,,ii #aad? ,,congress #b;d ,session ,s4 #cddb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #bh1 #bjaf ,mr4 ,blum5?al introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,t]rorism ,risk ,insurance ,act ( #bjjb to provide = ! release ( c]ta9 block$ assets1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,t]rorism ,victims ,protection ,act4 #b4 ,execution ( paym5t ,section #bja ( ! ,t]rorism ,risk ,insurance ,act ( #bjjb 7#bh ,u4,s4,c4 #afaj note7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ subsection 7b7 & ins]t+ subsections 7b7 & 7e72 7#b7 by r$esignat+ subsection 7d7 z subsection 7g72 7#c7 by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 ,dis*>ge f liability = funds transf]s ,! f9al ord] direct+ atta*m5t 9 aid ( execution or execution aga9/ an asset describ$ 9 subsection 7g77#c77;,a77iii71 includ+ any mid-/ream electronic funds transf] to a judgm5t cr$itor "u ?is section1 %all provide t-- 7#a7 any f9ancial ag5cy or f9ancial in/itution ord]$ to atta* 9 aid ( execution or execute aga9/ any su* asset t is involv$ 9 process+ any transf] relat$ to ^? assets %all be dis*>g$ ( any & all liability to any p>ty ) respect to su* funds transf]2 7#b7 = purposes ( det]m9+ ! liability ( ! orig9ator ( any mid-/ream funds transf] to a t]rori/ p>ty1 or to ! ag5cy or in/rum5tality ( su* a t]rori/ p>ty1 ! mid-/ream funds transf] %all be treat$ z if x 7 complet$ & paym5t 7 receiv$ by ! int5d$ b5efici>y2 & 7#c7 ! t]rori/ p>ty1 & any ag5cy or in/rum5tality ( t t]rori/ p>ty1 %all be b>r$ f pursu+ any claims relat$ to ! assets turn$ ov] pursuant to ?is section aga9/ any entity dis*>g$ "u p>agraphs 7#a7 & 7#b74 7e7 ,?ird-,p>ty int]e/ 9 block$ assets 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 if a c\rt det]m9es t a p]son o!r ?an a t]rori/ p>ty or any ag5cy or in/rum5tality ( t t]rori/ p>ty holds equitable title to1 or a b5eficial int]e/ 91 ! block$ assets ( t t]rori/ p>ty 7includ+ ! block$ assets ( any ag5cy or in/rum5tality ( t t]rori/ p>ty7 or has a con/itutionally protect$ int]e/ 9 ^? block$ assets1 ! c\rt may make ! block$ assets available = execution or atta*m5t 9 aid ( execution "u subsection 7a7 only to ! ext5t t-- 7,a7 ! t]rori/ p>ty or any ag5cy or in/rum5tality ( a t]rori/ p>ty has an own]%ip int]e/1 z describ$ 9 subsection 7g77#c77;,a71 9 ! block$ assets2 & 7,b7 ! execution or atta*m5t does n infr+e ^u ! con/itutionally protect$ int]e/ 9 ! assets4 7#b7 ,exception ,p>agraph 7#a7 %all n apply to any cu/odial int]e/ ( a =eign securities int]m$i>y or a relat$ int]m$i>y t holds ! block$ assets outside ( ! ,unit$ ,/ates = ! b5efit ( ! ,gov]nm5t ( ,iran4 7f7 ,int]national transf]s 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b77;,c7-- 7,a7 a transf] describ$ 9 subsection 7g77#c77;,c7 %all be null & void2 & 7,b7 ! asset t is ! subject ( ! transf] %all be treat$ z if ! asset rema9s 9 ! ,unit$ ,/ates4 7#b7 ,jurisdiction ,any c\rt t has p]sonal jurisdiction ov] ! transf]ee ( an asset describ$ 9 p>agraph 7#a77;,b7 may-- 7,a7 ord] ! transf]ee to return ! asset to ! ,unit$ ,/ates2 & 7,b7 if ! transf]ee fails to obey an ord] describ$ 9 subp>agraph 7,a7-- 7i7 deem any asset 9 an acc\nt ( ! transf]ee 9 ! ,unit$ ,/ates t is an am\nt n great] ?an ! value ( ! transf]r$ asset describ$ 9 p>agraph 7#a77;,b7 to be an asset ( a t]rori/ p>ty or any ag5cy or in/rum5tality ( t t]rori/ p>ty2 & 7ii7 issue an aw>d aga9/ ! transf]ee 9 an am\nt t is n great] ?an ! value ( ! transf]r$ asset describ$ 9 p>agraph 7#a77;,b74 7,c7 ,exceptions ,a transf] ( an asset t w\ld o!rwise be null & void "u p>agraph 7#a7 may n be deem$ to be null & void ) respect to any p]son :o held or ma9ta9$ ! prop]ty be=e ! transf] if t p]son e/abli%es t-- 7i7 ! p]son no long] has possession or control ( ! asset2 7ii7 ! transf] ( ! asset 0 n a willful violation by ! p]son-- 7,i7 ( ! provisions ( any ord]s or regulations issu$ by ! ,unit$ ,/ates t seiz$ or froze assets "u section #e7;b7 ( ! ,trad+ ,) ! ,enemy ,act 7#ej ,u4,s4,c4 #dcje7;b772 or 7,,ii7 "u sections #bjb & #bjc ( ! ,int]national ,em]g5cy ,economic ,p[]s ,act 7#ej ,u4,s4,c4 #agja & #agjb72 7iii7 ! p]son did n h reasonable cause to "k or suspect1 9 view ( all ! facts & circum/ances kn[n by or available to ! p]son-- 7,i7 t ! transf] requir$ a lic5se or au?orization issu$ by ! ,(fice ( ,=eign ,assets ,control ( ! ,dep>tm5t ( ! ,treasury 79 ?is subp>agraph ref]r$ to z ! ,(fice72 or 7,,ii7 t a lic5se or au?orization describ$ 9 subclause 7,i71 if ! lic5se or au?orization purports to cov] ! transf]1 _h be5 obta9$ by-- 7aa7 ! misrepres5tation ( a ?ird p>ty2 7bb7 )hold+ mat]ial facts2 or 7cc7 o!r fraudul5t means2 & 7iv7 ! p]son submitt$ to ! ,(fice a report conta9+ a full description ( ! circum/ances relat+ to ! transf] promptly ^u discov]+ t-- 7,i7 ! transf] violat$ any ( ! provisions describ$ 9 clause 7ii72 7,,ii7 ! transf] 0 n lic5s$ or au?oriz$ by ! ,(fice2 or 7,,iii7 if ! p]son _h obta9$ a lic5se or au?orization t purport$ to apply to ! transf]1 ! lic5se _h be5 obta9$ "u circum/ances describ$ 9 clause 7iii77,,ii74 2 & 7#d7 9 subsection 7g71 z s r$esignat$-- 7,a7 by r$esignat+ p>agraphs 7#c7 & 7#d7 z p>agraphs 7#d7 & 7#i71 respectively2 7,b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ,block$ asset ( t t]rori/ p>ty ,! t]m block$ assets ( t t]rori/ p>ty 7includ+ ! block$ assets ( any ag5cy or in/rum5tality ( t t]rori/ p>ty7 means-- 7,a7 any block$ asset 9 :i* ! t]rori/ p>ty or any ag5cy or in/rum5tality ( t t]rori/ p>ty has a direct1 indirect1 b5eficial1 equitable1 or legal own]%ip int]e/ "u ,/ate or ,f$]al law1 includ+-- 7i7 a f9ancial asset b5eficially own$ by a t]rori/ p>ty or any ag5cy or in/rum5tality ( t t]rori/ p>ty2 7ii7 any int]e/1 sale1 & r$emption paym5t relat$ to a f9ancial asset describ$ 9 clause 7i7 t is receiv$ 9 an acc\nt ma9ta9$ 9 ! ,unit$ ,/ates at a f9ancial ag5cy or f9ancial in/itution reg>dless ( :]e ! t]rori/ p>ty or any ag5cy or in/rum5tality ( t t]rori/ p>ty ma9ta9s an acc\nt 9 ! "n to :i* ! f9ancial asset has be5 cr$it$2 & 7iii7 a transf] ( funds1 includ+ any mid-/ream electronic funds transf] 9 possession ( an int]m$i>y bank if-- 7,i7 ! t]rori/ p>ty or any ag5cy or in/rum5tality ( ! t]rori/ p>ty is ! orig9ator or ! b5efici>y ( ! fund transf]2 or 7,,ii7 ! transf] 0 conduct$ = ! direct or indirect b5efit ( ! t]rori/ p>ty or any ag5cy or in/rum5tality ( t t]rori/ p>ty1 includ+ ! c5tral bank or monet>y au?ority ( ! t]rori/ p>ty1 reg>dless ( :e!r ! transf] 0 initiat$ by a non-/ate-own$1 non-,u4,s4 f9ancial in/itution locat$ outside ( ! ,unit$ ,/ates & only passes ?r\gh ! f9ancial sy/em ( ! ,unit$ ,/ates to ano!r non-/ate-own$1 non-,u4,s4 f9ancial in/itution locat$ outside ( ! ,unit$ ,/ates2 7,b7 any asset locat$ outside ! ,unit$ ,/ates t1 if locat$ 9 ! ,unit$ ,/ates1 w\ld be subject to an ord] or regulation seiz+ or freez+ assets "u section #e7;b7 ( ! ,trad+ ,) ! ,enemy ,act 7#ej ,u4,s4,c4 #dcje7;b77 or sections #bjb & #bjc ( ! ,int]national ,em]g5cy ,economic ,p[]s ,act 7#ej ,u4,s4,c4 #agja & #agjb71 if a c\rt 9 ! ,unit$ ,/ates has p]sonal jurisdiction ov] ! p]son 9 possession or cu/ody ( ! asset locat$ outside ! ,unit$ ,/ates2 & 7,c7 any attempt$ direct or indirect transf] f an acc\nt locat$ 9 ! ,unit$ ,/ates to an acc\nt locat$ outside ( ! ,unit$ ,/ates t-- 7i7 relates to any f9ancial asset describ$ 9 subp>agraph 7,a72 & 7ii7 is = ! direct or indirect b5efit ( ! t]rori/ p>ty or any ag5cy or in/rum5tality ( ! t]rori/ p>ty1 reg>dless ( :e!r ! transf] is complet$ by a book entry1 a wire transf]1 or any o!r means4 2 & 7,c7 by ins]t+ aft] p>agraph 7#d71 z s r$esignat$1 ! foll[+3 7#e7 ,f9ancial ag5cy ,! t]m f9ancial ag5cy has ! mean+ giv5 ! t]m 9 section #ecab7;a7 ( title #ca1 ,unit$ ,/ates ,code4 7#f7 ,f9ancial asset ,! t]m f9ancial asset-- 7,a7 has ! mean+ giv5 ! t]m 9 ,article #h-ajb ( ! ,uni=m ,comm]cial ,code2 & 7,b7 includes ca%4 7#g7 ,f9ancial in/itution ,! t]m f9ancial in/itution has ! mean+ giv5 ! t]m 9 section #ecab7;a7 ( title #ca1 ,unit$ ,/ates ,code4 7#h7 ,int]m$i>y bank ,! t]m int]m$i>y bank has ! mean+ giv5 ! t]m 9 ,article #d;,a-#ajd ( ! ,uni=m ,comm]cial ,code4 4 #c4 ,exceptions to ! immunity f atta*m5t or execution ,section #afaj ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ subsection 7g7 & ins]t+ ! foll[+3 7g7 ,prop]ty 9 c]ta9 actions 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m f9ancial ag5cy has ! mean+ giv5 ! t]m 9 section #ecab7;a7 ( title #ca2 7,b7 ! t]m f9ancial asset-- 7i7 has ! mean+ giv5 ! t]m 9 ,article #h-ajb ( ! ,uni=m ,comm]cial ,code2 & 7ii7 includes ca%2 7,c7 ! t]m f9ancial in/itution has ! mean+ giv5 ! t]m 9 section #ecab7;a7 ( title #ca2 7,d7 ! t]m int]m$i>y bank has ! mean+ giv5 ! t]m 9 ,article #d;,a-#ajd ( ! ,uni=m ,comm]cial ,code2 & 7,e7 ! t]m prop]ty ( a =eign /ate aga9/ :i* a judgm5t is ent]$ "u section #afje;,a1 & ! prop]ty ( an ag5cy or in/rum5tality ( su* a /ate includes-- 7i7 a f9ancial asset b5eficially own$ by a t]rori/ p>ty or its ag5cy or in/rum5tality2 7ii7 any int]e/1 sale1 & r$emption paym5t relat$ to a f9ancial asset describ$ 9 clause 7i7 t is receiv$ 9 an acc\nt ma9ta9$ 9 ! ,unit$ ,/ates at a f9ancial ag5cy or f9ancial in/itution reg>dless ( :]e ! t]rori/ p>ty or its ag5cy or in/rum5tality ma9ta9s an acc\nt 9 its "n to :i* ! f9ancial asset has be5 cr$it$2 & 7iii7 a transf] ( funds1 includ+ any mid-/ream electronic funds transf] 9 possession ( an int]m$i>y bank if-- 7,i7 su* t]rori/ p>ty or its ag5cy or in/rum5tality is ! orig9ator or ! b5efici>y ( ! fund transf]2 or 7,,ii7 ! transf] 0 conduct$ = ! direct or indirect b5efit ( su* t]rori/ p>ty or its ag5cy or in/rum5tality1 includ+ ! c5tral bank or monet>y au?ority ( ! t]rori/ p>ty1 reg>dless ( :e!r ! transf] 0 initiat$ by a non-/ate-own$1 non-,u4,s4 f9ancial in/itution locat$ outside ( ! ,unit$ ,/ates & only passes ?r\gh ! f9ancial sy/em ( ! ,unit$ ,/ates to ano!r non-/ate-own$1 non-,u4,s4 f9ancial in/itution locat$ outside ( ! ,unit$ ,/ates4 7#b7 ,transf]s null & void 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,c71 any attempt$ direct or indirect transf] f an acc\nt locat$ 9 ! ,unit$ ,/ates to an acc\nt locat$ outside ( ! ,unit$ ,/ates %all be null & void1 & ! asset t is ! subject ( ! transf] %all be treat$ z if ! asset rema9s 9 ! ,unit$ ,/ates1 if ! transf]-- 7i7 relates to any f9ancial asset describ$ 9 p>agraph 7#a77;,e72 7ii7 is = ! direct or indirect b5efit ( a =eign /ate or an ag5cy or in/rum5tality ( t =eign /ate1 reg>dless ( :e!r ! transf] is complet$ by means ( a book entry1 wire transf]1 or o!rwise2 & 7iii7 violates any c\rt ord]1 retra9+ notice1 judgm5t li51 or o!r process 9 aid ( en=cem5t (1 or t con/itutes a fraudul5t conveyance or transf] ) respect to1 a judgm5t "u section #afje;,a aga9/ t =eign /ate or ! ag5cy or in/rum5tality ( t =eign /ate4 7,b7 ,jurisdiction ,a c\rt t has p]sonal jurisdiction ov] ! transf]ee ( a transf] describ$ 9 subp>agraph 7,a7 may-- 7i7 ord] ! transf]ee to return ! f9ancial asset to ! ,unit$ ,/ates2 & 7ii7 if ! transf]ee fails to obey an ord] "u clause 7i7-- 7,i7 deem any asset t is an am\nt n great] ?an ! value ( ! transf]r$ asset to be an asset ( a =eign /ate or an ag5cy or in/rum5tality ( ! =eign /ate2 & 7,,ii7 issue an aw>d aga9/ ! transf]ee 9 an am\nt t is n great] ?an ! value ( ! transf]r$ asset4 7,c7 ,exception ,any transf] t o!rwise w\ld be null & void "u subp>agraph 7,a7 %all n be deem$ to be null & void if ! p]son :o held or ma9ta9$ ! asset t 0 ! subject ( ! transf] e/abli%es t ! transf] did n repres5t a willful violation ( ! provisions ( any c\rt ord]1 retra9+ notice1 judgm5t li51 or o!r process 9 aid ( en=cem5t ( a judgm5t "u section #afje;,a aga9/ a =eign /ate or an ag5cy or in/rum5tality ( t =eign /ate4 7#c7 ,applicable prop]ty ,subject to p>agraph 7#d7 & not)/&+ any o!r provision ( law1 includ+ any provision ( law relat+ to sov]eign immunity & ! provisions ( section #afaa1 ! prop]ty ( a =eign /ate aga9/ :i* a judgm5t is ent]$ "u section #afje;,a or "u section #afje7;a77#g7 7z su* section 0 9 effect on ,janu>y #bg1 #bjjh71 & ! prop]ty ( an ag5cy or in/rum5tality ( su* a /ate1 includ+ prop]ty t is a sep>ate juridical entity or is an int]e/ held directly or indirectly 9 a sep>ate juridical entity1 is subject to atta*m5t 9 aid ( execution1 & execution1 ^u t judgm5t z provid$ 9 ?is subsection1 reg>dless (-- 7,a7 ! level ( economic control ov] ! prop]ty by ! gov]nm5t ( ! =eign /ate2 7,b7 :e!r ! pr(its ( ! prop]ty g to t gov]nm5t2 7,c7 ! degree to :i* (ficials ( t gov]nm5t manage ! prop]ty or o!rwise control its daily affairs2 7,d7 :e!r t gov]nm5t is ! sole b5efici>y 9 int]e/ ( ! prop]ty2 or 7,e7 :e!r e/abli%+ ! prop]ty z a sep>ate entity w\ld entitle ! =eign /ate to b5efits 9 ,unit$ ,/ates c\rts :ile avoid+ its obligations4 7#d7 ,unit$ /ates sov]eign immunity inapplicable ,any prop]ty ( a =eign /ate1 or ag5cy or in/rum5tality ( a =eign /ate1 to :i* p>agraph 7#a7 applies %all n be immune f atta*m5t 9 aid ( execution1 or execution1 ^u a judgm5t ent]$ "u section #afje;,a or "u section #afje7;a77#g7 7z su* section 0 9 effect on ,janu>y #bg1 #bjjh71 because ! prop]ty is regulat$ by ! ,unit$ ,/ates ,gov]nm5t by reason ( action tak5 aga9/ t =eign /ate "u ! ,trad+ ,) ! ,enemy ,act 7#ej ,u4,s4,c4 #dcja et seq47 or ! ,int]national ,em]g5cy ,economic ,p[]s ,act 7#ej ,u4,s4,c4 #agja et seq474 7#e7 ,?ird-p>ty jo9t prop]ty hold]s ,no?+ 9 ?is subsection %all be con/ru$ to sup]s$e ! au?ority ( a c\rt to prev5t appropriately ! impairm5t ( an int]e/ held by a p]son :o is n liable 9 ! action giv+ rise to a judgm5t 9 prop]ty subject to atta*m5t 9 aid ( execution1 or execution1 ^u su* judgm5t4 7#f7 ,dis*>ge f liability ,! f9al judgm5t direct+ atta*m5t 9 aid ( execution or execution aga9/ an asset describ$ 9 p>agraph 7#a77;,e77iii71 includ+ any mid-/ream electronic funds transf] to a judgm5t cr$itor "u ?is section %all provide t-- 7,a7 any f9ancial ag5cy or f9ancial in/itution ord]$ to atta* 9 aid ( execution or execute aga9/ any su* asset t is involv$ 9 process+ any transf] relat$ to ^? assets %all be dis*>g$ ( any & all liability to any p>ty ) respect to su* funds transf]2 7,b7 = purposes ( det]m9+ ! liability ( ! orig9ator ( any mid-/ream funds transf] to a =eign /ate aga9/ :i* a judgm5t has be5 ent]$ "u section #afje;,a or "u section #afje7;a77#g7 7z su* section 0 9 effect on ,janu>y #bg1 #bjjh71 or to ! ag5cy or in/rum5tality ( su* a /ate1 ! mid-/ream transf] %all be treat$ z if x 7 complet$ & paym5t 7 receiv$ by ! int5d$ b5efici>y2 & 7,c7 ! =eign /ate aga9/ :i* a judgm5t has be5 ent]$ "u section #afje;,a or "u section #afje7;a77#g7 7z su* section 0 9 effect on ,janu>y #bg1 #bjjh71 & ea* ag5cy & in/rum5tality ( su* a /ate %all be b>r$ f pursu+ any claim relat$ to ! assets turn$ ov] pursuant to ?is subsection aga9/ any entity dis*>g$ pursuant to subp>agraphs 7,a7 & 7,b74 7#g7 ,/ate preemption ,to ! ext5t t any ,/ate or local law is inconsi/5t ) ! requirem5ts ( ?is subsection1 ! requirem5ts ( ?is subsection %all preempt su* ,/ate or local law4 4