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Asset Seizure for Ukraine Reconstruction Act

Introduced: March 15, 2022 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 15, 2022

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Mar 15, 2022

Introduced in Senate

Plain-English summary Congressional Research Service

Asset Seizure for Ukraine Reconstruction Act

This bill authorizes the President to confiscate the property of certain foreign persons (i.e., individuals or entities) that derive wealth through political support for or corruption linked to Russian President Vladimir Putin. The President may also liquidate the confiscated property and use the resulting funds to provide assistance to Ukraine.

Specifically, upon a declaration of a national emergency relating to Russia's invasion of Ukraine, the President may confiscate the property of such a person if (1) the property is valued at more than $2 million; and (2) the person is subject to U.S. sanctions relating to corruption, human rights violations, Russia's malign influence, or conflicts in Ukraine.

What's happening now March 15, 2022

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees of jurisdiction 1