IB 
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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A BILL 
To make improvements to the Financial Crimes Enforcement 
Network, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives 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 Serv-
ices 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. 
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(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 ac-
tivity and prevent such activity in the future. 
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’’ refers 
to any record (as defined in section 3301 of title 44, United 
States Code) issued by or under the authority of the Sec-
retary, Deputy Secretary, Under Secretary for Enforce-
ment, 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 imple-
mentation 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 Fi-
nancial Services of the House of Representatives and the 
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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 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 subsection 
(b), excluding such reasonably segregable portions of con-
trolling documents or changes as would fall within an ex-
emption 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. 
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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 in-
formation; 
‘‘(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). 
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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 Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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