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.