Bills · 118th Congress · Commerce

Protect Small Business and Prevent Illicit Financial Activity Act

Where it stands

  1. Introduced8/1/23
  2. Passed HousePassed 12/12/23
  3. Senate
  4. President
  5. Law

Passed the House 420–1 on December 12, 2023 (Roll Call 713 →). Received in the Senate on December 13, 2023. No Senate action since.

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Roll calls on this bill

Votes on passage
HouseOn Motion to Suspend the Rules and Pass, as Amended · 12/12/23Suspension of the rulesA fast-track House procedure, usually for measures expected to have broad support. Debate is limited to 40 minutes, no amendments can be offered, and it needs a two-thirds vote of members voting — not a simple majority. A yes vote passes the bill. “As amended” means changes written into the motion itself are included.Rules of the House, Rule XV, clause 1 ↗
Passed
  • Democratic207 Yea · 0 Nay · 6 Not voting
  • Republican213 Yea · 1 Nay · 6 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

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).

Full text on congress.gov ↗
Sponsor
Rep. Zachary Nunn ( Republican · IA-3)
Cosponsors
3
Introduced
8/1/23
Policy area
Commerce

What happens next

The Senate must pass the same text, then it goes to the President.

If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.

All actions (15)
  1. 8/1/23Introduced in House
  2. 8/1/23Referred to the House Committee on Financial Services.
  3. 9/20/23Committee Consideration and Mark-up Session Held
  4. 9/20/23Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
  5. 12/11/23Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.
  6. 12/11/23Placed on the Union Calendar, Calendar No. 244.
  7. 12/11/23Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended.
  8. 12/11/23Considered under suspension of the rules. (consideration: CR H6752-6753)
  9. 12/11/23DEBATE - The House proceeded with forty minutes of debate on H.R. 5119.
  10. 12/11/23At 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.
  11. 12/12/23Considered as unfinished business. (consideration: CR H6834-6835)
  12. 12/12/23Passed/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)
  13. 12/12/23On 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)
  14. 12/12/23Motion to reconsider laid on the table Agreed to without objection.
  15. 12/13/23Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.