ABSTRACT

Congressional Budget Office Cost Estimate: S. 3436, Protecting Europe's Energy Security Implementation Act   [open pdf - 160KB]

This is the Congressional Budget Office Cost Estimate as introduced in the Senate on December 18, 2021. From the Document: "S. 3436 would require the President to impose sanctions on corporate officers and entities involved in planning, constructing, or operating the Nord Stream 2 pipeline project from Russia to Germany; that requirement would expire after five years. The bill also would require the Administration to report to the Congress on its actions and related matters. The United States has imposed sanctions on entities involved in that project; however, in May 2021, the Administration waived sanctions on a key executive and company leading the project. Other sanctions remain in place, including sanctions on ships, ship owners, and construction companies. If enactment of the bill leads the Administration to broaden sanctions, more people would be denied visas by the Department of State, resulting in an insignificant decrease in revenues from fees. Although most visa fees are retained by the Department of State and spent without further appropriation, some collections are deposited into the Treasury as revenues. Denying foreign nationals entry into the United States also would reduce direct spending on federal benefits (emergency Medicaid or federal subsidies for health insurance, for example) for which those people might otherwise be eligible. Sanctions under the bill also would increase the number of people who are subject to civil or criminal monetary penalties. Those penalties are recorded as revenues, and a portion can be spent without further appropriation. In addition, the bill would block transactions in certain assets and property that are in the United States or that come under the control of people in the United States."

Publisher:
Date:
2022-01-11
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: https://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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