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HJRES 56 · in committee · significant

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 "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".

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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 "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".

What this bill does

  • This resolution blocks a rule requiring investment advisers to report suspicious financial activity to fight money laundering and terrorism financing.
  • Registered investment advisers and exempt reporting advisers are affected by the blocked reporting requirements.
  • The rule, issued by the Financial Crimes Enforcement Network in September 2024, is nullified immediately upon passage.

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Community Threads

Started by Cosponsor

  1. 01

    How might blocking investment adviser reporting requirements affect law enforcement's ability to detect money laundering and terrorist financing?

  2. 02

    Which investment firms and their clients could be most impacted by eliminating these anti-money laundering reporting obligations?

  3. 03

    What trade-offs exist between reducing compliance burdens on investment advisers and maintaining financial system safeguards against illicit activity?

Cosponsor writes these to seed civic discussion — they aren't user posts. Sign in to reply.

Sponsor · R-GA-9

Andrew S. Clyde

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House Reps cosponsoring

Introduced 2025-02-12

Legislative timeline

  1. 2025-02-12 · house · IntroReferral

    Referred to the House Committee on Financial Services.

  2. 2025-02-12 · IntroReferral

    Introduced in House

  3. 2025-02-12 · IntroReferral

    Introduced in House

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