Bills · HR 3523
IN COMMITTEE· 119TH CONGRESS
House BillHR 3523Finance and Financial Sector
To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes.
INTRO MAY 20· LAST ACTION MAY 20
READING
4MIN
COSPONSORS
4
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because financial scams originating from foreign entities are a significant problem, causing many Americans to lose substantial amounts of money. These scams often target vulnerable individuals through various methods like phone calls, emails, and online schemes. If this bill becomes law, the U.S. government would have a specific and powerful tool to combat these international fraudsters.
It would allow the government to directly target and disrupt the financial operations of these organizations by freezing their assets and cutting off their ability to communicate with potential victims. Without this law, the U.S. government's ability to respond to and prevent these specific types of foreign financial threats might be less direct, potentially allowing more scam operations to continue and more victims to suffer financial losses.
KEY PROVISIONS
5AI-extractedPROVISION 01
Requires the Secretary of the Treasury to designate foreign organizations engaged in fraudulent activity targeting U.S. citizens or residents as "Foreign Financial Threat Organizations."
This creates a specific legal category for foreign entities involved in financial fraud, enabling targeted government action.
PROVISION 02
Upon designation, allows the freezing of these organizations' assets in U.S. financial institutions and applies penalties similar to those for global terrorist organizations.
This provides a powerful tool to disrupt the financial operations of fraudulent organizations and deter their activities.
PROVISION 03
Authorizes the government to take actions to protect U.S. cybersecurity from these organizations and limit their access to internet or cellular services.
This allows for direct action against the technological infrastructure used by these fraudulent groups.
PROVISION 04
Requires the Secretary of the Treasury to prevent designated organizations from contacting U.S. citizens or legal residents by phone, internet, or email.
This aims to stop fraudulent outreach directly to potential victims, protecting them from initial and ongoing scam attempts.
PROVISION 05
Mandates annual reports to Congress on designated organizations, seized assets, and funds returned to victims, with a public version available.
Ensures accountability and transparency in the implementation of the law and tracks its effectiveness.
SPONSORSHIP
1 + 4
R· Indiana
YRS IN OFFICE
1
BILLS LED
18
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 4 IND 0
ACTION TIMELINE
2 EVENTSMAY 20
Introduced in House
MAY 20
Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, and Energy and Commerce, 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.
BILL INFO
TypeHouse Bill
NumberHR 3523
Congress119th
StatusIn Committee
IntroducedMay 20, 2025
Last actionMay 20, 2025
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IN COMMITTEE· 119TH CONGRESS · FOREIGN AFFAIRS COMMITTEE · INTRODUCED MAY 20, 2025
House BillHR 3523Finance and Financial Sector
To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes.
INTRODUCED MAY 20, 2025· LAST ACTION MAY 20, 2025
PASSAGE CHANCES
—%
READING
4 min
COSPONSORS
4
COMPLEXITY
Moderate
