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![handle is hein.congrecreports/crptxafva0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-303
PROTECT SMALL BUSINESS AND PREVENT ILLICIT
FINANCIAL ACTIVITY ACT
DECEMBER 11, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 5119]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5119) to amend title 31, United States Code, to provide
small businesses with additional time to file beneficial ownership
information, and for other purposes, having considered the same,
reports favorably thereon with an amendment and recommends
that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Protect Small Business and Prevent Illicit Financial
Activity Act.
SEC. 2. BENEFICIAL OWNERSHIP INFORMATION REPORTING DEADLINES FOR SMALL BUSI-
NESSES.
Section 5336(b)(1) of title 31, United States Code, is amended-
(1) in subparagraph (B)-
(A) by inserting (but which may not adjust the report submission dead-
line) after Treasury; and
(B) by striking in a timely manner, and;
(2) in subparagraph (C)-
(A) by inserting (but which may not adjust the report submission dead-
line) after Treasury; and
(B) by striking at the time of' and inserting not later than 90 days after
the date of such;
(3) in subparagraph (D)-
(A) by inserting (but which may not adjust the report submission dead-
line) after Treasury; and
(B) by striking in a timely manner, and not later than 1 year and in-
serting not later than 90 days; and
(4) by adding at the end the following:
(H) UNABLE TO OBTAIN.-FinCEN may not by rule, guidance, or other-
wise, permit a reporting company from submitting a report relating to the
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