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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5472 Reported in House (RH)]

<DOC>

                                                 Union Calendar No. 254
118th CONGRESS
  1st Session
                                H. R. 5472

                          [Report No. 118-315]

 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

                           December 13, 2023

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
    [For text of introduced bill, see copy of bill as introduced on 
                          September 14, 2023]

_______________________________________________________________________

                                 A BILL

 
 To make improvements to the Financial Crimes Enforcement Network, and 
                          for other purposes.

 

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``FinCEN Oversight 
and Accountability Act of 2023''.
    (b) Table of Contents.--The table of contents for 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

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.

                    TITLE I--CONGRESSIONAL OVERSIGHT

SEC. 101. INFORMATION FOR CONSTITUTIONAL FUNCTIONS OF CONGRESS.

    (a) Keeping Congress Informed.--The Secretary of the Treasury shall 
keep the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate fully and currently informed of the activities of 
the Financial Crimes Enforcement Network, including any significant 
anticipated activity of such Network.
    (b) Report of Unlawful Activity and Corrective Action.--The 
Secretary of the Treasury shall report promptly to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate any unlawful activity 
of the Financial Crimes Enforcement Network and any corrective action 
taken or planned to address that activity and prevent such activity in 
the future.

                    TITLE II--FINCEN ACCOUNTABILITY

SEC. 201. TRANSPARENCY WITH CONTROLLING DOCUMENTS.

    (a) Definition of Controlling Document.--As used in this section, 
the term ``controlling document'' refers to any record (as defined in 
section 3301 of title 44, United States Code) issued by or under the 
authority of the Secretary, Deputy Secretary, Under Secretary for 
Enforcement, or any other officer or employee of the Department of the 
Treasury, that delegates authority to the Financial Crimes Enforcement 
Network or its Director in the implementation of section 310 of title 
31, United States Code, or the Bank Secrecy Act.
    (b) Disclosure to Congress.--The Secretary of the Treasury shall 
promptly provide to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate--
            (1) controlling documents in force as of the date of the 
        enactment of this Act;
            (2) any controlling documents issued thereafter; and
            (3) any changes to controlling documents described in 
        paragraphs (1) and (2) made thereafter, including any 
        revocations thereof.
    (c) Disclosure to the Public.--The Secretary of the Treasury shall 
make available promptly to the public the controlling documents and 
changes that the Secretary is required to provide to the committees 
listed in subsection (b), excluding such reasonably segregable portions 
of controlling documents or changes as would fall within an exemption 
in section 552(b) of title 5, United States Code.
    (d) Bank Secrecy Act Defined.--In this section, the term ``Bank 
Secrecy Act'' means--
            (1) section 21 of the Federal Deposit Insurance Act (12 
        U.S.C. 1829b);
            (2) chapter 2 of title I of Public Law 91-508 (12 U.S.C. 
        1951 et seq.); and
            (3) subchapter II of chapter 53 of title 31, United States 
        Code.

SEC. 202. TESTIMONY BY THE DIRECTOR OF FINCEN.

    Section 5336(c)(11)(A) of title 31, United States Code, is amended 
by striking ``5 years'' and inserting ``10 years''.

                TITLE III--SMALL BUSINESS WORKING GROUP

SEC. 301. SMALL BUSINESS WORKING GROUPS.

    (a) In General.--Section 310(g)(5)(A) of title 31, United States 
Code, is amended--
            (1) in clause (vi) by striking ``and'' at the end;
            (2) in clause (vii) by striking the period at the end and 
        inserting ``; and''; and
            (3) by inserting the following at the end:
                            ``(viii) each year, hold a small business 
                        working group to--
                                    ``(I) share information about the 
                                effectiveness of beneficial ownership 
                                information;
                                    ``(II) promote coordination between 
                                FinCEN and the small business 
                                community; and
                                    ``(III) provide guidance to small 
                                businesses about beneficial ownership 
                                reporting obligations.''.
    (b) Appropriations.--No amounts may be appropriated to carry out 
the amendments made by subsection (a).
                                                 Union Calendar No. 254

118th CONGRESS

  1st Session

                               H. R. 5472

                          [Report No. 118-315]

_______________________________________________________________________

                                 A BILL

 To make improvements to the Financial Crimes Enforcement Network, and 
                          for other purposes.

_______________________________________________________________________

                           December 13, 2023

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
```