H.R. 147

119th CONGRESS 1st Session

To make improvements to the Financial Crimes Enforcement Network, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES · January 3, 2025 · Sponsor: Mr. Davidson · Committee: Committee on Financial Services

Sec. 1. Short title; table of contents.

• (a) Short title
  • This Act may be cited as the FinCEN Oversight and Accountability Act of 2025.
• (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 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.

Title II—FinCEN Accountability

Sec. 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—
    • controlling documents in force as of the date of the enactment of this Act;
    • any controlling documents issued thereafter; and
    • 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—
    • section 21 of the Federal Deposit Insurance Act (); 12 U.S.C. 1829b
    • chapter 2 of title I of (); and Public Law 91–508; 12 U.S.C. 1951 et seq.
    • subchapter II of of title 31, United States Code. chapter 53

Sec. 202. Testimony by the Director of FinCEN.

Section 5336(c)(11)(A) of title 31, United States Code, is amended by striking 5 yearsand 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—
    • in clause (vi) by striking and at the end;
    • in clause (vii) by striking the period at the end and inserting ; and; and
      • (viii) each year, hold a small business working group to—
      • share information about the effectiveness of beneficial ownership information;
      • promote coordination between FinCEN and the small business community; and
      • provide guidance to small businesses about beneficial ownership reporting obligations.
    • by inserting the following at the end:
• (b) Appropriations
  • No amounts may be appropriated to carry out the amendments made by subsection (a).