H.R.3523 - To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes. (119th Congress)
Summary
H.R.3523 aims to combat foreign entities engaging in fraudulent activities targeting U.S. citizens and lawful permanent residents. It mandates the Secretary of the Treasury to designate such entities as "Foreign Financial Threat Organizations" and impose financial restrictions and other penalties. The bill also requires reporting to Congress on the implementation of these measures.
Expected Effects
The bill will likely lead to increased scrutiny and regulation of foreign entities suspected of financial fraud. Designated organizations will face asset freezes and restrictions on contacting U.S. citizens. This could deter fraudulent activities and potentially recover assets for victims.
Potential Benefits
- Protection of U.S. citizens and lawful permanent residents from financial fraud.
- Freezing of assets belonging to foreign entities engaged in fraudulent activities.
- Potential recovery of funds for victims of fraud.
- Enhanced cybersecurity measures to protect against foreign threats.
- Increased transparency through reporting to Congress.
Potential Disadvantages
- Potential for overreach and misidentification of legitimate organizations.
- Risk of diplomatic tensions with countries where designated organizations are based.
- Increased administrative burden on the Department of the Treasury.
- Possible chilling effect on legitimate international financial transactions.
- Potential for unintended consequences affecting U.S. citizens or businesses with international ties.
Constitutional Alignment
The bill's focus on protecting citizens from fraud and ensuring national security aligns with the Constitution's broad goals of providing for the common defense and promoting the general welfare. The power to regulate commerce with foreign nations is granted to Congress in Article I, Section 8, Clause 3. However, the designation process and potential restrictions on communication raise concerns about due process and freedom of speech under the First and Fifth Amendments, requiring careful implementation to avoid infringing on constitutional rights.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).