Sec. 203. GAO Study on feedback loops
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The Comptroller General of the United States shall carry out a study on— best practices within the United States Government for providing feedback ( feedback loop ) to relevant parties (including regulated private entities) on the usage and usefulness of personally identifiable information ( PII ), sensitive-but-unclassified ( SBU ) data, or similar information provided by such parties to Government users of such information and data (including law enforcement or regulators); and any practices or standards inside or outside the United States for providing feedback through sensitive information and public-private partnership information sharing efforts, specifically related to efforts to combat money laundering and other forms of illicit finance.
Not later than the end of the 18-month period beginning on the date of the enactment of this Act, the Comptroller General shall issue a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives containing— all findings and determinations made in carrying out the study required under subsection (a); with respect to each of paragraphs
(1)and
(2)of subsection (a), any best practices or significant concerns identified by the Comptroller General, and their applicability to public-private partnerships and feedback loops with respect to United States efforts to combat money laundering and other forms of illicit finance; and recommendations to reduce or eliminate any unnecessary Government collection of the information described under subsection (a)(1).