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118th Congress Finance and Financial Sector

H.R. 5472: FinCEN Oversight and Accountability Act of 2023

ReportedDec 13, 2023

  1. Introduced (completed)Sep 14, 2023
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Reported to House, Dec 13, 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.

Read the full summary

FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Who scored on this bill

20 points earned
  1. 1Warren Davidson R-OH SponsorIntroduced, reported2 events+20
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Other bills by Warren Davidson

History

  1. Sep 14, 2023Introduced in the House by Warren Davidson.
Show the full action history (6 actions)
  1. Dec 13, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
  2. Dec 13, 2023Placed on the Union Calendar, Calendar No. 254.
  3. Sep 20, 2023Committee Consideration and Mark-up Session Held
  4. Sep 20, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 46 - 0.
  5. Sep 14, 2023Introduced in House
  6. Sep 14, 2023Referred to the House Committee on Financial Services.