# Plain Language Summary: FinCEN Oversight and Accountability Act of 2023

This bill is about making the Financial Crimes Enforcement Network (FinCEN)—a government agency that tracks money laundering and financial crimes—more transparent and accountable to Congress and the public. Right now, FinCEN operates under various rules and directives from the Treasury Department that aren't always publicly available. This bill requires the Treasury Secretary to share those internal rules and policies with Congress and make them available to the general public, so people can see how FinCEN actually operates and what authority it has been given.

The bill also extends the time that FinCEN's director can be required to testify before Congress from five years to ten years. This means Congress can call on the director to answer questions about the agency's activities for a longer period, giving lawmakers more opportunity to hold the agency accountable for its decisions and actions over time.

Additionally, the bill creates a requirement for FinCEN to hold yearly meetings with small business owners to discuss how beneficial ownership reporting rules are working. Beneficial ownership reporting is a requirement where business owners must disclose who actually owns or controls a company—rules that can be confusing and burdensome for small business operators. These working group meetings would give small business owners a chance to share their concerns directly with FinCEN and get clearer guidance on what they're required to report.

Overall, this bill aims to make FinCEN less of a "black box" agency by requiring more transparency about its operations, giving Congress longer authority to oversee it, and creating a direct line of communication between the agency and small business owners who have to comply with its rules.

FinCEN Oversight and Accountability Act of 2023

Davidson, Warren

FinCEN Oversight and Accountability Act of 2023This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), particularly regarding unlawful activity and any resulting corrective action.Further, Treasury must&nbsp;disclose to Congress and to the public (with some exclusions) all controlling documents delegating authority to or providing direction to FinCEN. Such disclosure includes any controlling documents in force upon enactment, any controlling documents issued thereafter, and any changes to controlling documents. The bill also limits the authority of Treasury to make certain exceptions regarding proposed or final rules related to FinCEN to the person performing the duties of the Secretary.The bill extends the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs for another five years.FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.&nbsp;