The U.S. should consider designating specific financial institutions, sets of transactions or types of accounts in Hong Kong as primary money laundering concerns to address the Chinese territory's recent crackdown on freedom and its role in aiding sanctions evasion by rogue regimes, a researcher told the Senate Foreign Relations Subcommittee on Human Rights July 22.
The Senate voted 51-47 along party lines July 23 to confirm John Hurley to be undersecretary of the treasury for terrorism and financial crimes. Two Republican senators didn’t vote.
The House Foreign Affairs Committee approved several bills July 22 aimed at speeding up the foreign arms sales process, strengthening the Australia-U.K.-U.S. (AUKUS) partnership and enhancing certain Iran sanctions.
The Senate July 22 approved a House-passed bill that would require an annual report to Congress on where licensed dual-use goods are being sent abroad.
Rep. Randy Fine, R-Fla., has been appointed to the House Foreign Affairs Committee, the panel announced July 22. Fine, who became a House member in April, introduced a bill in early July that would require a review of whether individuals or entities included on certain sanctions list should be included on other sanctions lists (see 2507070022). In late June, he introduced a bill to designate the Council on American-Islamic Relations (CAIR) a Foreign Terrorist Organization.
The House approved by voice vote late July 21 a bill aimed at improving the investigative capabilities of the Office of Foreign Assets Control.
Senate Minority Leader Chuck Schumer, D-N.Y., criticized the Trump administration July 21 for removing restrictions on the sale of Nvidia’s advanced H20 computing chips to China, saying the move will help Beijing catch up to and even surpass the U.S. on AI.
Rep. Darrell Issa, R-Calif., reintroduced a bill July 16 that would bar China, Russia, Iran and North Korea from buying land within 10 miles of sensitive U.S. sites, including military bases and federally funded research labs. The Safeguarding Invaluable Land Act, or SOIL Act, has five co-sponsors and was referred to the House Financial Services, Foreign Affairs, and Energy and Commerce committees. When he introduced it in 2023, it was called the Saving Our Invaluable Land (SOIL) Act.
The House Appropriations Committee unveiled an FY 2026 financial services and general government appropriations bill July 20 that would provide $21 million for the Committee on Foreign Investment in the U.S., the same amount as both the Trump administration’s request and the FY 2025 enacted level.
Rep. Don Bacon, R-Neb., introduced a bill July 14 aimed at improving the tracking of foreign purchases of U.S. farmland.