Protecting Small Business Information Act of 2023

Bill: 118-s-2623
Sponsor: full_name: Sen. Rounds, Mike [R-SD]
Introduced: 2023-07-27
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-27
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-07-27
action_desc: Introduced in Senate
text: <p><strong>Protecting Small Business Information Act of 2023</strong></p><p>This bill requires the Department of the Treasury to ensure all rules issued under the Corporate Transparency Act have the same effective date. Any final rules already issued must not take effect until all final rules under the act have been issued. The act requires companies to report beneficial ownership information (i.e., the identity of individuals behind a corporate entity) to the Financial Crimes Enforcement Network (FinCEN). &nbsp;</p>

tv_txt: II 118th CONGRESS 1st Session S. 2623 IN THE SENATE OF THE UNITED STATES July 27, 2023 Mr. Rounds introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Secretary of the Treasury to harmonize the effective dates of all rules that the Secretary is required to issue under the Corporate Transparency Act, and for other purposes.

1. Short title This Act may be cited as the Protecting Small Business Information Act of 2023 . 2. Harmonizing beneficial ownership rulemaking effective dates (a) In general In issuing the rules that the Secretary of the Treasury is required to issue under the Corporate Transparency Act (title LXIV of division F of Public Law 116–283 ) (including under the amendments made by that Act), the Secretary shall ensure that all such rules take effect on the same date. (b) Delay of effective dates A final rule issued by the Secretary of the Treasury under the Corporate Transparency Act (title LXIV of division F of Public Law 116–283 ) (or under any amendment made by that Act), including the final rule issued by the Secretary of the Treasury entitled Beneficial Ownership Information Reporting Requirements (87 Fed. Reg. 59498; published September 30, 2022), shall not take effect until after the date on which the Secretary of the Treasury certifies to Congress, and makes that certification available to the public, that— (1) all final rules that the Secretary is required to issue under that Act (including under the amendments made by that Act) have been issued by the Secretary; and (2) all final rules described in paragraph (1) will take effect on the same date.