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".
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™House Joint Resolution 213 (HJRES 213) from the 118th Congress is a legislative measure proposing congressional disapproval of a rule issued by the Financial Crimes Enforcement Network (FinCEN). The rule in question pertains to anti-money laundering and countering the financing of terrorism programs, specifically focusing on suspicious activity report filing requirements for registered investment advisers and exempt reporting advisers. The resolution aims to nullify this FinCEN rule under chapter 8 of title 5, United States Code. As of the latest update, the resolution was referred to the House Committee on Financial Services but has since failed or expired without further legislative action.
HJRES 213 sought to overturn a FinCEN rule on anti-money laundering reporting requirements for certain investment advisers but did not advance beyond committee and is no longer active.
- The resolution targets a FinCEN rule related to anti-money laundering and counter-terrorism financing programs.
- Specifically, it addresses suspicious activity report filing requirements for registered investment advisers and exempt reporting advisers.
- The resolution was referred to the House Committee on Financial Services on October 18, 2024, but ultimately failed or expired.
['Registered investment advisers and exempt reporting advisers potentially relieved from the contested reporting requirements if the resolution had passed.', 'Financial regulatory bodies such as FinCEN, which are involved in implementing anti-money laundering rules, may be affected by changes in their regulatory authority.']
["The resolution's failure to pass leaves the FinCEN rule in effect, maintaining current compliance obligations for investment advisers.", 'Disapproval resolutions under chapter 8 of title 5 can raise questions about the balance of regulatory authority between Congress and federal agencies.', 'Potential implementation challenges include ensuring clarity on reporting requirements and maintaining effective anti-money laundering oversight.']
HJRES 213 was introduced in the House during the 118th Congress as part of congressional oversight of administrative rules. The resolution reflects legislative mechanisms available to Congress to disapprove agency rules under the Congressional Review Act framework. The referral to the House Committee on Financial Services aligns with the committee's jurisdiction over financial regulations. The resolution did not progress beyond committee and is recorded as failed or expired as of December 16, 2024.
Hidden impact flags detected: 2
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['If the resolution had passed, it could have set a precedent for congressional disapproval of similar financial regulatory rules, potentially influencing future regulatory oversight.', 'Maintaining the rule as is supports ongoing anti-money laundering efforts, which may impact financial transparency and enforcement actions.', 'Changes in reporting requirements could affect the workload and resource allocation of both regulatory agencies and financial advisers.']
The bill summary and full text are not provided, limiting detailed analysis of specific provisions. The resolution's referral to the House Committee on Financial Services is consistent with standard legislative procedures for financial regulation oversight. The failure or expiration status indicates no enacted change to the FinCEN rule. Transparency considerations include monitoring the use of congressional disapproval mechanisms and their impact on regulatory frameworks governing financial crimes enforcement.
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