Bill > HR147

This bill aims to enhance oversight and accountability of the Financial Crimes Enforcement Network (FinCEN) through several key provisions. It requires the Secretary of the Treasury to keep congressional committees fully informed about FinCEN's activities, including promptly reporting any unlawful activities and corrective actions. The bill mandates transparency by requiring the disclosure of "controlling documents" - official records that delegate authority to FinCEN - to both congressional committees and the public, with certain exemptions for sensitive information. Additionally, the bill extends the tenure of the FinCEN Director from 5 to 10 years and establishes an annual Small Business Working Group to share information about beneficial ownership reporting, promote coordination between FinCEN and small businesses, and provide guidance on reporting obligations. The primary goals are to increase transparency, improve communication between FinCEN and Congress, and support small businesses in understanding and complying with financial reporting requirements. Notably, the bill specifies that no additional funds will be appropriated to implement the new Small Business Working Group requirement.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/147/all-info