What does Preamble of Somaliland Economic Access and Opportunity Act do?

This bill requires the Secretary of the Treasury to submit a comprehensive report to Congress. The report will focus on barriers to Somaliland's access to the United States financial system. The bill's purpose is to address these barriers and includes 'other purposes' not further specified in this text.

What does SHORT TITLE. of Somaliland Economic Access and Opportunity Act do?

This bill is formally titled the Somaliland Economic Access and Opportunity Act.

What does FINDINGS AND SENSE OF CONGRESS. of Somaliland Economic Access and Opportunity Act do?

This section establishes findings related to Somaliland's strategic location and its potential for advancing U.S. interests. It identifies barriers Somaliland faces in accessing U.S. and international financial systems, impacting remittances, trade, and counter-terrorism efforts. Congress finds that the U.S. has a national security and humanitarian interest in Somaliland's financial sector operating transparently and compliantly. Congress expresses a sense that the U.S. should explore opportunities for stronger financial cooperation and transparency with Somaliland. It is the sense of Congress that enhanced financial access, with safeguards, would strengthen U.S. policy objectives in the region.

What does REPORT ON BARRIERS TO SOMALILAND'S ACCESS TO THE UNITED STATES of Somaliland Economic Access and Opportunity Act do?

This section requires the Secretary of the Treasury to submit a report to the House and Senate committees on barriers to Somaliland's access to the United States financial system. The report must be submitted within 180 days of the Act's enactment. The report should identify and analyze legal, regulatory, and policy barriers, including Somaliland's international recognition status, KYC/AML/CTF compliance, and remittance flow challenges. The report must include recommendations for Somaliland to improve compliance with international financial standards. It also requires recommendations for the U.S. government to facilitate financial access for Somaliland, such as using its voice at international financial institutions. The report should include recommendations for mitigating illicit finance risks related to remittances and U.S. financial system access. The Secretary of the Treasury is authorized to consult with Somaliland officials and private-sector stakeholders in preparing the report.

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Somaliland Economic Access and Opportunity Act

Last updated: 3/19/2026 · Introduced: 3/19/2026

Author: John Rose (R-TN)

TL;DR (AI)

This bill mandates a report from the Secretary of the Treasury to Congress detailing obstacles preventing Somaliland's access to the U.S. financial system.
The required report will analyze legal, regulatory, and policy barriers, and propose recommendations for both Somaliland and the U.S. government to improve financial compliance and access.
Congress expresses a sense that enhanced financial cooperation with Somaliland, alongside safeguards, could strengthen U.S. policy objectives in the region.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 2 more.

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