,i #aai? ,,congress #b;d ,session ,h4 ,r4 #hagb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #b1 #bjbf,mrs4 ,fis*ba* 7= h]self & ,mr4 ,/aub]7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ,ov]sight & ,gov]nm5t ,re=m1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to re/rict ! repatriation ( funds by noncitiz5s receiv+ ,f$]al b5efits1 to require v]ification & c]tification ( compliance1 & to e/abli% a c5traliz$ database )9 ! ,dep>tm5t ( ! ,treasury = monitor+1 en=cem5t1 & report+4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f$]al ,b5efits ,repatriation ,v]ification ,act ( #bjbf4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,cov]$ individual ,! t]m cov]$ individual means a noncitiz5 :o is a recipi5t ( ,f$]al b5efits4 7#b7 ,f$]al b5efits ,! t]m ,f$]al b5efits means any monet>y or 9-k9d assi/ance provid$ by a ,f$]al ag5cy1 includ+ b5efits "u ! ,social ,security ,act1 ,,snap1 ,,tanf1 ,m$icaid1 ,f$]al h\s+ assi/ance1 unemploym5t insurance1 & any comp>able program4 7#c7 ,noncitiz5 ,! t]m noncitiz5 means any individual :o is n a citiz5 or national ( ! ,unit$ ,/ates4 7#d7 ,repatriation ( funds ,! t]m repatriation ( funds means ! transf]1 remittance1 or transmission ( monet>y assets f )9 ! ,unit$ ,/ates to any =eign individual1 in/itution1 or acc\nt outside ( ! t]ritorial ,unit$ ,/ates1 :e!r conduct$ ?r\gh electronic transf]1 wire s]vices1 mobile applications1 cryptocurr5cy ex*anges1 banks1 or in=mal value transf] sy/ems4 7#e7 ,treasury ,repatriation ,v]ification ,database ,! t]m ,treasury ,repatriation ,v]ification ,database means ! secure sy/em e/abli%$ "u section #e4 #c4 ,re/riction on repatriation ( funds by cov]$ individuals 7a7 ,repatriation limit ,a noncitiz5 may n transf] any monet>y asset f )9 ! ,unit$ ,/ates to any o!r noncitiz51 entity1 or acc\nt outside ( ! ,unit$ ,/ates 9 an am\nt t exce$s #a1jjj dur+ any #ab-mon? p]iod dur+ :i* ! noncitiz5 is a recipi5t ( a ,f$]al public b5efit4 7b7 ,condition ( b5efit eligibility ,compliance ) subsection 7a7 %all be a condition ( cont9u$ eligibility = any ,f$]al b5efit program4 ,a noncitiz5 :o violates subsection 7a7 %all be ineligible to receive any ,f$]al public b5efit4 7c7 ,c]tification requirem5t ,cov]$ individuals %all annually c]tify compliance ) ! repatriation limit z "p ( _! cont9u$ b5efits eligibility review4 ,on an annual basis1 a noncitiz5 :o is a recipi5t ( a ,f$]al public b5efit %all c]tify to ! relevant ag5cy1 z "p ( v]ification ( _! eligibility1 t ! individual has n violat$ subsection 7a74 ,a noncitiz5 :o fails to submit su* a c]tification %all be ineligible to receive ! ,f$]al public b5efit4 7d7 ,v]ification requirem5t ,f$]al ag5cies adm9i/]+ b5efits %all coord9ate ) ! ,dep>tm5t ( ! ,treasury to v]ify t cov]$ individuals are 9 compliance ) subsection 7a74 ,! ,secret>y ( ! ,treasury %all coord9ate ) ! head ( ea* ,f$]al ag5cy t adm9i/]s a ,f$]al public b5efit 9 c>ry+ out ?is section4 #d4 ,duties ( f9ancial & remittance in/itutions 7a7 ,m&atory report+ ,any f9ancial in/itution1 money s]vice bus9ess1 remittance provid]1 or cryptocurr5cy ex*ange op]at+ 9 ! ,unit$ ,/ates %all report all repatriation transactions made by cov]$ individuals to ! ,dep>tm5t ( ! ,treasury4 7b7 ,real-,"t v]ification ,in/itutions describ$ 9 subsection 7a7 %all qu]y ! ,treasury ,repatriation ,v]ification ,database to det]m9e :e!r a propos$ transf] w\ld cause a cov]$ individual to exce$ ! repatriation limit be=e process+ ! transaction4 7c7 ,transaction d5ial ,if ! ,treasury ,repatriation ,v]ification ,database indicates t ! repatriation limit has be5 or w\ld be exce$$1 ! in/itution mu/ d5y ! transaction & report ! attempt$ transf]4 7d7 ,compliance requirem5ts ,! ,secret>y ( ! ,treasury %all issue regulations specify+ ! =mat1 frequ5cy1 & me?od ( report+ & v]ification4 #e4 ,e/abli%m5t ( ! ,treasury ,repatriation ,v]ification ,database 7a7 ,creation ,! ,secret>y ( ! ,treasury %all e/abli% & ma9ta9 a secure1 c5traliz$ database to be kn[n z ! ,treasury ,repatriation ,v]ification ,database4 7b7 ,cont5ts ,! ,treasury ,repatriation ,v]ification ,database %all include-- 7#a7 id5tification data = all cov]$ individuals2 7#b7 records ( all repatriation transactions & attempt$ transactions by cov]$ individuals2 7#c7 real-"t calculation ( repatriation totals2 & 7#d7 compliance flags & eligibility indicators accessible to au?oriz$ ,f$]al & ,/ate ag5cies4 7c7 ,data %>+ ,! ,secret>y ( ! ,treasury %all provide appropriate1 privacy-compliant access to ! ,treasury ,repatriation ,v]ification ,database to-- 7#a7 ,f$]al b5efit-adm9i/]+ ag5cies2 7#b7 ,/ate ag5cies adm9i/]+ f$]ally fund$ aid2 & 7#c7 f9ancial & remittance in/itutions subject to section #d4 7d7 ,privacy & security ,all data collection & %>+ mu/ comply ) applicable ,f$]al privacy laws & cyb]security /&>ds4 ,! ,secret>y %all implem5t encryption1 access controls1 & audit trails4 #f4 ,en=cem5t & p5alties 7a7 ,b5efit susp5sion ,an individual :o violates section #c %all h _! ,f$]al b5efits susp5d$ until compliance is ree/abli%$4 7b7 ,rec\pm5t ,f$]al ag5cies may recov] improp] paym5ts made dur+ any p]iod ( noncompliance4 7c7 ,in/itutional p5alties ,any in/itution fail+ to comply ) section #d may be subject to-- 7#a7 civil p5alties n to exce$ #be1jjj p] violation2 & 7#b7 additional p5alties = willful or repeat$ violations z det]m9$ by ! ,secret>y ( ! ,treasury4 #g4 ,rulemak+ ,n lat] ?an #ab mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury1 9 consultation ) ,f$]al b5efit-adm9i/]+ ag5cies1 %all issue regulations necess>y to c>ry out ?is ,act4 #h4 ,effective date ,?is ,act %all take effect two ye>s aft] ! date ( enactm5t ( ?is ,act1 except t ! ,secret>y ( ! ,treasury may beg9 regulatory & database developm5t activities imm$iately4