FinCEN Oversight and Accountability Act of 2023

Bill: 118-hr-5472
Sponsor: full_name: Rep. Davidson, Warren [R-OH-8]
Introduced: 2023-09-14
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
Latest action: action_date: 2023-12-13
text: Placed on the Union Calendar, Calendar No. 254.

Summaries:
action_date: 2023-09-14
action_desc: Introduced in House
text: <p><strong>FinCEN Oversight and Accountability Act of 2023</strong></p><p>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.</p><p>Further, Treasury must&nbsp;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.</p><p>The bill extends the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs for another five years.</p><p>FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.&nbsp;</p>

action_date: 2023-12-13
action_desc: Reported to House
text: <p><strong>FinCEN Oversight and Accountability Act of 2023</strong></p><p>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.</p><p>Further, Treasury must&nbsp;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.</p><p>The bill extends the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs for another five years.</p><p>FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.&nbsp;</p>

tv_txt: IB Union Calendar No. 254 118th CONGRESS 1st Session H. R. 5472 [Report No. 118–315] 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 A BILL To make improvements to the Financial Crimes Enforcement Network, and for other purposes.

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. I Congressional Oversight 101. Information for constitutional functions of Congress (a) Keeping Congress informed The Secretary of the Treasury shall keep the Committee on Financial Services 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. (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 activity and prevent such activity in the future. II FinCEN Accountability 201. 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 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 (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. (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. 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 . III Small Business Working Group 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 information; (II) promote coordination between FinCEN and the small business community; and (III) provide guidance to small businesses about beneficial ownership reporting obligations. . (b) Appropriations No amounts may be appropriated to carry out the amendments made by subsection (a).

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

tv_txt: I 118th CONGRESS 1st Session H. R. 5472 IN THE HOUSE OF REPRESENTATIVES September 14, 2023 Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services A BILL To make improvements to the Financial Crimes Enforcement Network, and for other purposes.

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. I Congressional Oversight 101. Information for constitutional functions of Congress (a) Keeping Congress informed The Secretary of the Treasury shall keep the Committee on Financial Services 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. (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 any unlawful activity of the Financial Crimes Enforcement Network and any corrective action taken or planned to address that activity and prevent such activity in the future. II FinCEN Accountability 201. 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. (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. 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 . III Small Business Working Group 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 information; and (II) promote coordination between FinCEN and the small business community; and (III) provide guidance to small businesses about beneficial ownership reporting obligations. . (b) Appropriations No amounts may be appropriated to carry out the amendments made by subsection (a).