Countering Atrocities through Currency Accountability Act of 2022 (H.R.8001)
The Countering Atrocities through Currency Accountability Act (H.R.8001) was introduced in the House of Representatives on June 9, 2022 by Representative Ken Buck (R) and 10 original cosponsors. The purpose of the bill is “To ensure the United States currency market does not support egregious human rights violations.”
The bill amends the “Money and Finance” chapter of the United States Code by adding a new section authorizing the U.S. Treasury “special measures” regarding transactions of primary humanitarian concern, inserted after the section on transactions of primary money laundering concern. The bill:
- Creates a “special measures” authority to restrict certain accounts and transactions within a jurisdiction where genocide and/or crimes against humanity are being committed, as a matter of “primary humanitarian concern.”
- Provides the Secretary of the Treasury with five special measures that can be applied, according to the specific atrocities that are being committed. The measures may be applied to jurisdictions, financial institutions, classes of transactions, or types of accounts that are determined to be of “primary humanitarian concern.”
- Within 180 days, requires the Secretary of the Treasury to determine whether the jurisdiction of the Xinjiang Uyghur Autonomous Region meets the criteria for a jurisdiction of “primary humanitarian concern,” and to report the determination to Congress, along with any actions taken.
- In order for special measures implemented under these provisions to be revoked, the Secretary of the Treasury must provide written certification to Congress that the relevant atrocities are no longer present. In the case of the Uyghur Region, this certification would require the U.S. government to terminate its genocide determination.
- Within 120 days, requires the Secretary of State to issue a report to Congress regarding polysilicate production in the Xinjiang jurisdiction, the use of forced labor in production, the role of the Chinese government and other affiliated state actors, and impacts on international markets.