[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 370 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 370
To amend title 31, United States Code, to modernize the research,
development, information sharing, and acquisition process of the
Financial Crimes Enforcement Network, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 17, 2023
Mr. Donalds introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend title 31, United States Code, to modernize the research,
development, information sharing, and acquisition process of the
Financial Crimes Enforcement Network, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``FinCEN Modernization Act of 2023''.
SEC. 2. MODERNIZING THE RESEARCH, DEVELOPMENT, INFORMATION SHARING, AND
ACQUISITION PROCESS AUTHORITIES OF THE FINANCIAL CRIMES
ENFORCEMENT NETWORK (FINCEN).
Section 310 of title 31, United States Code, is amended by adding
at the end the following:
``(m) Modernizing the Research, Development, Information Sharing,
and Acquisition Process.--
``(1) In general.--FinCEN shall establish and maintain
research, development, and information sharing programs that
further the purposes and objectives of the laws administered by
FinCEN, including programs that--
``(A) inform FinCEN of important technological
advances and innovations like machine learning and data
analytics that help safeguard financial systems and
detect illicit activity;
``(B) facilitate an environment where these
technological advances and innovations may be explored
by developers and FinCEN to evaluate potential benefits
for the financial industry;
``(C) identify areas where FinCEN should adapt to
facilitate these technological advances and
innovations, and encourage the development of novel
tools that are currently not available for use by
FinCEN that would benefit financial systems monitored
by FinCEN;
``(D) ensure that FinCEN has the necessary
technology to monitor cryptocurrencies and other
emerging financial technologies for their potential use
in money laundering and cyber and data security
breaches; and
``(E) facilitate FinCEN's ability to exchange and
use information between other offices and bureaus of
the Department of the Treasury, as well as other
departments within the Federal Government.
``(2) Authorized means.--Notwithstanding any other
provision of law, FinCEN may do the following to accomplish the
requirements described in paragraph (1):
``(A) Other transaction authority.--FinCEN may
enter into and perform transactions (other than a
standard contract) with any agency or instrumentality
of the United States, or with any State, territory, or
possession of the United States, or with any political
subdivision thereof, or with any person, firm,
association, corporation, educational institution,
self-regulatory organization, foreign government,
international organization, or other entity, on such
terms and conditions as the Director of FinCEN
determines appropriate if--
``(i) the transaction is used only for the
requirements described in paragraph (1);
``(ii) FinCEN endeavors to use a
competitive process, where appropriate, when
determining the parties to the transaction; and
``(iii) the Director makes a written
determination that using a standard contract to
do so is either not feasible or not
appropriate.
``(B) Gift acceptance authority.--During the 5-year
period that begins with the date of enactment of this
subsection, FinCEN may solicit, accept, and utilize any
contribution, provision of access, gift, or donation of
tangible or intangible property or service that the
Director determines appropriate, from any agency or
instrumentality of the United States, or any State,
territory, or possession of the United State, or any
political subdivision thereof, or any person, firm,
association, corporation, educational institution,
self-regulatory organization, or other entity, if--
``(i) the property or service is used only
for the requirements described in paragraph
(1); and
``(ii) the Director makes a written
determination that accepting the contribution,
provision of access, gift, or donation is
consistent with fulfilling such requirements,
and that using the standard contract or other
transaction to do so is neither feasible nor
appropriate.
``(3) Annual report.--Not later than 60 days after the end
of each fiscal year, FinCEN shall submit to the Committee on
Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives
a report on all transactions entered into, and all
contributions, provisions of access, gifts, or donations
accepted under paragraph (2), including--
``(A) a brief description of the rationale for and
purpose of each transaction, contribution, provision of
access, gift, or donation, with an explanation of its
potential utility to FinCEN, as well as the current
status of all related projects;
``(B) FinCEN's justification for why it was not
feasible or appropriate to use the standard contract
with respect to that subject;
``(C) in the case of a transaction other than a
contribution, provision of access, gift, or donation,
an explanation of FinCEN's efforts to use a competitive
process, or the reason why such a process was not
appropriate; and
``(D) a description of all sums expended by FinCEN
in connection with a transaction and, if readily
available, the value of any contribution, provision of
access, gift, or donation.''.
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