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118th Congress Commerce

H.R. 5119: Protect Small Business and Prevent Illicit Financial Activity Act

Passed HouseDec 12, 2023

  1. Introduced (completed)Aug 1, 2023
  2. Passed House (completed)Dec 12, 2023, 420–1
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Passed House, Dec 12, 2023

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).

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, Dec 12, 2023

On Motion to Suspend the Rules and Pass, as Amended

Passed 420–1

Yea 420two-thirds 281Nay 1

  • Democrats207 yea, 0 nay
  • Republicans212 yea, 1 nay
  • Independents1 yea, 0 nay

Broke with their party: Thomas Massie (R-KY) voted Nay

See how all 421 members voted

Showing 433 of 433 members

Yea 420

Republicans (212)

Democrats (207)

Independents (1)

Nay 1

Republicans (1) broke with their party

Not voting 12

Senate

Not yet voted

Passed the House Dec 12, 2023. Awaiting Senate action.

Roll calls

1 vote on this bill

Showing 1 of 1 roll calls

  • Dec 12, 2023HouseOn Motion to Suspend the Rules and Pass, as AmendedFinal passagePassed, yea-nay 420–1
    Roll call 713 tally by party
    PartyYeaNayPresentNot voting
    Democrats207006
    Republicans212106
    Independents1000
    Total4201012

    House roll call 713: On Motion to Suspend the Rules and Pass, as Amended. Passed.

    1 crossed party lines: 1 Republican

    How each member voted (433)

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

3

Bipartisan support.

Who scored on this bill

74 points earned
  1. 1Zachary (Zach) Nunn R-IA SponsorDrew cross-party cosponsors, introduced, reported, passed House4 events+56
  2. 2Thomas Massie R-KY1 maverick vote1 event+6
  3. 3Joyce Beatty D-OHCosponsored; cosponsored bill passed2 events+4
  4. 3Daniel Meuser R-PACosponsored; cosponsored bill passed2 events+4
  5. 3Brad Sherman D-CACosponsored; cosponsored bill passed2 events+4
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Zachary (Zach) Nunn

History

  1. Dec 12, 2023Passed the House, 420–1.
  2. Aug 1, 2023Introduced in the House by Zachary (Zach) Nunn.
Show the full action history (15 actions)
  1. Dec 13, 2023Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Dec 12, 2023Considered as unfinished business. (consideration: CR H6834-6835)
  3. Dec 12, 2023Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 1 (Roll no. 713). (text: 12/11/2023 CR H6752)
  4. Dec 12, 2023On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 1 (Roll no. 713). (text: 12/11/2023 CR H6752)
  5. Dec 12, 2023Motion to reconsider laid on the table Agreed to without objection.
  6. Dec 11, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.
  7. Dec 11, 2023Placed on the Union Calendar, Calendar No. 244.
  8. Dec 11, 2023Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended.
  9. Dec 11, 2023Considered under suspension of the rules. (consideration: CR H6752-6753)
  10. Dec 11, 2023DEBATE - The House proceeded with forty minutes of debate on H.R. 5119.
  11. Dec 11, 2023At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  12. Sep 20, 2023Committee Consideration and Mark-up Session Held
  13. Sep 20, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
  14. Aug 1, 2023Introduced in House
  15. Aug 1, 2023Referred to the House Committee on Financial Services.