WeVote
Log In

Bill

Bill

HJRES 56

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".

119th Congress Introduced by Andrew Clyde

HJRES 56 seeks to nullify a FinCEN rule, freeing registered and exempt investment advisers from anti-money laundering and reporting requirements, easing compliance burdens.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HJRES 56

Summary of HJRES 56

Bill Overview

Bill Number: HJRES 56
Title: 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".
Status: Introduced in House
Introduced On: February 12, 2025
Classification: Resolution

Purpose and Intent

HJRES 56 aims to formally disapprove a specific rule established by the Financial Crimes Enforcement Network (FinCEN) concerning the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements for registered investment advisers and exempt reporting advisers. The resolution seeks to nullify the rule, which was published in the Federal Register on September 4, 2024.

Key Provisions

  • Disapproval of FinCEN Rule: The resolution states that Congress disapproves the rule related to AML/CFT programs and the filing requirements for suspicious activity reports (SARs) as they pertain to registered investment advisers and exempt reporting advisers.
  • No Force or Effect: If passed, the resolution would ensure that the specified rule has no legal force or effect, effectively nullifying its implementation.

Affected Parties

  • Registered Investment Advisers: These entities would no longer be subject to the requirements outlined in the disapproved rule, potentially impacting their compliance obligations.
  • Exempt Reporting Advisers: Similar to registered investment advisers, these advisers would also be relieved from the requirements imposed by the FinCEN rule.

Legislative Process

  • Referral to Committee: Upon introduction, HJRES 56 was referred to the House Committee on Financial Services on the same day, February 12, 2025. This committee will review the resolution and determine the next steps in the legislative process.

Conclusion

HJRES 56 represents a congressional effort to disapprove a regulatory rule from FinCEN that imposes specific AML/CFT requirements on investment advisers. The resolution, if passed, would eliminate these requirements, impacting compliance for affected advisers. The bill is currently under consideration by the House Committee on Financial Services.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.