FinCEN Oversight and Accountability Act of 2023

Bill: 118-hr-5472
Sponsor: Rep. Davidson, Warren [R-OH-8]
Introduced: 2023-09-14 in the House
Policy area: Finance and Financial Sector
Subjects: Congressional oversight
Congressional-executive branch relations
Fraud offenses and financial crimes
Government ethics and transparency, public corruption
Government information and archives
Government studies and investigations

Summary:
action_date: 2023-09-14
text: 

FinCEN Oversight and Accountability Act of 2023

This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), particularly regarding unlawful activity and any resulting corrective action.

Further, Treasury must disclose to Congress and to the public (with some exclusions) all controlling documents delegating authority to or providing direction to FinCEN. Such disclosure includes any controlling documents in force upon enactment, any controlling documents issued thereafter, and any changes to controlling documents. The bill also limits the authority of Treasury to make certain exceptions regarding proposed or final rules related to FinCEN to the person performing the duties of the Secretary.

The bill extends the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs for another five years.

FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations. 

action_date: 2023-12-13
text: 

FinCEN Oversight and Accountability Act of 2023

This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), particularly regarding unlawful activity and any resulting corrective action.

Further, Treasury must disclose to Congress and to the public (with some exclusions) all controlling documents delegating authority to or providing direction to FinCEN. Such disclosure includes any controlling documents in force upon enactment, any controlling documents issued thereafter, and any changes to controlling documents. The bill also limits the authority of Treasury to make certain exceptions regarding proposed or final rules related to FinCEN to the person performing the duties of the Secretary.

The bill extends the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs for another five years.

FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations. 


Legislative actions:
action_date: 2023-12-13
text: Placed on the Union Calendar, Calendar No. 254.
action_date: 2023-12-13
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
action_date: 2023-12-13
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
action_date: 2023-09-20
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 46 - 0.
action_date: 2023-09-20
text: Committee Consideration and Mark-up Session Held
action_date: 2023-09-14
text: Referred to the House Committee on Financial Services.
action_date: 2023-09-14
text: Introduced in House
action_date: 2023-09-14
text: Introduced in House