Congress: 118 · Status: active · Israel/Palestine classification: pro-Israel
Data (JSON) — machine-readable record of this bill (identifiers, sponsor, classification, actions, and the member-by-member vote breakdown).
Official record on Congress.gov — full text, actions, and cosponsor history for S 691.
Sponsor: Cotton, Tom (R-Arkansas)
Taylor Force Martyr Payment Prevention Act of 2023 This bill expands the institutional factors the Department of the Treasury must consider when making a finding that a foreign financial institution is of primary money laundering concern and is therefore subject to special measures, including the prohibition of opening or maintaining correspondent accounts in U.S financial institutions. Specifically, Treasury must consider (1) the extent to which an institution knowingly provides financial services to Hamas, or to an agent of Hamas; and (2) the extent to which an institution, transaction, or type of account is used to facilitate or promote payments for certain acts of terrorism against U.S. and Israeli citizens.
This bill requires the Treasury Department to consider whether foreign banks knowingly provide financial services to Hamas or facilitate payments to people convicted of attacks against U.S. and Israeli citizens when deciding whether to impose sanctions on those banks. Banks found to be doing so can be prohibited from opening accounts or conducting business through U.S. financial institutions.
This expands U.S. financial enforcement tools specifically targeting Palestinian militant groups and those who compensate attackers, potentially restricting banking access for entities deemed to support Hamas or pay families of individuals convicted in attacks. It represents a legislative mechanism to pressure foreign financial institutions on counterterrorism grounds related to Israel-Palestine violence.