Rep. Patrick McHenry (R-N.C.), chair of the House Financial Services Committee, introduced two pieces of legislation – the Accountability Through Confirmation Act and the Protecting Small Business Information Act – to reform the Financial Crimes Enforcement Network (FinCEN) and create “much-needed” transparency and accountability within the agency.
These bills also seek to ensure small businesses’ sensitive information and Americans’ privacy are protected in FinCEN’s beneficial ownership reporting regime.
“The degree of regulatory authority and volume of Americans’ sensitive information amassed by FinCEN would make the intelligence community blush,” McHenry said. “They have done this with little transparency and accountability, and a disregard for Americans’ privacy rights. In response, Republicans on the House Financial Services Committee are working to comprehensively reform the agency. As part of that effort, I am introducing two bills to boost transparency at FinCEN and ensure it is accountable to the American people. I’m proud to stand with my colleagues to fight back against government overreach and protect the privacy of our constituents.”
The Accountability Through Confirmation Act will ensure FinCEN is accountable to Congress and the American people by requiring the director of FinCEN to be appointed by the , with the advice and consent of the Senate.
The Protecting Small Business Information Act of 2023 will protect small businesses' sensitive information and Americans’ privacy by delaying the effective date for the upcoming beneficial ownership information (BOI) reporting requirements, which is currently Jan. 1, 2024, until FinCEN finalizes both the Access Rule, and the Customer Due Diligence Congruence Rule.