FinCEN Accountability Act of 2023

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2963 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 2963

To provide for further congressional oversight of the Financial Crimes 
         Enforcement Network (FinCEN), and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 27, 2023

Mr. Loudermilk introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To provide for further congressional oversight of the Financial Crimes 
         Enforcement Network (FinCEN), 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.

    This Act may be cited as the ``FinCEN Accountability Act of 2023''.

SEC. 2. 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, or contains direction binding upon 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, including delegations, prescriptions, regulations, 
protocols, priorities, policies, standards, guidelines, and 
requirements issued in accordance with subsections (b)(2)(C), 
(b)(2)(E), (b)(2)(I), (b)(2)(J), (b)(2)(O), (c), and (i)(2)(C)(ii) of 
section 310 of such title 31 and subsections (b)(1), (b)(2), (b)(4), 
(c)(2)(A), (c)(2)(C), (c)(3), (c)(5), (d)(3), and (h)(3)(C)(i)(I)(bb) 
of section 5336 of such title 31.
    (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 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.

SEC. 3. TRANSPARENCY IN RULEMAKING AND SECRETARIAL EXCEPTIONS.

    (a) Reservation to the Secretary of Authority To Make Exceptions.--
No officer or employee of the Department of the Treasury, except the 
Secretary of the Treasury or the person performing the duties of the 
Secretary of the Treasury when that office is vacant or the Secretary 
is unable to perform the duties of that office, shall, with respect to 
a proposed or final rule relating to activities of the Financial Crimes 
Enforcement Network, including implementation of the Bank Secrecy Act--
            (1) make findings of good cause under subsection (b) or (d) 
        of section 553 of title 5, United States Code;
            (2) exercise authority to certify, delay, or waive under 
        section 605 or 608 of title 5, United States Code; or
            (3) make findings of good cause under section 808(2) of 
        title 5, United States Code.
    (b) Covered Agency Status for Regulatory Flexibility.--Section 310 
of title 31, United States Code, is amended by adding at the end 
thereof the following new subsection:
    ``(m) The Financial Crimes Enforcement Network shall be a `covered 
agency' for purposes of section 609(d) of title 5.''.

SEC. 4. 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''.

SEC. 5. BANK SECRECY ACT DEFINED.

    In this Act, 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.
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