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S 3877 117th Congress Senate International Affairs Asia Bank accounts, deposits, capital China Congressional oversight Europe Foreign and international banking Foreign property Presidents and presidential powers, Vice Presidents Russia Sanctions War and emergency powers

CURB CIPS Act of 2022

Introduced: March 17, 2022 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 17, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 17, 2022
Introduced in Senate
 Plain-English summary Congressional Research Service

Crippling Unhinged Russian Belligerence and Chinese Involvement in Putin's Schemes Act of 2022 or the CURB CIPS Act of 2022

This bill imposes sanctions on any Chinese financial institution that uses China's Cross-Border Interbank Payment System or Russia's System for Transfer of Financial Messages to conduct transactions with any Russian financial institution or financial institution affiliated with an entity holding itself out to be the government of (1) the Republic of South Ossetia- the State of Alania, (2) the Donetsk People's Republic, (3) the Luhansk People's Republic, (4) the Republic of Abkhazia, or (5) the Pridnestrovian Moldavian Republic.

For the purposes of this bill, a Chinese or Russian financial institution is one organized under the laws of, located in, or owned or controlled by China or Russia. Similarly, a financial institution is affiliated with one of the named entities if it is organized under the laws of, located in territory controlled by, or owned or controlled by such an entity.

What's happening now March 17, 2022

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

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4