International Trade Elections & Politics

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TRIA Extension Fails: An Initial Guide to Next Steps

To the surprise of many, Congress failed to extend the Terrorism Risk Insurance Act of 2002 ("TRIA"), which is set to expire at the end of this year. Many hope that TRIA in some form will be re-authorized early in 2015 and,...more

Trade Sanctions Roundup: U.S. Closes Out 2014 with Major Actions on Cuba, Russia, and Syria

The end of 2014 has seen major developments in U.S. foreign relations and sanctions policy with broad implications for the maritime industry. On December 17, President Obama announced a paradigm shift in relations with Cuba,...more

U.S. Government Resets Cuban Policy and Eases Sanctions Against Cuba

Yesterday, President Obama announced that the United States and Cuba will begin talks to resume full diplomatic relations and partially lift travel and economic sanctions and restrictions, some of which have existed for more...more

President Signs Russia Sanctions Law But Does Not Intend To Impose New Sanctions At This Time

On December 18, 2014, President Obama signed into law the Ukraine Freedom Support Act of 2014 (the “Act”), authorizing sanctions related to Russia’s defense, energy, and financial sectors. The Act is the latest in US...more

One Step Closer to Normalizing Relations with Cuba

Today, in response to Cuba’s release of American prisoner Alan Gross, President Obama announced that his administration will begin taking steps to normalizing relations with Cuba. While the Obama administration can ease the...more

U.S. Congress Fails to Renew TRIA – for Now

The U.S. Senate wrapped up the 113th Congress and left Washington without holding a vote to renew the Terrorism Risk Insurance Act (TRIA). In the closing weeks of the session, Senator Chuck Schumer (D-N.Y.) had negotiated an...more

The United States and Cuba to Restore Diplomatic Relations

On December 17, 2014, President Barack Obama announced that the United States will resume diplomatic relations with Cuba after more than 50 years. In addition to relaxing certain economic restrictions, the President announced...more

Terrorism Risk Insurance Act Set to Expire at Year End

The Terrorism Risk Insurance Act (TRIA) now appears set to expire as of December 31, 2014, barring further action from Congress.  The Terrorism Risk Insurance Program Reauthorization Act of 2014[1] would have extended the...more

Cuba Revisited

On December 17 President Obama announced a plan to normalize relations with Cuba and open a US Embassy in Havana. The President also asked Congress to reconsider the trade embargo with Cuba which has been in place since...more

President Obama Announces Sweeping Changes to United States’ Diplomatic Relationship with Cuba

No changes in connection with the U.S. – Cuba embargo and sanctions will be effective until OFAC and the Commerce Department formally revise their respective regulations and general licenses to implement the President's new...more

U.S. Announces Major Policy Shift on Cuba

On December 17, 2014, President Obama announced the beginning of major reforms regarding the relationship between the United States and Cuba. In a statement made from the White House, President Obama announced that the...more

Congress’ Failure to Extend Terrorism Risk Insurance Act Requires Policyholders to Act Diligently Before January 1

With the recent uptick in terrorist activity omnipresent in the news, the need for financial protection against the effects of terrorism is plainly evident. Nevertheless, Congress has now adjourned for the year without making...more

Transatlantic Trade and Investment Partnership: Status and Financial Services Issues

On June 17, 2013, President Obama, European Council President Van Rompuy and European Commission President Barroso agreed to open negotiations on a Transatlantic Trade and Investment Partnership (TTIP) agreement. Since then,...more

Obama to Sign Venezuela Sanctions Bill

Last week, the U.S. Congress passed S. 2142 (the “Venezuela Defense of Human Rights and Civil Society Act of 2014”) and presented the legislation to President Obama for signature. White House officials have indicated that...more

U.S. Embargo Against Cuba: Historic Changes Ahead

On December 17, 2014, President Barack Obama announced sweeping changes in the diplomatic and trade relationships between the United States and Cuba. These changes, outlined below, will require time to implement; certain...more

President Obama’s Announcement on U.S.-Cuban Relations Could Create Strategic Opportunities for American Companies

On December 17, 2014, the United States announced its intention to normalize diplomatic relations with Cuba. President Obama stated that, after nearly 54 years of economic and political isolation, his administration will be...more

Winter Begins in Valley Forge and the FCPA Professor Teaches in Miami

Today we celebrate one of the seminal turnarounds in US history for on this day in 1777, George Washington lead his beleaguered troops into winter quarters at Valley Forge, Pennsylvania. At that point in time, things could...more

Our Dysfunctional Congress Skedaddles, Leaving TRIA to Die

Last Friday we reported that the House of Representatives had finally passed a bill reauthorizing the Terrorism Risk Insurance Act (TRIA) and sent it to the Senate. The post included a picture of a cartoon bomb with a lit...more

New Channels of Economic Opportunity to Follow U.S.-Cuba Policy Changes

On December 17, President Obama announced sweeping changes to U.S.–Cuba policies that will usher in a new era in bilateral relations between the two countries. In the coming months, the United States will move to re-establish...more

A New U.S. Course for Cuba Relations: What Does It Mean for Business?

President Obama made an unexpected announcement this week signaling a “new course” for Cuba after more than fifty years of comprehensive U.S. sanctions. Reestablishing diplomatic relations is a major change. In terms of...more

US and Cuba Seek to Normalize Relations; US to Ease Certain Restrictions

President Obama announced on December 17, 2014 that the United States and Cuba will open talks seeking to restore full diplomatic relations, and that the United States will be taking a number of steps to ease restrictions in...more

The Terrorism Risk Insurance Act (TRIA) Set to Expire Year End

The Terrorism Risk Insurance Program Reauthorization Act of 2014 (the “Bill”), which would extend the existing terrorism insurance coverage under TRIA, appears that it will now expire as of December 31, 2014 barring further...more

US Announces Liberalization of Cuba Sanctions Policy

On December 17, 2014, President Obama announced the relaxation of certain aspects of the comprehensive trade embargo against Cuba that the United States has maintained since the early 1960s. As set forth by the White House,...more

A New Latitude: Charting a Course for Cuba

Today President Barack Obama made a stunning speech announcing steps the United States will take to reduce U.S. sanctions against Cuba. The announcement followed the release of two U.S. citizens held by the Cuban government....more

New Law Significantly Expands Legal Basis for US Sanctions Against Russia

On 16 December 2014, President Obama announced that he will sign the Ukraine Freedom Support Act of 2014 (hereinafter the “Act”) into law. As discussed in our update dated 12 December 2014, the Act represents a potentially...more

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