Criminal Law Library Blog
H.R.7156, as ordered reported by the House Committee on Financial Services on February 29, 2024.
CBO Summary:
H.R. 7156 would expand the authority of the Secret Service to investigate financial crimes. Specifically, the bill would authorize the Secret Service to investigate the operations of unlicensed money transmitting businesses—entities that provide money transfer services or payment instruments—and the structuring of financial transactions to evade reporting and recordkeeping requirements.
The bill also would extend for five years the requirement for the Financial Crimes Enforcement Network (FinCEN) to report to the Congress on a voluntary public-private partnership that works with financial institutions, law enforcement, and intelligence agencies. Under current law, FinCEN must report to the Congress on that program biennially through 2027.
Congressional Budget Office Cost Estimate:
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Established in 1974, The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government. It is charged with providing members of Congress objective analysis of budgeting and economic issues to support the congressional budget process. Each year, CBO economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.