Us Congress House Bill HJR213

Us Congress 2023-2024 Regular Session

• Introduced: 10/18/24
• Refer: 10/18/24

Caption

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 "Financial Crimes Enforcement Network: Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".

Impact

Should HJR213 be enacted, it would effectively nullify the specified FinCEN rule, potentially affecting compliance requirements for investment advisers. The rule in question is part of broader efforts to enhance financial transparency and prevent illicit activities, including money laundering and terrorism financing. By disapproving this rule, Congress may alter the regulatory landscape governing how investment advisers report suspicious activities, which could lead to significant changes in their operational protocols and risk management approaches.

Summary

HJR213 is a joint resolution providing for congressional disapproval of a rule submitted by the Financial Crimes Enforcement Network (FinCEN) related to anti-money laundering and countering the financing of terrorism programs. Specifically, it addresses the suspicious activity report filing requirements for registered investment advisers and exempt reporting advisers. The resolution indicates that the rule should have no force or effect if disapproved by Congress. This act illustrates the legislative mechanism by which Congress can intervene and reject actions taken by federal regulatory agencies, thereby impacting the enforcement of financial regulations.

Contention

The discussions surrounding HJR213 may involve contrast between those who emphasize strict regulatory controls for financial activities against proponents of reduced regulatory burdens for advisers. Opponents of the existing FinCEN rule might argue that it imposes unnecessary complexity and cost on investment advisers, while advocates for stringent rules may stress the importance of such measures in maintaining financial system integrity. This tension reflects a broader debate about the balance between regulatory oversight and the operational flexibility needed for businesses within the financial sector.