[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5414 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 5414

  To require the Financial Crimes Enforcement Network to meet certain 
   conditions before funds are made available for the enforcement of 
  beneficial ownership information reporting, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                            December 3, 2024

   Mr. Moran introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 A BILL


 
  To require the Financial Crimes Enforcement Network to meet certain 
   conditions before funds are made available for the enforcement of 
  beneficial ownership information reporting, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Reporting Flexibility 
Act''.

SEC. 2. AVAILABILITY OF FUNDS.

    Notwithstanding any other provision of law, the Secretary of the 
Treasury shall not make available to the Financial Crimes Enforcement 
Network any funds for the enforcement of the beneficial ownership 
information reporting requirements under section 5336(a) of title 31, 
United States Code, unless the Director of the Financial Crimes 
Enforcement Network of the Department of the Treasury--
            (1) postpones for not less than 1 year the report required 
        under that section;
            (2) finalizes all rulemaking relating to beneficial 
        ownership information requirements; and
            (3) allows businesses to file the report required under 
        that section via mail.
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