HOUSE 5119118th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Protect Small Business and Prevent Illicit Financial Activity Act

Last Action: 12/13/2023

Actions

2023-12-13Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2023-12-12Motion to reconsider laid on the table Agreed to without objection.
2023-12-12On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 1 (Roll no. 713). (text: 12/11/2023 CR H6752)
2023-12-12Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 1 (Roll no. 713). (text: 12/11/2023 CR H6752)
2023-12-12Considered as unfinished business. (consideration: CR H6834-6835)
2023-12-11At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
2023-12-11DEBATE - The House proceeded with forty minutes of debate on H.R. 5119.
2023-12-11Considered under suspension of the rules. (consideration: CR H6752-6753)
2023-12-11Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended.
2023-12-11Placed on the Union Calendar, Calendar No. 244.
2023-12-11Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.
2023-12-11Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.
2023-09-20Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
2023-09-20Committee Consideration and Mark-up Session Held
2023-08-01Referred to the House Committee on Financial Services.

Showing 15 of 17 actions. Full history on Congress.gov.

CRS Summary

As of 2023-12-12 (53)

Protect Small Business and Prevent Illicit Financial Activity Act

This bill revises the requirements for small U.S. companies to report certain beneficial ownership information that take effect on January 1, 2024. Beneficial ownership information includes the identity of an individual behind a corporate entity.

The bill extends the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Specifically, existing companies must file their initial ownership report within two years (current regulations require the report within one year). New companies must file their initial ownership report within 90 days (current regulations require the report within 30 days). Companies must report updates or changes in ownership within 90 days (current regulations require companies to report such changes within 30 days).

Cosponsors (3)

Joyce Beatty (D-OH)
Daniel Meuser (R-PA)
BRAD SHERMAN (D-CA)

Subjects

Business records
Fraud offenses and financial crimes
Small business

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