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McHenry Introduces Legislation to Bring Transparency and Accountability to FinCEN, Protect Small Business Data
Washington,
June 12, 2023 -
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), 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). These bills will bring much-needed transparency and accountability to the agency, while ensuring small businesses’ sensitive information and Americans’ privacy are protected in its beneficial ownership reporting regime.
“The degree of regulatory authority and volume of Americans’ sensitive information amassed by FinCEN would make the Intelligence Community blush,” said Chairman McHenry. “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.”
Background:
The Accountability Through Confirmation Act of 2023 will ensure FinCEN is accountable to Congress and the American people by requiring the director of FinCEN to be appointed by the President and 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 January 1, 2024, until FinCEN finalizes both the Access Rule, and the CDD Congruence Rule. This legislation builds on Chairman McHenry's work to ensure that beneficial ownership rulemaking adheres to Congressional intent, ensuring reporting companies cannot avoid transparency and preventing FinCEN from instituting an overly burdensome compliance regime on small businesses or infringing on Americans’ privacy rights.
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