I 

119TH CONGRESS 

1ST SESSION H. R. 147 

To make improvements to the Financial Crimes Enforcement Network, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 3, 2025 

Mr. DAVIDSON introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To make improvements to the Financial Crimes Enforcement 

Network, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘FinCEN Oversight and Accountability Act of 2025’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—CONGRESSIONAL OVERSIGHT 

Sec. 101. Information for constitutional functions of Congress. 

TITLE II—FINCEN ACCOUNTABILITY 


ssavage on LAPJG3WLY3PROD with BILLS
2 

•HR 147 IH

Sec. 201. Transparency with controlling documents. 

Sec. 202. Testimony by the Director of FinCEN. 

TITLE III—SMALL BUSINESS WORKING GROUP 

Sec. 301. Small Business Working Groups. 

1 TITLE I—CONGRESSIONAL 

2 OVERSIGHT 

3 SEC. 101. INFORMATION FOR CONSTITUTIONAL FUNCTIONS 

4 OF CONGRESS. 

5 (a) KEEPING CONGRESS INFORMED.—The Secretary 

6 of the Treasury shall keep the Committee on Financial 

7 Services of the House of Representatives and the Com8 mittee on Banking, Housing, and Urban Affairs of the 

9 Senate fully and currently informed of the activities of the 

10 Financial Crimes Enforcement Network, including any 

11 significant anticipated activity of such Network. 

12 (b) REPORT OF UNLAWFUL ACTIVITY AND CORREC13 TIVE ACTION.—The Secretary of the Treasury shall report 

14 promptly to the Committee on Financial Services of the 

15 House of Representatives and the Committee on Banking, 

16 Housing, and Urban Affairs of the Senate any unlawful 

17 activity of the Financial Crimes Enforcement Network 

18 and any corrective action taken or planned to address that 

19 activity and prevent such activity in the future. 


ssavage on LAPJG3WLY3PROD with BILLS
3 

•HR 147 IH

1 TITLE II—FINCEN 

2 ACCOUNTABILITY 

3 SEC. 201. TRANSPARENCY WITH CONTROLLING DOCU4 MENTS. 

5 (a) DEFINITION OF CONTROLLING DOCUMENT.—As 

6 used in this section, the term ‘‘controlling document’’ re7 fers to any record (as defined in section 3301 of title 44, 

8 United States Code) issued by or under the authority of 

9 the Secretary, Deputy Secretary, Under Secretary for En10 forcement, or any other officer or employee of the Depart11 ment of the Treasury, that delegates authority to the Fi12 nancial Crimes Enforcement Network or its Director in 

13 the implementation of section 310 of title 31, United 

14 States Code, or the Bank Secrecy Act. 

15 (b) DISCLOSURE TO CONGRESS.—The Secretary of 

16 the Treasury shall promptly provide to the Committee on 

17 Financial Services of the House of Representatives and 

18 the Committee on Banking, Housing, and Urban Affairs 

19 of the Senate— 

20 (1) controlling documents in force as of the 

21 date of the enactment of this Act; 

22 (2) any controlling documents issued thereafter; 

23 and 


ssavage on LAPJG3WLY3PROD with BILLS
4 

•HR 147 IH

1 (3) any changes to controlling documents de2 scribed in paragraphs (1) and (2) made thereafter, 

3 including any revocations thereof. 

4 (c) DISCLOSURE TO THE PUBLIC.—The Secretary of 

5 the Treasury shall make available promptly to the public 

6 the controlling documents and changes that the Secretary 

7 is required to provide to the committees listed in sub8 section (b), excluding such reasonably segregable portions 

9 of controlling documents or changes as would fall within 

10 an exemption in section 552(b) of title 5, United States 

11 Code. 

12 (d) BANK SECRECY ACT DEFINED.—In this section, 

13 the term ‘‘Bank Secrecy Act’’ means— 

14 (1) section 21 of the Federal Deposit Insurance 

15 Act (12 U.S.C. 1829b); 

16 (2) chapter 2 of title I of Public Law 91–508 

17 (12 U.S.C. 1951 et seq.); and 

18 (3) subchapter II of chapter 53 of title 31, 

19 United States Code. 

20 SEC. 202. TESTIMONY BY THE DIRECTOR OF FINCEN. 

21 Section 5336(c)(11)(A) of title 31, United States 

22 Code, is amended by striking ‘‘5 years’’ and inserting ‘‘10 

23 years’’. 


ssavage on LAPJG3WLY3PROD with BILLS
5 

•HR 147 IH

1 TITLE III—SMALL BUSINESS 

2 WORKING GROUP 

3 SEC. 301. SMALL BUSINESS WORKING GROUPS. 

4 (a) IN GENERAL.—Section 310(g)(5)(A) of title 31, 

5 United States Code, is amended— 

6 (1) in clause (vi) by striking ‘‘and’’ at the end; 

7 (2) in clause (vii) by striking the period at the 

8 end and inserting ‘‘; and’’; and 

9 (3) by inserting the following at the end: 

10 ‘‘(viii) each year, hold a small busi11 ness working group to— 

12 ‘‘(I) share information about the 

13 effectiveness of beneficial ownership 

14 information; 

15 ‘‘(II) promote coordination be16 tween FinCEN and the small business 

17 community; and 

18 ‘‘(III) provide guidance to small 

19 businesses about beneficial ownership 

20 reporting obligations.’’. 

21 (b) APPROPRIATIONS.—No amounts may be appro22 priated to carry out the amendments made by subsection 

23 (a). 

Æ 


ssavage on LAPJG3WLY3PROD with BILLS