0
0
0
Small Business Reporting Flexibility Act
12/31/2024, 1:53 AM
Summary of Bill S 5414
Bill 118 s 5414, also known as the Beneficial Ownership Information Reporting Enforcement Act, is a piece of legislation that aims to impose certain conditions on the Financial Crimes Enforcement Network (FinCEN) before funds can be allocated for the enforcement of beneficial ownership information reporting.
The bill requires FinCEN to meet specific requirements, such as implementing a secure and confidential beneficial ownership information database, ensuring that the information collected is accurate and up-to-date, and establishing protocols for sharing this information with law enforcement agencies.
Additionally, the legislation includes provisions for the protection of sensitive information, such as requiring FinCEN to establish safeguards to prevent unauthorized access to the database and to ensure that the information is only used for legitimate law enforcement purposes. Overall, the Beneficial Ownership Information Reporting Enforcement Act seeks to strengthen the enforcement of beneficial ownership reporting requirements and enhance the ability of law enforcement agencies to combat financial crimes such as money laundering and terrorist financing.
The bill requires FinCEN to meet specific requirements, such as implementing a secure and confidential beneficial ownership information database, ensuring that the information collected is accurate and up-to-date, and establishing protocols for sharing this information with law enforcement agencies.
Additionally, the legislation includes provisions for the protection of sensitive information, such as requiring FinCEN to establish safeguards to prevent unauthorized access to the database and to ensure that the information is only used for legitimate law enforcement purposes. Overall, the Beneficial Ownership Information Reporting Enforcement Act seeks to strengthen the enforcement of beneficial ownership reporting requirements and enhance the ability of law enforcement agencies to combat financial crimes such as money laundering and terrorist financing.
Read the Full Bill
Current Status of Bill S 5414
Bill S 5414 is currently in the status of Bill Introduced since December 3, 2024. Bill S 5414 was introduced during Congress 118 and was introduced to the Senate on December 3, 2024.  Bill S 5414's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of December 3, 2024
Bipartisan Support of Bill S 5414
Total Number of Sponsors
2Democrat Sponsors
0Republican Sponsors
2Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 5414
Primary Policy Focus
Alternate Title(s) of Bill S 5414
A bill to 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.
A bill to 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.
Comments
Clementine Lamm
845
1 year ago
I can't believe this new bill is trying to make it harder for the Financial Crimes Enforcement Network to crack down on shady business practices! This is going to make it easier for criminals to hide their money and avoid getting caught. It's going to hurt regular folks like me who just want a fair and transparent financial system. This bill is a disaster in the making! #disappointed #badforthepeople The short term affects of this bill will likely lead to increased financial crimes going undetected and unpunished, putting everyday Americans at risk.
Sponsors and Cosponsors of S 5414
Latest Bills
A resolution commending the American Chemical Society on the occasion of its 150th anniversary and recognizing its many years of service to the United States.
Bill SRES 702May 4, 2026
Commending the American Chemical Society on the occasion of its 150th anniversary and recognizing its many years of service to the United States.
Bill HRES 1157May 4, 2026
A resolution supporting the mission and goals of National Fentanyl Awareness Day in 2026, including increasing individual and public awareness of the impact of fake or counterfeit fentanyl pills on families and young people.
Bill SRES 704May 4, 2026
Supporting the mission and goals of National Fentanyl Awareness Day in 2026, including increasing individual and public awareness of the impact of fake or counterfeit fentanyl pills on families and young people.
Bill HRES 1234May 4, 2026
A resolution expressing support for the designation of the week of May 3, 2026, through May 9, 2026, as "National Small Business Week" to celebrate the contributions of small businesses and entrepreneurs in every community in the United States.
Bill SRES 703May 4, 2026
A resolution designating the week of April 20 through 26, 2026, as "National Dark Sky Week".
Bill SRES 701May 4, 2026
A resolution recognizing the significance of Community College Month in April as a celebration of more than 1,000 institutions throughout the United States supporting access to higher education, workforce training, and more broadly sustaining and advancing the economic prosperity of the United States.
Bill SRES 686May 4, 2026
A resolution designating the week of April 20 through April 24, 2026, as "National Home Visiting Week".
Bill SRES 692May 4, 2026
A bill to amend the FISA Amendments Act of 2008 to extend the authorities of title VII of the Foreign Intelligence Surveillance Act of 1978, and for other purposes.
Bill S 4465May 4, 2026
A resolution recognizing and supporting the goals and ideals of National Sexual Assault Awareness and Prevention Month.
Bill SRES 693May 4, 2026