WASHINGTON, D.C.—Today, Congressman Warren Davidson (R-OH) introduced a bill that would provide adequate accountability to the bureau of the U.S. Department of the Treasury, the Financial Crimes Enforcement Network, or “FinCEN.” This bill would improve many of the focused institutional monitoring mechanisms that help protect the freedom and privacy of American citizens.

FinCEN now operates as the preeminent collector, analyzer, and purveyor of financial intelligence in the United States. With the passage of the Customer Due Diligence Rule and now the Corporate Transparency Act (CTA), the FinCEN Director’s regulatory purview has been massively expanded.  FinCEN is now responsible for the collection of and safeguarding of the largest financial ownership and transactions database in the United States, if not the world, but its Director is still an at-will employee and not confirmed by the President or the Senate.

“America’s financial intelligence should be the best in the world while also conforming to America’s high expectations of privacy and due process. This bill would strengthen FinCEN and provide adequate accountability.”

The Financial Crimes Enforcement Network Improvements Act:

  • Makes the Director of FinCEN a Presidential nominee that requires Senate confirmation.
  • Requires the Secretary of the Treasury to keep Congress "fully and currently informed" about FinCEN activities, including an overview on how many reports FinCEN receives, how many reports are reviewed, how many result in charges, along with a few other metrics.
  • Creates a deputy inspector general’s office in the Department of the Treasury to conduct appropriate audits and investigations of FinCEN.
  • Creates a Civil Liberties Protection Officer for FinCEN within the secretary’s office.