publish a public notice that the asset is being frozen or otherwise blocked, and give the owner of the asset and other interested parties one year to challenge such freezing or blocking. If the asset remains frozen or otherwise blocked after a year, Treasury shall require the financial institution holding the frozen asset to transfer it to Treasury. Treasury shall: deposit all money received under such asset confiscation requirements into the Confiscated Assets Fund, and sell any non-monetary assets received under the bill and deposit the proceeds into the Fund. Treasury shall establish the Confiscated Assets Fund, which shall be made available to the Federal Emergency Management Agency (FEMA) to make grants under the Urban Area Security Initiative (for assisting high-risk urban areas in preventing, preparing for, protecting against, and responding to acts of terrorism). The Government Accountability Office shall study how Treasury's Office of Foreign Assets Control can better track frozen assets, manage data related to them, and improve reporting to Congress about them across all sanctions programs the Office of Foreign Assets Control administers.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Terrorist Asset Seizure Reform Act of 2016

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Donovan, Daniel M., Jr. [R-NY-11] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Michael T. McCaul (R-TX)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Ballot initiative: A proposed law or constitutional amendment that citizens place on the ballot by gathering enough voter signatures, so voters decide it directly. About half the states allow some form of it.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr5308.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr5308 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114