What This Bill Does · Plain English
Summary · Congress.gov
This joint resolution nullifies the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers and published on September 4, 2024. The rule expands existing anti-money laundering and counterterror financing requirements (e.g., reporting suspicious financial activity to FinCEN) to include certain investment advisers.
Action Timeline
2025-02-12
Referred to the House Committee on Financial Services.
2025-02-12
Introduced in House
2025-02-12
Introduced in House
Frequently Asked Questions
Did HJRES.56 pass?
HJRES.56 is still alive. Current stage: COMMITTEE. Pass likelihood: 58%.
What does HJRES.56 do?
This joint resolution nullifies the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers and published on September 4, 2024. The rule expands existing anti-money laundering and counterterror financing requirements (e.g., reporting suspicious financial activity to FinCEN) to include certain investment advisers.
Who sponsored HJRES.56?
HJRES.56 was sponsored by Andrew S. Clyde (R-Georgia).
Full Bill Text
119 HJ 56 IH: 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”. U.S. House of Representatives 2025-02-12 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IA 119th CONGRESS 1st Session H. J. RES. 56 IN THE HOUSE OF REPRESENTATIVES February 12, 2025 Mr. Clyde submitted the following joint resolution; which was referred to the Committee on Financial Services JOINT RESOLUTION 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 . That Congress disapproves 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 (89 Fed. Reg. 72156 (September 4, 2024)), and such rule shall have no force or effect.
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