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".

# Summary of H.J.RES 56 **What the Bill Would Do** This bill would reject a new federal rule issued by the Financial Crimes Enforcement Network (FinCEN) in September 2024. The rule requires certain investment advisers—professionals who manage money and investments for clients—to report suspicious financial activity to the government, similar to requirements already in place for banks and other financial institutions. If passed, this bill would cancel that rule and prevent it from taking effect. **Who It Affects** The rule primarily affects registered investment advisers and "exempt reporting advisers" (smaller advisory firms).

It also impacts FinCEN's ability to monitor financial activity for signs of money laundering or terrorist financing. Supporters of the bill argue it reduces regulatory burden on investment firms, while opponents contend that canceling it weakens safeguards against financial crime. **Current Status** The bill is currently in committee and has not yet been voted on by Congress. It was introduced by Representative Andrew Clyde (R-GA) in the 119th Congress.