House Defeats Cuba "Cash in Advance" Amendment
In connection with debate on legislation to extend agricultural programs (H.R. 2419), the U.S. House of Representatives failed to pass, by a vote of 185-245, an amendment offered by Ways and Means Committee Chairman Rangel (D-NY) to modify the "cash in advance" restrictions on U.S. agricultural sales to Cuba under the Trade Sanctions Reform Act of 2000 (TSRA). The amendment would have changed the definition of "cash in advance" to mean payment prior to the transfer of title to the purchaser and the the release of control of the product to the purchaser. Since February 2005, OFAC has taken the position that payment by the Cuban buyers must be made prior to shipment of the goods from the U.S.
The proposed amendment would have also authorized direct transfers between Cuban banks and U.S. banks and allow visas to be issued to Cuban nationals to conduct activities related to purchasing U.S. agricultural goods.
|posted by Douglas N. Jacobson| Permalink 
