Referred to the House Committee on Financial Services.
Congress is using the Congressional Review Act to undo a recent agency rule. If this joint resolution becomes law, the named rule is treated as disapproved and cannot take effect. It also prevents the agency from issuing a substantially similar rule in the future unless Congress passes a new law. The resolution must be passed by both chambers and presented to the President for signature or veto.
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)).
Financial Crimes Enforcement Network (FinCEN)
CRA disapproval resolutions are considered under expedited procedures in the Senate and cannot be filibustered, so they can pass with a simple majority; as a joint resolution it must still pass both chambers and be presented to the President.
This joint resolution uses the Congressional Review Act to disapprove and nullify a Financial Crimes Enforcement Network (FinCEN) rule (89 Fed.
Reg. 72156, Sept. 4, 2024) that would require anti-money laundering (AML)/countering the financing of terrorism (CFT) programs and suspicious activity report (SAR) filing by registered investment advisers and exempt reporting advisers.
Simple, narrow deregulatory aim helps, but requires both chambers and executive signoff; politically sensitive for enforcement agencies.
Relative to its intended legislative type, this bill is a straightforward Congressional Review Act-style disapproval resolution that clearly identifies the agency rule to be nullified and states the legal effect (no force or effect). It contains minimal implementation, fiscal, or transitional detail, which is typical for this form of legislation but leaves matters such as effective date, impacts on pending actions, and reissuance unaddressed in the text.
Progressives emphasize AML, market integrity, and enforcement benefits
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize AML, market integrity, and enforcement benefits
Likely to oppose this disapproval because the FinCEN rule closes a transparency gap in financial services.
They view AML/CFT and SAR reporting as tools to combat illicit finance, protect investors, and strengthen market integrity.
Sees legitimate aims in both the FinCEN rule and the CRA disapproval.
Prefers targeted fixes, clearer thresholds, and careful cost-benefit analysis rather than an all-or-nothing repeal.
Likely to support the joint resolution, viewing the FinCEN rule as regulatory overreach that imposes burdens and privacy risks on investment advisers.
Prefers limiting federal expansion and protecting small businesses.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Simple, narrow deregulatory aim helps, but requires both chambers and executive signoff; politically sensitive for enforcement agencies.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize AML, market integrity, and enforcement benefits
Simple, narrow deregulatory aim helps, but requires both chambers and executive signoff; politically sensitive for enforcement agencies.
Relative to its intended legislative type, this bill is a straightforward Congressional Review Act-style disapproval resolution that clearly identifies the agency rule to be nullified and states the legal effect (no for…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.