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".
HJRES 56 is a congressional disapproval resolution targeting a Financial Crimes Enforcement Network (FinCEN) rule issued in September 2024. It seeks to block the rule’s implementation, which would have required registered and exempt investment advisers to file new suspicious activity reports under anti-money laundering and terrorism financing programs. The resolution uses the Congressional Review Act process (chapter 8 of title 5, U.S. Code) to nullify the rule, preventing it from taking effect. If passed, the rule would have no legal force, directly affecting investment advisers who would have faced new reporting obligations. This is a procedural measure, not a new law, aimed at reversing a specific regulatory requirement.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
President
Introduced Feb 12, 2025
Last action Feb 12, 2025
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Full legislative history
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Total actions
2
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0
Committee
1
Feb 12, 2025
Committee
Referred to the House Committee on Financial Services.
lower
Feb 12, 2025
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Andrew S. Clyde
RRepublican
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