,i #aaeth ,,congress #b;d ,session ,h4 ,r4 #fgba ,,in ,,the ,,house ,,of ,,representatives ,september #f1 #bjah,mr4 ,budd 7for himself and ,mr4 ,pearce7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend title #ca1 ,united ,states ,code1 to modernize the research1 development1 information sharing1 and acquisition process of the ,financial ,crimes ,enforcement ,network1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,fin,c,e,n ,modernization ,act of #bjah4 #b4 ,modernizing the research1 development1 information sharing1 and acquisition process authorities of the ,financial ,crimes ,enforcement ,network 7,fin,c,e,n7 ,section #caj of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7e7 ,modernizing the research1 development1 information sharing1 and acquisition process 7#a7 ,in general ,fin,c,e,n shall establish and maintain research1 development1 and information sharing programs that further the purposes and objectives of the laws administered by ,fin,c,e,n1 including programs that-- 7,a7 inform ,fin,c,e,n of important technological advances and innovations like machine learning and data analytics that help safeguard financial systems and detect illicit activity2 7,b7 facilitate an environment where these technological advances and innovations may be explored by developers and ,fin,c,e,n to evaluate potential benefits for the financial industry2 7,c7 identify areas where ,fin,c,e,n should adapt to facilitate these technological advances and innovations1 and encourage the development of novel tools that are currently not available for use by ,fin,c,e,n that would benefit financial systems monitored by ,fin,c,e,n2 7,d7 ensure that ,fin,c,e,n has the necessary technology to monitor cryptocurrencies and other emerging financial technologies for their potential use in money laundering and cyber and data security breaches2 and 7,e7 facilitate ,fin,c,e,n's ability to exchange and use information between other offices and bureaus of the ,department of the ,treasury1 as well as other departments within the ,federal ,government4 7#b7 ,authorized means ,notwithstanding any other provision of law1 ,fin,c,e,n may do the following to accomplish the requirements described in paragraph 7#a73 7,a7 ,other transaction authority ,fin,c,e,n may enter into and perform transactions 7other than a standard contract7 with any agency or instrumentality of the ,united ,states1 or with any ,state1 territory1 or possession of the ,united ,states1 or with any political subdivision thereof1 or with any person1 firm1 association1 corporation1 educational institution1 self-regulatory organization1 foreign government1 international organization1 or other entity1 on such terms and conditions as the ,director of ,fin,c,e,n determines appropriate if-- 7i7 the transaction is used only for the requirements described in paragraph 7#a72 7ii7 ,fin,c,e,n endeavors to use a competitive process1 where appropriate1 when determining the parties to the transaction2 and 7iii7 the ,director makes a written determination that using a standard contract to do so is either not feasible or not appropriate4 7,b7 ,gift acceptance authority ,during the #e-year period that begins with the date of enactment of this subsection1 ,fin,c,e,n may solicit1 accept1 and utilize any contribution1 provision of access1 gift1 or donation of tangible or intangible property or service that the ,director determines appropriate1 from any agency or instrumentality of the ,united ,states1 or any ,state1 territory1 or possession of the ,united ,state1 or any political subdivision thereof1 or any person1 firm1 association1 corporation1 educational institution1 self-regulatory organization1 or other entity1 if-- 7i7 the property or service is used only for the requirements described in paragraph 7#a72 and 7ii7 the ,director makes a written determination that accepting the contribution1 provision of access1 gift1 or donation is consistent with fulfilling such requirements1 and that using the standard contract or other transaction to do so is neither feasible or appropriate4 7#c7 ,annual report ,not later than #fj days after the end of each fiscal year1 ,fin,c,e,n shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on all transactions entered into1 and all contributions1 provisions of access1 gifts1 or donations accepted under paragraph 7#b71 including-- 7,a7 a brief description of the rationale for and purpose of each transaction1 contribution1 provision of access1 gift1 or donation1 with an explanation of its potential utility to ,fin,c,e,n1 as well as the current status of all related projects2 7,b7 ,fin,c,e,n's justification for why it was not feasible or appropriate to use the standard contract with respect to that subject2 7,c7 in the case of a transaction other than a contribution1 provision of access1 gift1 or donation1 an explanation of ,fin,c,e,n's efforts to use a competitive process1 or the reason why such a process was not appropriate2 and 7,d7 a description of all sums expended by ,fin,c,e,n in connection with a transaction and1 if readily available1 the value of any contribution1 provision of access1 gift1 or donation4 4