S. 4005: Preserving Foreign Criminal Assets for Forfeiture Act of 2010

S. 4005

Preserving Foreign Criminal Assets for Forfeiture Act of 2010

Sponsor
Sen. Bernard Sanders

Date
December 17, 2010 (111th Congress, 2nd Session)

Staff Contact
Sarah Makin

Floor Situation

S. 4005 is expected to be considered on the floor of the House on Thursday, December 16, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage.  The bill is sponsored by Sen. Whitehouse (D-RI) and was introduced on December 2, 2010.

Bill Summary

S. 4005 would make a technical correction to federal law to facilitate asset preservation for foreign countries. 

Background

Federal law provides procedures by which the federal government can seek a court order to preserve or freeze certain domestic assets on behalf of a foreign government.  However, a recent D.C. Circuit Court of Appeals decision limits the ability of the United States to assist foreign governments in restraining assets.  S. 4005 establishes a more clear policy on the restraint of foreign assets. 

Cost

The Congressional Budget Office (CBO) has not produced a cost estimate for this bill as of press time.