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118th Congress > House > Vote 708

Date: December 12, 2023

Result: 420-1 (Passed)

Clerk session vote number: 713

Sponsor: NUNN, Zach (R-IA)

Bill number: HR5119

Question: On Motion to Suspend the Rules and Pass, as Amended

Description: Protect Small Business and Prevent Illicit Financial Activity Act

Bill 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).

Bill titles: To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.

Links for more info on the vote: congress.gov

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Member Vote Map

Note: This map combines minor parties to increase visual clarity. Click here to view all parties separately.

Vote Ideological Breakdown

This chart describes how members voted on the rollcall. Members are placed according to their NOMINATE ideological scores. A cutting line divides the vote into those expected to vote "Yea" and those expected to vote "Nay". The shaded heatmap reflects the expected probability of voting "Yea". You can select points or regions to subset the members listed above and below.

Votes

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Selected: of from including with NOMINATE scores within .