118 S5414 IS: Small Business Reporting Flexibility Act U.S. Senate 2024-12-03 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS2d SessionS. 5414IN THE SENATE OF THE UNITED STATESDecember 3, 2024Mr. Moran introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo 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.

1.

Short title

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

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.