,i #aaeth ,,congress #b;d ,session ,h4 ,r4 #fghc ,,in ,,the ,,house ,,of ,,representatives ,september #ab1 #bjah,mr4 ,donovan 7for himself1 ,mr4 ,budd1 and ,mr4 ,mc,caul7 introduced the following bill2 which was referred to the ,committee on ,foreign ,affairs1 and in addition to the ,committee on ,homeland ,security1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to require the ,secretary of the ,treasury to confiscate interest paid on certain frozen bank accounts1 to require the ,secretary to confiscate certain frozen assets1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,terrorist ,asset ,seizure ,reform ,act of #bjah4 #b4 ,confiscation of assets 7a7 ,confiscation of interest 7#a7 ,initial confiscation ,as soon as practicable after the date of the enactment of this ,act1 but in no case later than #ah months after the date of the enactment of this ,act1 the ,secretary shall require each financial institution to transfer to the ,secretary all amounts of interest paid by such financial institution on frozen bank accounts4 7#b7 ,ongoing confiscation ,one year after the initial confiscation under paragraph 7#a71 and annually thereafter1 the ,secretary shall require each financial institution to transfer to the ,secretary all amounts of interest paid by such financial institution on frozen bank accounts in the previous year4 7#c7 ,interest deposited into ,confiscated ,assets ,fund ,the ,secretary shall deposit all amounts received under this subsection into the ,confiscated ,assets ,fund4 7#d7 ,rule of construction ,paragraphs 7#a7 and 7#b7 shall only apply to interest paid on an account after the account became a frozen bank account4 7b7 ,confiscations related to non-,state terrorism 7#a7 ,special rule for confiscations related to non-state terrorism 7,a7 ,in general ,with respect to a frozen asset of a person described in subparagraph 7,b7-- 7i7 at the time such asset is frozen or otherwise blocked1 or within #f months of the date of the enactment of this ,act with respect to an asset frozen or otherwise blocked before such date of enactment1 the ,secretary shall-- 7,i7 publish public notice that the asset is being frozen or otherwise blocked2 and 7,,ii7 provide the owner of the asset and other interested parties with a #a-year period to challenge such freezing or blocking2 and 7ii7 if such asset remains frozen or otherwise blocked after the #a-year period described under clause 7i77,,ii71 the ,secretary shall require the financial institution holding the frozen asset to transfer such asset to the ,secretary4 7,b7 ,covered persons ,a person described in this subparagraph is a person that is-- 7i7 designated as a foreign terrorist organization under section #bai7;a7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahi7;a772 7ii7 designated as a ,specially ,designated ,global ,terrorist by the ,department of the ,treasury under ,executive ,order #acbbd 7#ej ,u4,s4,c4 #agja72 or 7iii7 a specially designated terrorist1 as that term is defined in section #eie4caa of title #ca1 ,code of ,federal ,regulations 7or any successor thereto74 7#b7 ,assets deposited into ,confiscated ,assets ,fund ,the ,secretary shall-- 7,a7 deposit all money received under this subsection into the ,confiscated ,assets ,fund2 and 7,b7 sell any non-monetary assets received under this subsection and deposit the amounts received from such sales into the ,confiscated ,assets ,fund4 7c7 ,safe harbor ,compliance with this section and any regulation1 instruction1 or direction issued pursuant to this section shall to the extent thereof be a full acquittance and discharge for all purposes of the obligation of the person making the same4 ,no person shall be held liable in any court for or with respect to anything done or omitted in good faith in connection with the administration of1 or pursuant to and in reliance on1 this section1 or any regulation1 instruction1 or direction issued pursuant to this section4 7d7 ,definitions ,for purposes of this section3 7#a7 ,financial institution ,the term financial institution has the meaning given that term under section #ecab of title #ca1 ,united ,states ,code4 7#b7 ,foreign person ,the term foreign person has the meaning given that term under section #ad of the ,iran ,sanctions ,act of #aiif 7#ej ,u4,s4,c4 #agja note74 7#c7 ,frozen asset ,the term frozen asset-- 7,a7 means an asset of a foreign person or foreign country that has been frozen or otherwise blocked pursuant to sanctions under any provision of ,united ,states law1 as determined by the ,secretary2 and 7,b7 does not include-- 7i7 any asset subject to the ,vienna ,convention on ,consular ,relations 7done at ,vienna1 ,april #bd1 #aifc72 or 7ii7 the blocked assets of a terrorist party that are subject to execution and attachment pursuant to section #bja of the ,terrorism ,risk ,insurance ,act of #bjjb 7#bh ,u4,s4,c4 #afaj note74 7#d7 ,frozen bank account ,the term frozen bank account means a deposit account maintained at a financial institution that consists of frozen assets4 7#e7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 #c4 ,confiscated ,assets ,fund 7a7 ,establishment ,the ,secretary of the ,treasury shall establish a fund to be known as the ,confiscated ,assets ,fund4 7b7 ,use of fund ,amounts in the ,confiscated ,assets ,fund shall be made available to the ,administrator of the ,federal ,emergency ,management ,agency to provide grants under the ,urban ,area ,security ,initiative under section #bjjc of the ,homeland ,security ,act of #bjjb 7#f ,u4,s4,c4 #fjd74 #d4 ,reports to ,congress 7a7 ,,gao study and report 7#a7 ,in general ,not later than the end of the #f-month period beginning on the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall initiate a study on how the ,office of ,foreign ,assets ,control of the ,department of the ,treasury can better track frozen assets1 manage data relating to such frozen assets1 and improve reporting to ,congress regarding frozen assets across all sanctions programs administered by the ,office of ,foreign ,assets ,control4 7#b7 ,report ,upon the completion of the study required under paragraph 7#a71 the ,comptroller ,general shall issue a report to the ,congress and the ,office of ,foreign ,assets ,control of the ,department of the ,treasury containing-- 7,a7 all findings and determinations made in carrying out the study required under paragraph 7#a72 and 7,b7 such recommendations that the ,comptroller ,general may determine appropriate4 7b7 ,secretary of the ,treasury report 7#a7 ,in general ,the ,secretary of the ,treasury1 in consultation with the ,attorney ,general1 the ,secretary of ,state1 and the heads of other appropriate ,federal agencies1 shall issue an annual report to the ,congress containing-- 7,a7 comprehensive and detailed data regarding frozen assets across all sanctions programs administered by the ,office of ,foreign ,assets ,control1 including1 with respect to each sanctions program for the prior calendar year-- 7i7 tables that show changes in frozen assets totals2 7ii7 the total amount of frozen assets2 7iii7 the total amount of frozen assets that were unblocked2 7iv7 how many licenses were issued2 7v7 how many names were added to each list of sanctioned persons2 and 7vi7 how many names were removed from each list of sanctioned persons2 and 7,b7 a detailed justification for each removal of a name from a list of sanctioned persons under each sanctions program for the prior calendar year4 7#b7 ,classified annexes ,a report issued under paragraph 7#a7 may contain a classified annex when necessary4 7#c7 ,consideration of ,,gao study ,before issuing a report under paragraph 7#a71 the ,secretary of the ,treasury shall review any recommendations made by the ,comptroller ,general in the report issued under subsection 7a77#b7 and include in such report any plans for addressing such recommendations4 7c7 ,definition ,in this section1 the term frozen asset has the meaning given that term in section #b7;d7 of this ,act4