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HR 5472 118th Congress House Finance and Financial Sector 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

FinCEN Oversight and Accountability Act of 2023

Introduced: September 14, 2023 Introduced by: Davidson, Warren Republican · Ohio See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 13, 2023
Placed on the Union Calendar, Calendar No. 254.
Dec 13, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
Sep 20, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 46 - 0.
Sep 20, 2023
Committee Consideration and Mark-up Session Held
Sep 14, 2023
Referred to the House Committee on Financial Services.
Sep 14, 2023
Introduced in House
 Plain-English summary Congressional Research Service

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. 

What's happening now December 13, 2023

Placed on the Union Calendar, Calendar No. 254.

 Committees of jurisdiction 1