H.R. 7623 · 117th Congress
Financial Crimes Enforcement Network Improvements Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
DavidsonSponsorNo cosponsors.
This bill makes several organizational changes to the Financial Crimes Enforcement Network (FinCEN).
What it does: CRS summary · Introduced in House · Apr 28, 2022
Financial Crimes Enforcement Network Improvements Act
This bill makes several organizational changes to the Financial Crimes Enforcement Network (FinCEN).
First, the director of FinCEN must be appointed by the President with the advice and consent of the Senate. (Currently, the director is appointed by the Secretary of the Treasury.)
The bill also establishes an Office of Audit and Investigations within FinCEN. The office must prioritize audits and investigations that protect the civil liberties and privacy of citizens. The bill also provides for a Civil Liberties Protection Officer to oversee compliance with all guidelines relating to civil liberties and privacy.
Further, the bill imposes additional requirements on the rulemaking process for FinCEN, including by limiting the delegation authorities of the Secretary of the Treasury to make findings and exercise authority to certify, delay, or waive certain rulemaking activities. FinCEN is also required to conduct additional outreach to small businesses prior to a rulemaking.
Finally, FinCEN must disclose certain controlling documents regarding the implementation of specified laws and must report to Congress any unlawful FinCEN activity and corrective action taken.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Crimes Enforcement Network Improvements Act
Latest action (Apr 28, 2022): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 28, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.