91 HR 5472 IH: FinCEN Oversight and Accountability Act of 2023
U.S. House of Representatives
2023-09-14
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of contents(a)This Act may be cited as the FinCEN Oversight and Accountability Act of 2023
. (b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents.Title I—Congressional OversightSec. 101. Information for constitutional functions of Congress.Title II—FinCEN AccountabilitySec. 201. Transparency with controlling documents.Sec. 202. Testimony by the Director of FinCEN.Title III—Small Business Working GroupSec. 301. Small Business Working Groups.<enum>I</enum><header>Congressional Oversight</header><section id="H17293058FDA8445DA5C79E4FEC1A249A"><enum>101.</enum><header>Information for constitutional functions of Congress</header><subsection id="H9D660D821A3B460EB7B87477F33D11D0"><enum>(a)</enum><header>Keeping Congress informed</header><text>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.</text></subsection><subsection id="H35251C382D47459B8345EAC16A35EE37"><enum>(b)</enum><header>Report of unlawful activity and corrective action</header><text>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 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.</text></subsection></section><enum>II</enum><header>FinCEN Accountability</header><section id="H39A616BF2A8946169C4E113D3037A2E3"><enum>201.</enum><header>Transparency with controlling documents</header><subsection id="H1719E0FE77B74F18BD02EE74355B35F2"><enum>(a)</enum><header>Definition of controlling document</header><text>As used in this section, the term <term>controlling document</term> 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, or contains direction binding upon 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, including delegations, prescriptions, regulations, protocols, priorities, policies, standards, guidelines, and requirements issued in accordance with subsections (b)(2)(C), (b)(2)(E), (b)(2)(I), (b)(2)(J), (b)(2)(O), (c), and (i)(2)(C)(ii) of section 310 of such title 31 and subsections (b)(1), (b)(2), (b)(4), (c)(2)(A), (c)(2)(C), (c)(3), (c)(5), (d)(3), and (h)(3)(C)(i)(I)(bb) of section 5336 of such title 31.</text></subsection><subsection id="H18353AAAD5C7400789B4DC61C1C5FDDF"><enum>(b)</enum><header>Disclosure to Congress</header><text>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—</text><paragraph id="H6C6444E0420D465C8A66DFBD1B2FFEBE"><enum>(1)</enum><text>controlling documents in force as of the enactment of this Act;</text></paragraph><paragraph id="HF8E1B08797E4416F8992F2BBCEB4B104"><enum>(2)</enum><text>any controlling documents issued thereafter; and</text></paragraph><paragraph id="H8C6D9377ED2C4888945B4C8C76F9CD27"><enum>(3)</enum><text>any changes to controlling documents described in paragraphs (1) and (2) made thereafter, including any revocations thereof.</text></paragraph></subsection><subsection id="HF97335AC8C2C49328D306F337E87AAE2"><enum>(c)</enum><header>Disclosure to the public</header><text>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.</text></subsection><subsection id="HC02A7869349D4480A38304F5D6ED412F" display-inline="no-display-inline"><enum>(d)</enum><header>Bank Secrecy Act defined</header><text>In this section, the term <term>Bank Secrecy Act</term> means—</text><paragraph id="H0ACD868B7BD94853BA7B53F3FE597448"><enum>(1)</enum><text>section 21 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1829b">12 U.S.C. 1829b</external-xref>);</text></paragraph><paragraph id="H82440789890249CDA894628C57DA2500"><enum>(2)</enum><text>chapter 2 of title I of <external-xref legal-doc="public-law" parsable-cite="pl/91/508">Public Law 91–508</external-xref> (<external-xref legal-doc="usc" parsable-cite="usc/12/1951">12 U.S.C. 1951 et seq.</external-xref>); and</text></paragraph><paragraph id="H8FEAFBFBE5434AA1927E4A9E4977EC4F"><enum>(3)</enum><text>subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code. </text></paragraph></subsection></section><section id="H2AF1C8F11CD94CECAE294F410BFE9948"><enum>202.</enum><header>Testimony by the Director of FinCEN</header><text display-inline="no-display-inline">Section 5336(c)(11)(A) of title 31, United States Code, is amended by striking <quote>5 years</quote> and inserting <quote>10 years</quote>.</text></section><enum>III</enum><header>Small Business Working Group</header><section id="H3FA23BAB88944F309559C7B8F6083C20"><enum>301.</enum><header>Small Business Working Groups</header><subsection id="HB84397FF964543159A1641979E89ECAC"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 310(g)(5)(A) of title 31, United States Code, is amended—</text><paragraph id="HDCCDBAEF8C1842568732EF32DCD4A40C"><enum>(1)</enum><text>in clause (vi) by striking <quote>and</quote> at the end;</text></paragraph><paragraph id="HAA04E63D3F98465D9F7272146AA7A9C0"><enum>(2)</enum><text>in clause (vii) by striking the period at the end and inserting <quote>; and</quote>; and</text></paragraph><paragraph id="HB210A74AA1124DEEB4CC33DB58408D6E"><enum>(3)</enum><text>by inserting the following at the end:</text><quoted-block style="USC" id="HB978FC7785FE4147A30EDCA72D4B6A37" display-inline="no-display-inline"><clause id="H0A6AF0A279AA484798DCD147805BBEE0"><enum>(viii)</enum><text display-inline="yes-display-inline">each year, hold a small business working group to—</text><subclause id="H910F201B4B464BD0B7C31660279208B5"><enum>(I)</enum><text>share information about the effectiveness of beneficial ownership information; and</text></subclause><subclause id="H3B457F21016D4FB1A9C4F0119ECAFE49"><enum>(II)</enum><text>promote coordination between FinCEN and the small business community; and</text></subclause><subclause id="HF5DCF75AF49546FF89EC7B0DCA75FC47"><enum>(III)</enum><text>provide guidance to small businesses about beneficial ownership reporting obligations.</text></subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="H92496A8C3C2745C998D97B2F4BA4040C"><enum>(b)</enum><header>Appropriations</header><text display-inline="yes-display-inline">No amounts may be appropriated to carry out the amendments made by subsection (a). </text></subsection></section>