Referred to the House Committee on Financial Services.
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.
Progressives emphasize AML, market integrity, and enforcement benefits
Narrow, deregulatory measure often easier in lower chamber; still requires majority and committee action.
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.
How solid the drafting looks.
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.
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