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Congressional Disapproval of Anti-Money Laundering Rules for Investment Advisers.

This Congressional resolution aims to block new rules proposed by FinCEN (Financial Crimes Enforcement Network). These rules would require registered investment advisers to implement anti-money laundering programs and file suspicious activity reports. If Congress approves this resolution, these new obligations for investment advisers will be canceled, potentially leading to less transparency in the financial sector but reducing administrative burdens for firms managing your money.
Key points
Congress seeks to disapprove the FinCEN rule that extended Anti-Money Laundering (AML) obligations to investment advisers.
If the resolution passes, investment advisers will not be required to establish formal AML programs or file Suspicious Activity Reports (SARs).
The consequence is less regulatory burden on investment management firms, but potentially less protection against illicit money flows in the investment sector.
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Expired
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Additional Information
Print number: 118_HJRES_213
Sponsor: Rep. Palmer, Gary J. [R-AL-6]
Process start date: 2024-10-18
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_213.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-10-18.

What are the main provisions?

Key points include:

  • Congress seeks to disapprove the FinCEN rule that extended Anti-Money Laundering (AML) obligations to investment advisers.
  • If the resolution passes, investment advisers will not be required to establish formal AML programs or file Suspicious Activity Reports (SARs).
  • The consequence is less regulatory burden on investment management firms, but potentially less protection against illicit money flows in the investment sector.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Palmer, Gary J. [R-AL-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

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