H.R. 7993

[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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