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United States · Bill · HR

H.R. 5119 (118th)

Protect Small Business and Prevent Illicit Financial Activity Act

referredUnited States· United States Congress· EN

Introduced

1 August 2023

Last action

13 December 2023 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Nunn, Zachary [R-IA-3], Rep. Beatty, Joyce [D-OH-3], Rep. Meuser, Daniel [R-PA-9], Rep. Sherman, Brad [D-CA-32]

Subjects

Discovery layer

Source updated

5 December 2025

Official sourceDownload fileView documentsShare

Summary

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).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 1 August 2023

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 1 August 2023

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 1 August 2023

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  4. 20 September 2023

    Vote

    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.

    Source: Committee

  5. 20 September 2023

    Committee

    Committee Consideration and Mark-up Session Held

    Source: Committee

  6. 11 December 2023

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 5119.

    Source: Floor

  7. 11 December 2023

    Floor

    Considered under suspension of the rules. (consideration: CR H6752-6753)

    Source: Floor

  8. 11 December 2023

    Vote

    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.

    Source: Floor

  9. 11 December 2023

    Floor

    Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  10. 11 December 2023

    Calendars

    Placed on the Union Calendar, Calendar No. 244.

    Source: Calendars

  11. 11 December 2023

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.

    Source: Committee

  12. 11 December 2023

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.

    Source: Committee

  13. 12 December 2023

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  14. 12 December 2023

    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)

    Source: Floor

  15. 12 December 2023

    Vote

    Passed/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)

    Source: Floor

  16. 12 December 2023

    Floor

    Considered as unfinished business. (consideration: CR H6834-6835)

    Source: Floor

  17. 13 December 2023

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

12 December 2023 · passed · On Motion to Suspend the Rules and Pass, as Amended · Passed · Official source

Yes 420 · No 1 · Abstain — · Absent/not voting 12

Showing the first 4 recorded positions. Vote totals above are complete.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 13 December 2023

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 13 December 2023

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  • Engrossed in House (text)

    Engrossed in House · EN · 12 December 2023

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 12 December 2023

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  • Passed House

    summary · EN · 12 December 2023

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  • Reported in House (text)

    Reported in House · EN · 11 December 2023

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  • Reported in House (PDF)

    Reported in House · EN · 11 December 2023

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  • Reported to House

    summary · EN · 11 December 2023

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  • Introduced in House (text)

    Introduced in House · EN · 1 August 2023

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  • Introduced in House (PDF)

    Introduced in House · EN · 1 August 2023

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  • Introduced in House

    summary · EN · 1 August 2023

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Sponsors

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Sources

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