The bill would require the Treasury Secretary to keep two congressional committees informed about FinCEN’s activities and promptly report unlawful activity and planned or completed corrective steps. It would also require the Secretary to provide certain documents that delegate authority to FinCEN to Congress and make them public, except for portions covered by disclosure exemptions. The bill changes a time period in a provision concerning testimony by the FinCEN Director from five years to ten years. It also calls for an annual working group with small businesses to discuss beneficial ownership information, coordination, and reporting guidance. No amounts may be appropriated to carry out the working-group changes.
Small businesses could receive guidance on beneficial ownership reporting through the annual working group. The public could access certain documents about authority delegated to FinCEN, with exempt portions withheld. The bill does not describe other direct effects on individuals.
The bill bars appropriations for the small business working-group changes. It does not provide other cost estimates.
No publicly available information.
No publicly available information.