Description:
H.R. 6751 would require the Department of the Treasury to report twice a year to the Congress on any licenses the department issued to financial institutions that permits them to work with nations that sponsor terrorist activities and the names of any financial institutions working with sanctioned persons. Some specified activities would be exempt from this reporting requirement. The reporting requirement would end seven years after enactment. Using information from the department, CBO estimates that implementing H.R. 6751 would not impose a significant administration burden and would thus have no significant cost. Enacting the H.R. 6751 would not affect direct spending and revenues; therefore, pay-as-you-go procedures do not apply. CBO estimates that enacting H.R. 6751 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029. H.R. 6751 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.
