On The Money — Senators take aim at Russian oligarch’s property

Bipartisan bill unveiled to track down oligarch assets 

A bipartisan group of senators released a bill Friday meant to empower the U.S. to more easily track down real estate, yachts, private jets and other luxuries owned by foreign oligarchs. 

The bill, called the Kleptocrat Liability for Excessive Property Transactions and Ownership (Klepto) Act, would impose far stricter rules for how much information must be disclosed about who is purchasing a wide range of assets often used for money laundering. 

Sens. Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), Roger Wicker (R-Miss.) and Bill Cassidy (R-La.) introduced the bill Friday as a way to ramp up pressure on Russian President Vladimir Putin. 

“Right now in this country, sanctioned Russian oligarchs, criminals and terrorists are able to stash their money in the shadows by buying and selling mansions, yachts and private jets,” Warren said. 

How it works: While more than a dozen Russian oligarchs and businesses are under U.S. sanctions, many of their U.S.-based assets may be hidden from the view of law enforcement through anonymous shell companies. 

• The legislation forces the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to require parties involved in real estate sales to disclose the “beneficial owner” of a company involved in the transaction. That means an individual who wants to purchase a home through a company must identify themselves as the person who controls the firm.
• The Federal Aviation Administration would also be required to collect beneficial ownership information for all aircraft registered in the U.S. FinCEN must additionally expand current anti-money laundering reporting rules to the real estate sector, along with businesses that sell boats, planes and automobiles. 

Sylvan has more here. 

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PRICE HIKES

Global food prices hit record levels amid Ukraine conflict 

The United Nations Food and Agriculture Organization reported on Friday that its Food Price Index has hit its highest levels yet since its inception in 1990, with record highs in prices for cereals, vegetable oils and meats amid the ongoing Russian invasion of Ukraine. 

The FAO Food Price Index, which measures the change in international food costs monthly for different commodities, rose 17.9 points between February and March, averaging 159.3 points for March. 

• The index tracking vegetable oils saw one of the largest increases, while the price of cereal also spiked. 
• The FAO noted that the upward trend was tied to the conflict in Ukraine, given that Ukraine is a key exporter of sunflower oil and wheat.
• Ukraine has been unable to export its goods through the Black Sea, its main trade channel, which is currently blocked off by Russia.   

The Hill’s Caroline Vakil has more here. 

GAS TAX HOLIDAY

New Yorkers to get gas tax holiday 

New Yorkers will be getting significant relief from soaring prices at the pump, with a suspension in the state’s gas tax from June through the end of the year, Gov. Kathy Hochul (D) announced on Thursday. 

Hochul delivered the news during a press conference on her $220 billion state budget — the terms of which had been under debate with state legislative leaders since she submitted her proposal in January. 

• The gas tax suspension — equivalent to about 16 cents per gallon — will result in a total of about $585 million in relief for families and businesses across New York, according to Hochul.
• A variety of other climate and sustainability measures are set to remain in the negotiated budget, such as a $4.2 billion landmark “Clean Water, Clean Air and Green Jobs Environmental Bond Act,” which includes $1 billion in new funds on top of last year’s $3 billion, Hochul confirmed. 

Check out more here from The Hill’s Saul Elbein. 

CONTESTED ELECTION

Union files objections to Alabama Amazon election 

The union seeking to represent workers at Amazon’s Bessemer, Ala., warehouse filed objections Thursday evening to the e-commerce giant’s conduct during the facility’s recent unionization election. 

The results of the election may not be known for several weeks, as the current vote tally — 993 votes against unionizing have been counted versus 875 “yes” votes — could be swung by the 416 ballots that were contested. 

• The Retail, Wholesale and Department Store Union (RWDSU), which would represent the workers in Bessemer in the event of a win, claimed Thursday that Amazon interfered in the voting process.
• The union filed 21 objections that it believes “both separately and cumulatively constitute grounds to set the election aside.” The objections include allegations that Amazon barred organizers from posting campaign literature in work areas and removed literature in nonwork areas. 

The Hill’s Chris Mills Rodrigo has more here. 

Good to Know

The Federal Aviation Administration announced on Friday that it had proposed record fines on two passengers for alleged unruly behavior. 

The agency is seeking to impose a nearly $82,000 fine against one passenger after she allegedly threatened a flight attendant seeking to help her during an American Airlines flight in July 2021.  

Here’s what else have our eye on: 

• The American Civil Liberties Union this week denounced a bill that would authorize President Biden to seize assets held by Russian oligarchs.
• Elon Musk will address questions from Twitter employees after his appointment to the social media company’s board led to some internal criticism and concerns from company staff. 
• A nonprofit organization found that Minor League Baseball players are largely unsatisfied with workplace conditions and pay, which the organization contends is under the federal minimum wage. 

That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you Monday. 

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