Bill > HJRes56

This joint resolution disapproves a rule issued by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, concerning anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements for registered investment advisers and exempt reporting advisers. Specifically, the resolution targets a rule published in the Federal Register on September 4, 2024, which would have imposed new reporting and compliance obligations on investment advisers. By passing this resolution, Congress would nullify the FinCEN rule, effectively preventing it from being implemented or enforced. The resolution uses a procedural mechanism under Chapter 8 of Title 5 of the United States Code, which allows Congress to review and potentially reject federal agency rules within a certain timeframe, providing a check on regulatory agencies' rulemaking authority.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-joint-resolution/56/all-info