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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] 


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•HR 5472 RH

A BILL 

To make improvements to the Financial Crimes Enforcement 

Network, and for other purposes. 


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•HR 5472 RH

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 

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. 

8 TITLE I—CONGRESSIONAL 

9 OVERSIGHT 

10 SEC. 101. INFORMATION FOR CONSTITUTIONAL FUNCTIONS 

11 OF CONGRESS. 

12 (a) KEEPING CONGRESS INFORMED.—The Secretary of 

13 the Treasury shall keep the Committee on Financial Serv14 ices of the House of Representatives and the Committee on 

15 Banking, Housing, and Urban Affairs of the Senate fully 

16 and currently informed of the activities of the Financial 

17 Crimes Enforcement Network, including any significant 

18 anticipated activity of such Network. 


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1 (b) REPORT OF UNLAWFUL ACTIVITY AND CORRECTIVE

2 ACTION.—The Secretary of the Treasury shall report 

3 promptly to the Committee on Financial Services of the 

4 House of Representatives and the Committee on Banking, 

5 Housing, and Urban Affairs of the Senate any unlawful 

6 activity of the Financial Crimes Enforcement Network and 

7 any corrective action taken or planned to address that ac8 tivity and prevent such activity in the future. 

9 TITLE II—FINCEN 

10 ACCOUNTABILITY 

11 SEC. 201. TRANSPARENCY WITH CONTROLLING DOCU12 MENTS. 

13 (a) DEFINITION OF CONTROLLING DOCUMENT.—As 

14 used in this section, the term ‘‘controlling document’’ refers 

15 to any record (as defined in section 3301 of title 44, United 

16 States Code) issued by or under the authority of the Sec17 retary, Deputy Secretary, Under Secretary for Enforce18 ment, or any other officer or employee of the Department 

19 of the Treasury, that delegates authority to the Financial 

20 Crimes Enforcement Network or its Director in the imple21 mentation of section 310 of title 31, United States Code, 

22 or the Bank Secrecy Act. 

23 (b) DISCLOSURE TO CONGRESS.—The Secretary of the 

24 Treasury shall promptly provide to the Committee on Fi25 nancial Services of the House of Representatives and the 


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1 Committee on Banking, Housing, and Urban Affairs of the 

2 Senate— 

3 (1) controlling documents in force as of the date 

4 of the enactment of this Act; 

5 (2) any controlling documents issued thereafter; 

6 and 

7 (3) any changes to controlling documents de8 scribed in paragraphs (1) and (2) made thereafter, 

9 including any revocations thereof. 

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

11 the Treasury shall make available promptly to the public 

12 the controlling documents and changes that the Secretary 

13 is required to provide to the committees listed in subsection 

14 (b), excluding such reasonably segregable portions of con15 trolling documents or changes as would fall within an ex16 emption in section 552(b) of title 5, United States Code. 

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

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

19 (1) section 21 of the Federal Deposit Insurance 

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

21 (2) chapter 2 of title I of Public Law 91–508 (12 

22 U.S.C. 1951 et seq.); and 

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

24 United States Code. 


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•HR 5472 RH

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

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

3 is amended by striking ‘‘5 years’’ and inserting ‘‘10 years’’. 

4 TITLE III—SMALL BUSINESS 

5 WORKING GROUP 

6 SEC. 301. SMALL BUSINESS WORKING GROUPS. 

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

8 United States Code, is amended— 

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

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

11 end and inserting ‘‘; and’’; and 

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

13 ‘‘(viii) each year, hold a small business 

14 working group to— 

15 ‘‘(I) share information about the 

16 effectiveness of beneficial ownership in17 formation; 

18 ‘‘(II) promote coordination be19 tween FinCEN and the small business 

20 community; and 

21 ‘‘(III) provide guidance to small 

22 businesses about beneficial ownership 

23 reporting obligations.’’. 

24 (b) APPROPRIATIONS.—No amounts may be appro25 priated to carry out the amendments made by subsection 

26 (a). 


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Union Calendar No. 254 

118TH CONGRESS 

1ST SESSION H. R. 5472 

[Report No. 118–315] 

A BILL 

Enforcement Network, and for other purposes. 

To make improvements to the Financial Crimes 

DECEMBER 13, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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