House Appropriations Committee Approves Amendment to Reverse OFAC's Cash in Advance Rule

The House Appropriations Committee yesterday approved by voice vote an amendment introduced by Representative Jo Ann Emerson (R-MO) to the FY06 Transportation, Treasury, Housing and Urban Development appropriations bill that would reverse the Office of Foreign Assets Control's (OFAC) February 2005 regulation providing that the term "payment of cash in advance" as it applies to sales of agricultural products to Cuba.