FinCEN Oversight and Accountability Act of 2023
Latest action · Dec 13, 2023 Placed on the Union Calendar, Calendar No. 254.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 14, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
FinCEN Oversight and Accountability Act of 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.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Sep 14, 2023Markup Sep 20, 2023Reported Dec 13, 2023 |
Actions 6
Everything that happened, newest first.
- Dec 13, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
- Dec 13, 2023Placed on the Union Calendar, Calendar No. 254.
- Sep 20, 2023Committee Consideration and Mark-up Session Held
- Sep 20, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 46 - 0.
- Sep 14, 2023Introduced in House
- Sep 14, 2023Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Nov 6, 2023H.R. 5472, FinCEN Oversight and Accountability Act of 2023As reported by the House Committee on Financial Services on September 20, 2023
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2963 | FinCEN Accountability Act of 2023 | Related bill | Apr 27, 2023 |
| HR 5422 | Small Business Working Group Act | Related bill | Sep 12, 2023 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To make improvements to the Financial Crimes Enforcement Network, and for other purposes.
- Short Title(s) as Introduced
- FinCEN Oversight and Accountability Act of 2023
- Short Title(s) as Reported to House
- FinCEN Oversight and Accountability Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Dec 13, 2023Reported in House
- Sep 14, 2023Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
