Today, Florida Chief Financial Officer (CFO) Jimmy Patronis announced that in Congress he will pursue legislation to dismantle the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN)
Pursue legislation in Congress to dismantle the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
Occurrences
Evidence
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Today, Florida Chief Financial Officer (CFO) Jimmy Patronis announced that in Congress he will pursue legislation to dismantle the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) ...
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Bills and resolutions cosponsored ... Corporate Transparency Act: repeal (see H.R. 425), H2570 [9JN]
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This bill repeals the Corporate Transparency Act. The act requires existing companies and newly created companies to report beneficial ownership information to the Department of the Treasury’s Financial Crimes Enforcement Network for purposes of addressing the financing of terrorism and money laundering.
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Learn more about legislation sponsored and co-sponsored by Congressman Patronis.
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GovInfo lists H.R. 425 as Reported in House with a June 18, 2026 last action date. The actions list includes Mr. Patronis among additional sponsors and says the bill was reported with an amendment and ordered printed. The full title is to repeal the Corporate Transparency Act.
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House Report 119-701 says the Committee on Financial Services reported H.R. 425 favorably with an amendment and recommended passage. The report states H.R. 425 would modify beneficial ownership reporting to cover foreign owners of foreign businesses and require deletion of beneficial ownership information collected on Americans.
Assessments
Patronis did not deliver legislation that dismantled FinCEN, and H.R. 425 had not become law. However, during his House term he cosponsored H.R. 425, which advanced out of committee and targeted a major FinCEN-administered Corporate Transparency Act reporting regime, including deletion of certain beneficial ownership data. That is meaningful related legislative activity, but it falls short of abolishing or dismantling FinCEN itself.
The promise was to pursue legislation in Congress to dismantle FinCEN. The evidence shows Jimmy Patronis did take a legislative step in his first federal term by cosponsoring H.R. 425, which would repeal the Corporate Transparency Act and end a major FinCEN beneficial-ownership reporting regime. That is meaningful effort in the direction of limiting FinCEN, so this is more than an unfulfilled pledge with no action. But the record provided does not show that Patronis sponsored or advanced legislation that would actually dismantle FinCEN itself, and the cited bill was introduced and referred rather than enacted. Because his documented action addressed an important FinCEN function rather than the full agency, the best judgment is partial credit in the same term.
Patronis did materially advance the pledge by cosponsoring H.R. 425, which would repeal the Corporate Transparency Act and reduce a major FinCEN reporting regime. But the available evidence shows introduction/cosponsorship only, not enactment or actual dismantling of FinCEN, so the promise was not fully delivered.
Patronis promised to pursue congressional legislation to dismantle FinCEN. The available evidence shows he cosponsored H.R. 425, which would repeal the Corporate Transparency Act and eliminate a major FinCEN beneficial-ownership reporting regime, but it would not dismantle FinCEN itself and was not enacted. This is a related legislative effort, not fulfillment of the full promised outcome.