• Submitted by: manso
• Politics and Government
• 03 / 03 / 2011

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Rep. Mike Conaway (R-Tx.) introduced a bill in the U.S. House of Representatives Monday that would legalize direct banking relations between U.S. and Cuban banks, and allows Cuban importers of U.S. agricultural goods to pay after goods arrive in a Cuban port.

H.R. 833 defines “payment of cash in advance” as receipt of payment by the seller prior to the transfer of the product’s title and the release of control of the product to the purchaser. The bill also prohibits the president from restricting direct transfers from a Cuban bank to a U.S. bank to pay for U.S. agricultural goods.

Under regulations instituted in 2005, Cuba must pay U.S. suppliers via third-country banks, and U.S. goods must be paid — in cash only — when they still are in a U.S. port.

Several efforts similar to H.R. 833 have failed over the course of the past two years.

Source: www.cubastandard.com/2011/03/01/texas-congressman-launches-sanctions-eas...