FinCEN Oversight and Accountability Act of 2025This 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.
Impact
If enacted, the FinCEN oversight bill would significantly impact how FinCEN operates and interacts with Congress. The Secretary of the Treasury would be required to keep Congress updated on important activities and any unlawful behavior associated with FinCEN. Furthermore, this proposal reinforces the importance of compliance and oversight in maintaining effective governance over financial institutions. The potential for corrective actions in case of wrongful activities could lead to a stricter regulatory environment within FinCEN itself, aiming to prevent future mismanagement or malpractice.
Summary
House Bill 147, titled the 'FinCEN Oversight and Accountability Act of 2025', aims to enhance the oversight and accountability of the Financial Crimes Enforcement Network (FinCEN). The bill mandates greater transparency in the activities of FinCEN and requires timely reporting to Congress regarding unlawful activities. By ensuring that Congress is informed of FinCEN's operations, this bill seeks to reinforce legislative oversight and accountability in financial crime prevention efforts. This focus on improving transparency is seen as a necessary step towards rebuilding trust in federal institutions responsible for financial regulation.
Contention
While the bill is primarily focused on accountability and transparency, it may raise concerns among various stakeholders, including financial institutions and small businesses. Some may view the increased oversight as a potential burdensome requirement that could complicate compliance efforts. On the other hand, supporters argue that a well-regulated environment is critical for preventing financial crimes and protecting small businesses from fraudulent practices. The establishment of small business working groups within the bill suggests a recognition of these concerns and an effort to ensure that small business perspectives are included in FinCEN's regulatory processes.
FinCEN Modernization Act of 2023 This bill requires the Financial Crimes Enforcement Network (FinCEN) to establish programs and perform research related to financial technology on topics such as machine learning, data analytics, and cryptocurrency. The bill allows FinCEN to enter into transactions and to accept gifts related to these objectives.
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".
A bill to exempt National Guard Bilateral Affairs Officers from active-duty end strength limits and to clarify the congressional committees to which the Secretary of Defense shall submit an annual report on security cooperation activities.
Stop Inflationary Spending Act This bill requires the Congressional Budget Office (CBO) to provide inflation projections for bills that Congress considers using the budget reconciliation process. Specifically, the CBO must estimate the impact on inflation that will occur from implementing each reconciliation bill, including the impact on inflation that will occur during each of the first five years after the enactment of the bill.
Hamas International Financing Prevention Act This bill imposes sanctions targeting Hamas, the Palestinian Islamic Jihad, and any affiliate or successor groups. The President must periodically report to Congress a list of each foreign person (individual or entity) that knowingly provides significant support or services to or is involved in a significant transaction with a senior member or supporter of the targeted groups. The President must impose two or more sanctions on the named persons. Specifically, the person may be (1) denied credit and services from the Export-Import Bank, (2) barred from purchasing certain controlled defense articles, (3) denied exports of items on the U.S. Munitions List, (4) prevented from receiving exports of certain goods or technology controlled for national security reasons, (5) prohibited from receiving financing of more than $10 million from any U.S. financial institution, or (6) subject to property-blocking restrictions. The President must periodically report to Congress a list of foreign governments that have repeatedly provided material support for the targeted groups' terrorist activities. The President shall bar these governments from receiving for one year (1) U.S. assistance, or (2) exports of controlled munitions. The Department of the Treasury must instruct U.S. leadership of international financial institutions to oppose providing assistance to an identified government for one year. The bill provides for certain exceptions and waivers, such as for transactions that would serve U.S. national interests. The President must report to Congress and periodically provide briefings on other specified topics related to the targeted groups, such as where these groups secure financing and surveillance equipment.