To amend section 5336 of title 31, United States Code, to provide existing small businesses with an additional year to file beneficial ownership information, and for other purposes.
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This bill, H.R. 9278 from the 118th Congress, proposes an amendment to section 5336 of title 31, United States Code. It aims to provide existing small businesses with an additional year to file beneficial ownership information. The bill was introduced in the House and referred to the House Committee on Financial Services but ultimately failed or expired without further legislative action. The bill falls under the policy area of Commerce and addresses regulatory timelines related to business ownership transparency.
H.R. 9278 sought to extend the deadline by one year for small businesses to submit beneficial ownership information but did not advance beyond committee referral and expired.
- The bill amends section 5336 of title 31, United States Code, concerning beneficial ownership information filing requirements.
- It specifically targets existing small businesses, granting them an additional year to comply with filing deadlines.
- The bill was referred to the House Committee on Financial Services on August 2, 2024, but did not progress further and expired.
['Existing small businesses required to file beneficial ownership information under current law.']
['Extending the filing deadline could delay the availability of updated beneficial ownership data for regulatory and enforcement agencies.', 'The bill’s failure to advance may reflect challenges in legislative prioritization or consensus on regulatory timelines.', 'No information is available on funding or enforcement mechanisms related to the extension.']
The bill was introduced in the House during the 118th Congress and referred to the House Committee on Financial Services. It addresses regulatory compliance timelines for small businesses under federal beneficial ownership reporting requirements. The bill did not receive further action and expired, indicating it did not become law during the session.
Hidden impact flags detected: 1
GovScope reviewed 1 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Delaying beneficial ownership filings may temporarily reduce the effectiveness of anti-money laundering and fraud detection efforts that rely on timely ownership data.', 'Small businesses may experience reduced immediate compliance pressure, potentially affecting administrative planning and resource allocation.']
The bill’s failure to advance limits transparency into the legislative debate and detailed provisions. The absence of full bill text and official summary restricts comprehensive analysis. Oversight considerations include monitoring the impact of delayed beneficial ownership reporting on regulatory enforcement and ensuring that future proposals balance compliance flexibility with data timeliness.
GovScope Intelligence Roadmap
Future bill intelligence will connect sponsors, committee referrals, related votes, campaign finance, disclosures, and stock trades into one legislative intelligence view.