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This bill aims to increase oversight, transparency, and engagement around the Financial Crimes Enforcement Network (FinCEN). It requires the Treasury Department to keep key congressional committees fully informed about FinCEN’s activities and to report any unlawful actions and planned corrective steps. The bill also directs Treasury to share the written orders and documents that delegate authority to FinCEN with those committees and to publish those documents for the public, except for parts protected by normal privacy or security exemptions. It changes a time period in the law related to testimony by the FinCEN Director from 5 years to 10 years, and it requires FinCEN to hold an annual small business working group to share information about beneficial ownership data, coordinate with small businesses, and provide guidance on reporting obligations. The working group requirement must be implemented without new appropriations.
Treasury must keep the House Financial Services Committee and the Senate Banking Committee fully and currently informed about FinCEN’s activities and must promptly report any unlawful activity and the corrective actions taken or planned.
Treasury must provide to those committees the “controlling documents” that delegate authority to FinCEN and must make those documents public, except for parts that are properly exempt from disclosure under existing law.
The bill changes a current time period in the law involving testimony by the FinCEN Director, replacing “5 years” with “10 years.”
FinCEN must hold an annual small business working group to share information on the effectiveness of beneficial ownership data, coordinate with small businesses, and give guidance about reporting obligations; no new appropriations may be used to carry out this requirement.
Official Summaries
FinCEN Oversight and Accountability Act of 2025
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 extends for an additional five years the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
Current Full Text
[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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