Description:
As reported by the House Committee on Foreign Affairs on June 7, 2012
H.R. 4405 would require the Departments of State and Treasury to compile, publish, and annually report on a list of persons responsible for the death of Sergei Magnitsky and other human rights violations in Russia. Listed persons would be ineligible for entry into the United States, have any existing visas revoked, and have their assets frozen. The Treasury would create the regulations governing frozen assets. Based on information from the two departments and assuming the availability of appropriated funds, CBO estimates implementing H.R. 4405 would cost $1 million over the 2013-2017 period, for increased administrative expenses at the agencies.
The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. Enacting H.R. 4405 would decrease revenues from visa fees and increase revenues from civil and criminal penalties imposed on those who violate the regulations. CBO estimates that the provisions would affect few people and that the net effect on revenues deposited in the Treasury would not be significant in any year. The legislation also would increase direct spending from criminal penalties, which are deposited in the Crime Victims Fund, and spent in subsequent years. CBO expects that any net effects associated with collecting and spending such penalties also would not be significant in any year.
H.R. 4405 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments.
