S. 3746: Stopping Transfers of Public Funds Abroad Act

This bill, titled the "Stopping Transfers of Public Funds Abroad Act," aims to restrict individuals who are receiving public assistance from sending money abroad through remittance transfers. Here’s a breakdown of what this legislation entails:

Prohibition on Remittance Transfers

The bill establishes that individuals applying for or receiving benefits from public assistance programs must provide a written declaration stating that they will not engage in remittance transfers while they are receiving these benefits. Remittance transfers refer to the sending of money to individuals in other countries, typically through banks or money transfer services.

Enforcement Mechanism

The responsibility for enforcing this provision falls on the heads of federal agencies that manage public assistance programs. They will be required to ensure that applicants and recipients comply with this rule.

Penalty for Non-Compliance

If an individual who has submitted the required declaration is found to have conducted a remittance transfer while receiving public assistance, they may be subject to a fine of $100,000. This is intended to discourage any violations of the prohibition established by the bill.

Definition of Terms

• Public Assistance Program: The bill defines this as any program that provides financial assistance to individuals, as outlined in federal regulations.
• Remittance Transfer: This term is defined according to existing federal law, and generally encompasses any transfer of money to individuals in foreign countries.

Effective Date

The provisions of this bill are set to take effect 30 days after it is enacted and apply to any payments or benefits provided under public assistance programs from that point onward.

Relevant Companies

None found