Protecting Small Business Information Act of 2023

Hozzl · 2024-03-07T05:45:59Z

Explore the details of House Bill 4035 Protecting Small Business Information Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/7/2024, 5:45 AM

Summary of Bill HR 4035

Bill 118 HR 4035, also known as the Protecting Small Business Information Act of 2023, aims to safeguard sensitive information of small businesses from potential cyber threats. The bill requires the Small Business Administration (SBA) to establish guidelines and procedures for protecting the data of small businesses that is collected and stored by the agency.

The legislation emphasizes the importance of securing this information to prevent unauthorized access, data breaches, and other cyber attacks that could harm small businesses. It also requires the SBA to regularly assess and update its cybersecurity measures to ensure they are effective and up-to-date.

Additionally, the bill includes provisions for training SBA employees on cybersecurity best practices and requires the agency to report to Congress on its efforts to protect small business information. This transparency and accountability are intended to ensure that the SBA is taking the necessary steps to safeguard sensitive data. Overall, the Protecting Small Business Information Act of 2023 is aimed at enhancing the cybersecurity measures of the SBA to better protect the information of small businesses and prevent potential cyber threats.

Congressional Summary of HR 4035

Protecting Small Business Information Act of 2023

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).

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Current Status of Bill HR 4035

Bill HR 4035 is currently in the status of Bill Introduced since June 12, 2023. Bill HR 4035 was introduced during Congress 118 and was introduced to the House on June 12, 2023. Bill HR 4035's most recent activity was Referred to the House Committee on Financial Services. as of June 12, 2023

Bipartisan Support of Bill HR 4035

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4035

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 4035

Protecting Small Business Information Act of 2023

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.