U.S. Rep. Patrick McHenry (R-NC) introduced two bills this week to reform the Financial Crimes Enforcement Network (FinCEN).
One of the bills is the Accountability Through Confirmation Act of 2023, would require the director of FinCEN to be appointed by the president and with the advice and consent of the U.S. Senate.
The other is the Protecting Small Business Information Act of 2023, which would delay the effective date for the upcoming beneficial ownership information (BOI) reporting requirements, which is currently set for Jan. 1, 2024. It seeks to ensure that beneficial ownership rulemaking adheres to Congressional intent, ensuring reporting companies cannot avoid transparency. It would also seek to prevent FinCEN from instituting an overly burdensome compliance regime on small businesses or infringing on privacy rights.
“The degree of regulatory authority and volume of Americans’ sensitive information amassed by FinCEN would make the Intelligence Community blush,” McHenry, chair of the House Financial Services Committee, 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.”