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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 "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".
2/21/2025, 1:15 PM
Summary of Bill HJRES 56
Bill 119 hjres 56 is a piece of legislation that aims to disapprove of a rule submitted by the Financial Crimes Enforcement Network (FinCEN) regarding Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers. The bill falls under chapter 8 of title 5, United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies.
The rule in question pertains to the reporting requirements for investment advisers and exempt reporting advisers in relation to suspicious financial activities that may be linked to money laundering or terrorism financing. The bill seeks to challenge and reject this rule, indicating a disagreement with the approach taken by FinCEN in regulating these activities.
If passed, Bill 119 hjres 56 would signify Congress's disapproval of the FinCEN rule and prevent it from being implemented. This legislative action reflects the ongoing debate and scrutiny surrounding financial regulations and the balance between preventing illicit activities and ensuring compliance burdens are reasonable for businesses.
The rule in question pertains to the reporting requirements for investment advisers and exempt reporting advisers in relation to suspicious financial activities that may be linked to money laundering or terrorism financing. The bill seeks to challenge and reject this rule, indicating a disagreement with the approach taken by FinCEN in regulating these activities.
If passed, Bill 119 hjres 56 would signify Congress's disapproval of the FinCEN rule and prevent it from being implemented. This legislative action reflects the ongoing debate and scrutiny surrounding financial regulations and the balance between preventing illicit activities and ensuring compliance burdens are reasonable for businesses.
Congressional Summary of HJRES 56
This joint resolution nullifies the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers and published on September 4, 2024. The rule expands existing anti-money laundering and counterterror financing requirements (e.g., reporting suspicious financial activity to FinCEN) to include certain investment advisers.
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Current Status of Bill HJRES 56
Bill HJRES 56 is currently in the status of Bill Introduced since February 12, 2025. Bill HJRES 56 was introduced during Congress 119 and was introduced to the House on February 12, 2025. Bill HJRES 56's most recent activity was Referred to the House Committee on Financial Services. as of February 12, 2025
Bipartisan Support of Bill HJRES 56
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HJRES 56
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HJRES 56
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 "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".
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 "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".
Comments
Sponsors and Cosponsors of HJRES 56
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