Sherman joins Rep. Adam Schiff & Colleagues to Introduce the "Artsakh Revenue Recovery Act"

Washington, D.C. — On September 18th, Congressman Brad Sherman (CA-32), Senior Member of the House Foreign Affairs Committee and Congressional Armenia Caucus, joined Congressman Adam Schiff (CA-30), Vice Chair of the Congressional Armenia Caucus, and others for the introduction of the Artsakh Revenue Recovery Act. 

"Pleased to join Rep. Schiff and my Congressional Armenia Caucus colleagues to introduce such bold legislation that will provide Artsakh refugees with compensation for the horrors that they’ve endured at the hands of Azerbaijan," said Congressman Sherman.

Artsakh Revenue Recovery Act would:

• Require all U.S. financial institutions holding Azerbaijani sovereign assets to report these assets to the U.S. Treasury's Office of Foreign Assets Control. Within 60 days of enactment, the President must block transactions involving these assets, and within 90 days of blocking, seize them.

• Establish the Artsakh Revenue Recovery Fund which will receive seized Azerbaijani assets and then use those funds to provide compensation to eligible Armenians displaced from Artsakh for lost revenue from their property, businesses, and employment due to the military assault by Azerbaijan.

• Seize personal assets in the United States and create visa restrictions on senior Azerbaijani officials and their immediate family members who were involved in or supported the military offensive against Artsakh.

• Establish a streamlined process for eligible displaced Armenians to submit claims for compensation from the Fund.

The Artsakh Revenue Recovery Act is cosponsored by Representatives Frank Pallone (D-N.J.), Anna Eshoo (D-Calif.), Gabe Amo (D-R.I.), Joyce Beatty (D-Ohio), Jim Costa (D-Calif.), Josh Gottheimer (D-N.J.), Doug LaMalfa (R-Calif.), Seth Magaziner (D-R.I.), James McGovern (D-Mass.), Grace Meng (D-N.Y.), Kevin Mullin (D-Calif.), Grace Napolitano (D-Calif.), Eleanor Holmes Norton (D-D.C.), Jan Schakowsky (D-Ill.), Linda Sánchez (D-Calif.), Brad Sherman (D-Calif.), Dina Titus (D-Nev.), and Lori Trahan (D-Mass.).

To read the full bill text, click HERE.

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