Securing Accountability in Foreign Entries Act

Key Points

• This bill requires the importer of record—the person or company responsible for bringing goods into the U.S.—to be a U.S. citizen, permanent resident, or a company with a real physical office and at least one full-time employee who is a U.S. citizen or permanent resident. Virtual offices, mailboxes, and shared spaces don't count.
• All import duties, taxes, and fees must be paid electronically from a U.S. bank account verified under anti-money-laundering rules. Customs cannot accept payments from anyone other than the importer of record, a surety, or a licensed customs broker.
• The minimum continuous import bond is raised to $100,000, a significant increase from the current typical $50,000 floor. This ensures the government has enough financial backing to collect duties if an importer fails to pay.
• Foreign companies that don't meet the new requirements but have a U.S. subsidiary must use that subsidiary—or another qualifying entity—as their importer of record. Companies from Canada, Australia, or other countries with equivalent import rules get an exemption.
• Massive express delivery companies with at least 300,000 U.S. employees get a special carve-out allowing them to designate a customs broker they fully own to act as importer of record and use the broker's bond. This effectively exempts companies like FedEx and UPS.

Votes

No votes have been recorded for this legislation yet.