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Increased Transparency and Oversight for Financial Crimes Enforcement Network

This act enhances Congressional oversight of FinCEN, the agency combating financial crimes. It introduces greater transparency by making documents outlining its authorities publicly available. Additionally, the act aims to better support small businesses in understanding and fulfilling their beneficial ownership reporting obligations.
Key points
Increased Transparency: FinCEN will be required to make documents defining its authorities publicly available, allowing citizens to better understand its scope of action.
Small Business Support: Working groups will be established to help small businesses understand and comply with beneficial ownership reporting requirements, potentially simplifying business operations.
Enhanced Congressional Oversight: The agency will be required to regularly inform Congress about its activities and any irregularities, increasing accountability.
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Additional Information
Print number: 118_HR_5472
Sponsor: Rep. Davidson, Warren [R-OH-8]
Process start date: 2023-09-14
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FinCEN Oversight and Accountability Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5472.

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 2023-09-14.

What are the main provisions?

Key points include:

  • Increased Transparency: FinCEN will be required to make documents defining its authorities publicly available, allowing citizens to better understand its scope of action.
  • Small Business Support: Working groups will be established to help small businesses understand and comply with beneficial ownership reporting requirements, potentially simplifying business operations.
  • Enhanced Congressional Oversight: The agency will be required to regularly inform Congress about its activities and any irregularities, increasing accountability.
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. Davidson, Warren [R-OH-8].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 254.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law