Bill Overview
Title: Asset Seizure for Ukraine Reconstruction Act
Description: This bill authorizes the President to confiscate the property of certain foreign persons (i.e., individuals or entities) that derive wealth through political support for or corruption linked to Russian President Vladimir Putin. The President may also liquidate the confiscated property and use the resulting funds to provide assistance to Ukraine. Specifically, upon a declaration of a national emergency relating to Russia's invasion of Ukraine, the President may confiscate the property of such a person if (1) the property is valued at more than $2 million; and (2) the person is subject to U.S. sanctions relating to corruption, human rights violations, Russia's malign influence, or conflicts in Ukraine.
Sponsors: Sen. Whitehouse, Sheldon [D-RI]
Target Audience
Population: Foreign persons with assets linked to Putin and subject to US sanctions
Estimated Size: 0
- The legislation targets foreign individuals or entities linked to Russian President Vladimir Putin through political support or corruption.
- Only those individuals or entities with assets valued over $2 million and subject to U.S. sanctions will be directly impacted.
- The focus is on those who are already under U.S. sanctions, thus narrowing the target population significantly.
- There may be a significant number of people globally who fall into this category, given Putin's long tenure and international relations.
- The legislation indirectly benefits the population of Ukraine through the confiscation and liquidation of assets, with the proceeds aiding in Ukraine's reconstruction.
Reasoning
- The primary target of the policy is foreign individuals or entities linked to Russian political networks, with no direct intent to impact U.S. citizens.
- However, the redistribution of seized assets to support Ukraine's reconstruction could evoke mixed reactions in the U.S., drawing opinions from various segments of the population.
- Those concerned about international justice might support the policy, whereas individuals focusing on U.S. economic concerns may find the redirection of funds from seized assets debatable.
- Indirect effects can be perceived in the geopolitical and international relations context, impacting national security conversations in which U.S. citizens may find themselves engaged.
Simulated Interviews
Software Engineer (Los Angeles, CA)
Age: 34 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 6/20
Statement of Opinion:
- I think it's a fair policy considering the aggression against Ukraine and the need for its rebuilding.
- It's reassuring to know that foreign corrupt assets are being used for a good cause rather than being left unchecked.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 6 |
Marketing Manager (Dallas, TX)
Age: 47 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 7/20
Statement of Opinion:
- Not sure how it affects me directly, but I hope any funds used are well accounted for.
- It's good if it's helping Ukraine, but I don't see any personal impact.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Nonprofit Worker (San Francisco, CA)
Age: 29 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- I support it wholeheartedly; it's necessary to aid in Ukraine's reconstruction.
- It shows a stance against corruption tied to aggression.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 5 |
Lawyer (Chicago, IL)
Age: 52 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- The policy is interesting legally, but I don't think it impacts Americans directly.
- There might be complexities for clients with international dealings, but it should be negligible.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Financial Analyst (New York, NY)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- I think redirecting these funds makes sense financially as it's a wise use of idle capital.
- It's a step towards justice, though the broader economic implication in Europe interests me more.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Oil Industry Executive (Houston, TX)
Age: 37 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 3/20
Statement of Opinion:
- This may not affect us directly but could shift some market dynamics, affecting energy prices.
- International sanctions and policies like this are always of interest to us.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Real Estate Agent (Miami, FL)
Age: 31 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 0.0 years
Commonness: 8/20
Statement of Opinion:
- Hopefully, it stabilizes the property market locally by reducing international tension.
- As long as it doesn't impact my clients negatively, it's fine.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Academic Researcher (Boston, MA)
Age: 40 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- I see this as a geopolitically strategic move with potential long-term benefits.
- It's a positive intervention that speaks volumes about international justice.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Retired Military Officer (Phoenix, AZ)
Age: 63 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- This is a bold policy that needs careful execution; I see benefits if done right.
- Supporting Ukraine helps uphold international norms I fought for.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Freelance Journalist (Seattle, WA)
Age: 26 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- It sounds like a direct and sensible approach given the circumstances.
- Good to see international actions taken against corruption and conflict aggression.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Cost Estimates
Year 1: $500000000 (Low: $300000000, High: $700000000)
Year 2: $200000000 (Low: $100000000, High: $300000000)
Year 3: $100000000 (Low: $50000000, High: $150000000)
Year 5: $50000000 (Low: $25000000, High: $75000000)
Year 10: $25000000 (Low: $10000000, High: $30000000)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- Establishing an effective mechanism to identify and confiscate qualifying assets linked to corrupt individuals.
- Balancing legal restrictions and international diplomacy when confiscating and liquidating foreign assets.
- Ensuring that assets are appropriately liquidated and proceeds effectively aid Ukraine's reconstruction.