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".
About This Bill
Committee
Latest Action · October 18, 2024
Referred to the House Committee on Financial Services.
This resolution would reject a new Financial Crimes Enforcement Network rule that requires registered investment advisers and exempt reporting advisers to file suspicious activity reports as part of anti-money laundering and terrorism financing prevention efforts. The rule, which was published in the Federal Register on September 4, 2024, would expand reporting requirements for investment firms to help detect and prevent financial crimes. If passed, the resolution would nullify the rule entirely, preventing it from taking effect and eliminating the new reporting obligations for these financial advisers. The measure uses the congressional disapproval process under federal law, which allows Congress to overturn regulatory actions through a joint resolution.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.