Protecting Small Business Information Act of 2023

Bill: 118-hr-4035
Sponsor: full_name: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2023-06-12
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-06-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-06-12
action_desc: Introduced in House
text: <p><b>Protecting Small Business Information Act of 2023</b></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). </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4035 IN THE HOUSE OF REPRESENTATIVES June 12, 2023 Mr. McHenry (for himself, Mr. Meuser , Mr. Luetkemeyer , Mr. Barr , Ms. De La Cruz , Mr. Lawler , Mrs. Wagner , Mr. Flood , Mr. Williams of Texas , Mr. Donalds , Mrs. Kim of California , Mr. Posey , Mr. Davidson , Mrs. Houchin , and Mr. Hill ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to harmonize the effective dates of all rules required 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 required under the Corporate Transparency Act (including the amendments made by such Act), the Secretary of the Treasury 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 (or any amendment made by such Act), including the final rule issued by the Secretary of the Treasury titled 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 the Congress, and makes such certification available to the public, that— (1) all final rules required under the Corporate Transparency Act (including the amendments made by such Act) have been issued by the Secretary of the Treasury; and (2) all such final rules will take effect on the same date.