[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7993 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 7993

   To require the Secretary of the Treasury to submit to Congress a 
 comprehensive report on barriers to Somaliland's access to the United 
            States financial system, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 19, 2026

  Mr. Rose (for himself, Mr. Ogles, and Mr. Harrigan) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
   To require the Secretary of the Treasury to submit to Congress a 
 comprehensive report on barriers to Somaliland's access to the United 
            States financial system, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Somaliland Economic Access and 
Opportunity Act''.

SEC. 2. FINDINGS AND SENSE OF CONGRESS.

    (a) Findings.--Congress finds the following:
            (1) Somaliland occupies a strategically significant 
        position in the Horn of Africa, adjacent to critical maritime 
        routes in the Gulf of Aden.
            (2) Financial engagement with Somaliland has the potential 
        to advance U.S. interests in regional security, and economic 
        stability.
            (3) Somaliland faces legal, regulatory, and institutional 
        barriers in accessing the United States and international 
        financial systems, which may adversely impact remittances, 
        trade, anti-money laundering efforts, and counter-terrorism 
        financing.
            (4) The United States has a national security and 
        humanitarian interest in ensuring that Somaliland's financial 
        sector operates with transparency, integrity, and compliance 
        with international standards.
    (b) Sense of Congress.--It is the sense of Congress that--
            (1) the United States should explore opportunities to 
        promote stronger financial cooperation and transparency with 
        Somaliland to encourage stability and expand economic 
        engagement; and
            (2) enhanced financial access, conducted under appropriate 
        compliance safeguards, would serve to strengthen U.S. policy 
        objectives in the region.

SEC. 3. REPORT ON BARRIERS TO SOMALILAND'S ACCESS TO THE UNITED STATES 
              FINANCIAL SYSTEM.

    (a) Report Required.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of the Treasury, shall submit to 
the Committees on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the Senate 
a comprehensive report analyzing barriers to Somaliland's access to the 
United States financial system.
    (b) Elements.--The report required under subsection (a) shall 
include the following:
            (1) Identification and analysis of barriers.--An 
        examination of legal, regulatory, and policy barriers that 
        limit Somaliland's access to the United States financial 
        system, including--
                    (A) issues relating to Somaliland's international 
                recognition status;
                    (B) compliance with ``Know Your Customer'' 
                (``KYC''), anti-money laundering (``AML''), and 
                counter-terrorism financing (``CTF'') standards; and
                    (C) challenges related to remittance flows.
            (2) Recommendations for united states engagement.--
                    (A) Recommendations for steps the governing 
                authorities of Somaliland can take to enhance 
                compliance with international financial standards, 
                including adherence to International Monetary Fund 
                (``IMF''), World Bank, and Financial Action Task Force 
                (``FATF'') norms.
                    (B) Recommendations for steps the Government of the 
                United States may take to facilitate financial access 
                for Somaliland, including--
                            (i) encouraging the Department of the 
                        Treasury to use the United States voice and 
                        vote at international financial institutions 
                        (including the IMF, World Bank, and FATF) to 
                        promote financial engagement with Somaliland;
                            (ii) evaluating whether World Bank and IMF 
                        resources are allocated to Somaliland in a 
                        manner consistent with its population and 
                        development needs; and
                            (iii) assessing the steps necessary to 
                        incorporate Somaliland into the SWIFT financial 
                        messaging and payment system.
            (3) Mitigation of illicit finance risks.--Recommendations 
        on mechanisms and technologies to prevent money laundering, 
        terrorism financing, and other illicit activities in connection 
        with remittances and U.S. financial system access, including 
        guidance on information sharing, due diligence, and monitoring 
        tools.
    (c) Consultation.--The Secretary of the Treasury may--
            (1) in preparing the report required under subsection (a), 
        engage directly with--
                    (A) relevant officials of Somaliland, including 
                officials from the--
                            (i) Ministry of Finance and Economic 
                        Development;
                            (ii) Ministry of Foreign Affairs and 
                        International Cooperation;
                            (iii) Office of the Economic Advisor to the 
                        President; and
                            (iv) Central Bank of Somaliland; and
                    (B) private-sector financial institutions and other 
                stakeholders; and
            (2) if the Secretary determines it appropriate, engage 
        directly with such officials in future dialogues.
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