H.R. 147

91 HR 147 IH: FinCEN Oversight and Accountability Act of 2025
 U.S. House of Representatives
 2025-01-03
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 147  IN THE HOUSE OF REPRESENTATIVES   January 3, 2025   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 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.
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).