HR 4175 118th Congress House International Affairs Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Europe Government trust funds Presidents and presidential powers, Vice Presidents Russia Sanctions U.S. and foreign investments Ukraine

REPO for Ukrainians Act

Introduced: June 15, 2023 Introduced by: McCaul, Michael T. Republican · Texas See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 7, 2023

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 2.

Nov 7, 2023

Committee Consideration and Mark-up Session Held

Jun 15, 2023

Referred to the Committee on Foreign Affairs, and in addition to the Committees on Rules, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jun 15, 2023

Introduced in House

Plain-English summary Congressional Research Service

Rebuilding Economic Prosperity and Opportunity for Ukrainians Act or the REPO for Ukrainians Act

This bill requires or authorizes various actions related to the confiscation and disposition of Russian sovereign assets (which include funds and other property of Russia's central bank, direct investment fund, or ministry of finance).

Under the bill, the President must require U.S. financial institutions to notify the Department of the Treasury of any Russian sovereign assets located at such institutions. The President may confiscate any such assets subject to U.S. jurisdiction. Confiscated funds and the proceeds of liquidated property must be deposited into the Ukraine Support Fund established by the bill.

The Ukraine Support Fund shall be used by the Department of State to compensate Ukraine for damages caused by the Russian invasion. The Ukraine Support Fund may also support an international body or mechanism for (1) reconstruction and rebuilding efforts in Ukraine, (2) humanitarian assistance to the Ukrainian people, or (3) other purposes which support the recovery of Ukraine and the welfare of the Ukrainian people.

The bill also directs the President to seek to establish, with foreign partners, an international mechanism to provide compensation to Ukraine using the Ukraine Support Fund and Russian sovereign assets confiscated by foreign partners.

Additionally, the bill sets policy on related topics, such as specifying that the United States should lead an international sanctions regime to freeze Russian sovereign assets in conjunction with allies and partners.