TITLE II—FINCEN 
ACCOUNTABILITY 
SEC. 201. TRANSPARENCY WITH CONTROLLING DOCU-
MENTS. 
(a) DEFINITION OF CONTROLLING DOCUMENT.—As 
used in this section, the term ‘‘controlling document’’ re-
fers 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 En-
forcement, or any other officer or employee of the Depart-
ment of the Treasury, that delegates authority to the Fi-
nancial 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 
VerDate Sep 11 2014 
17:30 Jan 29, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H147.IH
H147
ssavage on LAPJG3WLY3PROD with BILLS
(3) any changes to controlling documents de-
scribed 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 sub-
section (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’’. 
VerDate Sep 11 2014 
17:30 Jan 29, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H147.IH
H147
ssavage on LAPJG3WLY3PROD with BILLS
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 busi-
ness working group to— 
‘‘(I) share information about the 
effectiveness of beneficial ownership 
information; 
‘‘(II) promote coordination be-
tween FinCEN and the small business 
community; and 
‘‘(III) provide guidance to small 
businesses about beneficial ownership 
reporting obligations.’’. 
(b) APPROPRIATIONS.—No amounts may be appro-
priated to carry out the amendments made by subsection 
(a). 
Æ 
VerDate Sep 11 2014 
17:30 Jan 29, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H147.IH
H147
ssavage on LAPJG3WLY3PROD with BILLS