119-hr147

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 147 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 147

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

_______________________________________________________________________

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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--

    (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.

SEC. 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''.

 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--

    (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) .
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