I 

118TH CONGRESS 

1ST SESSION H. R. 5472 

To make improvements to the Financial Crimes Enforcement Network, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 14, 2023 

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 2023’’. 

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 


sspencer on DSK126QN23PROD with BILLS
2 

•HR 5472 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 any unlawful activity of the 

17 Financial Crimes Enforcement Network and any correc18 tive action taken or planned to address that activity and 

19 prevent such activity in the future. 


sspencer on DSK126QN23PROD with BILLS
3 

•HR 5472 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, or 

13 contains direction binding upon the Financial Crimes En14 forcement Network or its Director, in the implementation 

15 of section 310 of title 31, United States Code, or the Bank 

16 Secrecy Act, including delegations, prescriptions, regula17 tions, protocols, priorities, policies, standards, guidelines, 

18 and requirements issued in accordance with subsections 

19 (b)(2)(C), (b)(2)(E), (b)(2)(I), (b)(2)(J), (b)(2)(O), (c), 

20 and (i)(2)(C)(ii) of section 310 of such title 31 and sub21 sections (b)(1), (b)(2), (b)(4), (c)(2)(A), (c)(2)(C), (c)(3), 

22 (c)(5), (d)(3), and (h)(3)(C)(i)(I)(bb) of section 5336 of 

23 such title 31. 

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

25 the Treasury shall promptly provide to the Committee on 


sspencer on DSK126QN23PROD with BILLS
4 

•HR 5472 IH

1 Financial Services of the House of Representatives and 

2 the Committee on Banking, Housing, and Urban Affairs 

3 of the Senate— 

4 (1) controlling documents in force as of the en5 actment of this Act; 

6 (2) any controlling documents issued thereafter; 

7 and 

8 (3) any changes to controlling documents de9 scribed in paragraphs (1) and (2) made thereafter, 

10 including any revocations thereof. 

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

12 the Treasury shall make available promptly to the public 

13 the controlling documents and changes that the Secretary 

14 is required to provide to the committees listed in sub15 section (b), excluding such reasonably segregable portions 

16 of controlling documents or changes as would fall within 

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

18 Code. 

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

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

21 (1) section 21 of the Federal Deposit Insurance 

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

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

24 (12 U.S.C. 1951 et seq.); and 


sspencer on DSK126QN23PROD with BILLS
5 

•HR 5472 IH

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

2 United States Code. 

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

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

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

6 years’’. 

7 TITLE III—SMALL BUSINESS 

8 WORKING GROUP 

9 SEC. 301. SMALL BUSINESS WORKING GROUPS. 

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

11 United States Code, is amended— 

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

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

14 end and inserting ‘‘; and’’; and 

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

16 ‘‘(viii) each year, hold a small busi17 ness working group to— 

18 ‘‘(I) share information about the 

19 effectiveness of beneficial ownership 

20 information; and 

21 ‘‘(II) promote coordination be22 tween FinCEN and the small business 

23 community; and 


sspencer on DSK126QN23PROD with BILLS
6 

•HR 5472 IH

1 ‘‘(III) provide guidance to small 

2 businesses about beneficial ownership 

3 reporting obligations.’’. 

4 (b) APPROPRIATIONS.—No amounts may be appro5 priated to carry out the amendments made by subsection 

6 (a). 

Æ 


sspencer on DSK126QN23PROD with BILLS