CONGRESSWOMAN ELISE STEFANIK
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.
S. 4005 would make a technical correction to federal law to facilitate asset preservation for foreign countries.
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.
The Congressional Budget Office (CBO) has not produced a cost estimate for this bill as of press time.