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This resolution would cancel a recent Treasury Department rule that would have required certain investment advisers to set up anti-money laundering and counter-terrorism financing programs and to file suspicious activity reports. If approved, the rule would have no legal effect, meaning those new requirements would not go into place.
- It targets a rule from the Financial Crimes Enforcement Network, also known as FinCEN.
- The rule would have applied to registered investment advisers and exempt reporting advisers.
- The rule was meant to add anti-money laundering controls and require reports of suspicious financial activity.
- This resolution says Congress does not approve of that rule and wants it stopped.
Official Summaries
This joint resolution nullifies the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers and published on September 4, 2024. The rule expands existing anti-money laundering and counterterror financing requirements (e.g., reporting suspicious financial activity to FinCEN) to include certain investment advisers.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 56 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 56
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Financial Crimes
Enforcement Network relating to ``Anti-Money Laundering/Countering the
Financing of Terrorism Program and Suspicious Activity Report Filing
Requirements for Registered Investment Advisers and Exempt Reporting
Advisers''.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 12, 2025
Mr. Clyde submitted the following joint resolution; which was referred
to the Committee on Financial Services
_______________________________________________________________________
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Financial Crimes
Enforcement Network relating to ``Anti-Money Laundering/Countering the
Financing of Terrorism Program and Suspicious Activity Report Filing
Requirements for Registered Investment Advisers and Exempt Reporting
Advisers''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
rule submitted by the Financial Crimes Enforcement Network relating to
``Anti-Money Laundering/Countering the Financing of Terrorism Program
and Suspicious Activity Report Filing Requirements for Registered
Investment Advisers and Exempt Reporting Advisers'' (89 Fed. Reg. 72156
(September 4, 2024)), and such rule shall have no force or effect.
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