- Associated Press - Monday, May 23, 2016

NEW YORK (AP) - New York Congressman Dan Donovan wants the U.S. to confiscate frozen assets from terror-related accounts and direct them to homeland security grant programs that benefit New York City.

The Republican and former Staten Island prosecutor planned to detail his proposed legislation Monday with New York City Emergency Management Commissioner Joe Esposito.

When an account is frozen at a U.S. financial institution, it continues accruing interest. Donovan’s bill, the Terrorist Asset Seizure Reform Act, would direct the Treasury Department to confiscate the interest annually and redirect it to the Urban Areas Security Initiative.

Donovan’s office says that last year the city received $180 million from the program.

The bill would also confiscate the principal after one year from an account specifically related to terrorists, financiers of terror, and foreign terror organizations.

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