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).
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2023-12-13 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2023-12-12 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2023-12-12 | Vote | 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) | House floor actions |
| 2023-12-12 | Floor | Considered as unfinished business. (consideration: CR H6834-6835) | House floor actions |
| 2023-12-11 | Floor | At 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. | House floor actions |
| 2023-12-11 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 5119. | House floor actions |
| 2023-12-11 | Floor | Considered under suspension of the rules. (consideration: CR H6752-6753) | House floor actions |
| 2023-12-11 | Floor | Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended. | House floor actions |
| 2023-12-11 | Calendars | Placed on the Union Calendar, Calendar No. 244. | House floor actions |
| 2023-12-11 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303. | House floor actions |
| 2023-09-20 | Committee | Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0. | House committee actions |
| 2023-09-20 | Committee | Committee Consideration and Mark-up Session Held | House committee actions |
| 2023-08-01 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2023-08-01 | IntroReferral | Introduced in House | Library of Congress |