Bill · H.J.Res. 56· House(119-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".
- Introduced
- 2/12/2025
- Last activity
- 2/12/2025 — Referred to the House Committee on Financial Services.
- Sponsored by
- Andrew Clyde
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This joint resolution aims to provide congressional disapproval of a specific rule submitted by the Financial Crimes Enforcement Network. The rule in question concerns "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers." If passed, this resolution would ensure the rule has no force or effect.
Yes· 3 of 4
Would business owners be better off under this?+3
The resolution reduces the compliance and administrative burden on those running investment advisory businesses.
Would people with substantial wealth be better off under this?+3
The resolution benefits high net worth individuals who utilize investment advisers by removing reporting obligations.
Does this make it easier to run a small business?+3
The resolution reduces the regulatory and reporting burden on investment advisers by nullifying the FinCEN rule.
The opposite
Does this put more money into stopping terrorism?-3
By nullifying the anti-money laundering and suspicious activity report requirements, the resolution may weaken tools used to track terrorism financing.
Does this give the federal government more power?-2
The resolution uses congressional authority to strike down a rule established by a federal agency.
Who it would affect, and how
Potential Positive Impacts for People
- Elimination of the rule's requirements: By approving this resolution, the rule submitted by the Financial Crimes Enforcement Network regarding "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers" would have no force or effect.
Potential Negative Impacts for People
- No information provided: The provided text does not contain details regarding the specific contents of the rule or any potential negative consequences resulting from its disapproval.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+3Good For High Net Worth Individuals+3
- Economy And Finance
- Improves Small Business Support+3
- National Security And Foreign Policy
- Increases Counter Terrorism Funding-3
- Governance And Ideology
- Improves Privacy Rights+2Increases Federal Power-2
- 2/12/2025
- Referred to the House Committee on Financial Services.
- Introduced in House