Sec. 6503. GAO STUDY ON FEEDBACK LOOPS

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## SEC. 6503 GAO STUDY ON FEEDBACK LOOPS ###

(a)Definition In this section, the term “feedback loop” means feedback provided by the United States Government to relevant parties. ###

(b)Study The Comptroller General of the United States shall conduct a study on— ####

(1)best practices within the United States Government for feedback loops, including regulated private entities, on the usage and usefulness of personally identifiable information, sensitive-but-unclassified data, or similar information provided by the parties to United States Government users of the information and data, including law enforcement agencies and regulators; and ####

(2)any practice or standard 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. ###

(c)Report Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report containing— ####

(1)all findings and determinations made in carrying out the study required under subsection (b); ####

(2)with respect to each of paragraphs

(1)and

(2)of subsection (b), any best practice or significant concern identified by the Comptroller General, and the applicability to public- private partnerships and feedback loops with respect to efforts by the United States Government to combat money laundering and other forms of illicit finance; and ####

(3)recommendations of the Comptroller General to reduce or eliminate any unnecessary collection by the United States Government of the information described in subsection (b)(1).