Bills · HR 147
IN COMMITTEE· 119TH CONGRESS
House BillHR 147Government ethics and transparency, public corruptionFraud offenses and financial crimes
FinCEN Oversight and Accountability Act of 2025
INTRO JAN 3· LAST ACTION JAN 3
READING
4MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it seeks to make a powerful government agency, FinCEN, more transparent and accountable to both Congress and the American public. If this bill becomes law, people would gain more insight into how FinCEN operates and the specific authorities it uses to combat financial crimes, which could foster greater trust in government operations. Conversely, without this bill, FinCEN's operations would remain less visible.
Furthermore, the requirement for annual small business working groups is significant. Many small businesses struggle to understand and comply with complex beneficial ownership reporting rules, which aim to prevent shell companies from being used for illicit activities. If this bill passes, these working groups could provide much-needed clarity and support, potentially reducing the compliance burden on small business owners. If it doesn't pass, small businesses would continue to navigate these rules without a dedicated, direct outreach program from FinCEN.
KEY PROVISIONS
4AI-extractedPROVISION 01
Requires the Treasury Secretary to keep relevant congressional committees fully informed about all FinCEN activities, including any unlawful actions and how they are addressed.
This strengthens Congress's ability to oversee and monitor FinCEN's operations, ensuring accountability.
PROVISION 02
Mandates that FinCEN disclose its 'controlling documents' (internal records delegating authority for financial crime laws) to Congress and make them available to the public (with national security exemptions).
This increases transparency regarding FinCEN's powers and how it operates, allowing the public and Congress to better understand its functions.
PROVISION 03
Changes the frequency for the Director of FinCEN to testify before Congress regarding the Bank Secrecy Act from every 5 years to every 10 years.
This alters how often the head of FinCEN directly answers to Congress on the implementation of key anti-money laundering laws.
PROVISION 04
Requires FinCEN to hold annual small business working groups to share information, promote coordination, and provide guidance on beneficial ownership reporting obligations.
This provides a dedicated forum to help small businesses understand and comply with complex financial reporting rules, potentially reducing their burden.
SPONSORSHIP
1 + 0
R· Ohio
YRS IN OFFICE
10
BILLS LED
43
ACTION TIMELINE
3 EVENTSJAN 3
Introduced in House
JAN 3
Introduced in House
JAN 3
Referred to the House Committee on Financial Services.
BILL INFO
TypeHouse Bill
NumberHR 147
Congress119th
StatusIn Committee
IntroducedJan 3, 2025
Last actionJan 3, 2025
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IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED JAN 3, 2025
House BillHR 147Government ethics and transparency, public corruptionFraud offenses and financial crimes
FinCEN Oversight and Accountability Act of 2025
INTRODUCED JAN 3, 2025· LAST ACTION JAN 3, 2025
PASSAGE CHANCES
—%
READING
4 min
COSPONSORS
0
COMPLEXITY
Moderate
