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119-s-1995119th CongressWALLET

FinCEN–SBA Coordination on Beneficial Ownership Registration Act

Sponsored By: Senator Markey, Edward J. [D-MA]

Introduced

Summary

Improve beneficial ownership reporting compliance by creating a formal partnership between the Financial Crimes Enforcement Network and the Small Business Administration. The bill would set rules for sharing guidance, running outreach, offering multilingual materials, and tracking which companies meet beneficial ownership reporting duties.

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  • Small businesses and reporting companies would get clearer guidance and assistance through linked SBA and FinCEN webpages, webinars, town halls, and materials to counter scams.
  • Resource partners such as Small Business Development Centers, Women's Business Centers, and Veteran Business Outreach Centers would be used to distribute information and assist reporting companies.
  • FinCEN and the SBA would sign a publicly available memorandum of understanding within 7 days of execution, conduct implementation reviews every 6 months, and report to relevant House and Senate committees starting 30 days after the MOU and then every 30 days on outreach, estimated numbers assisted, and compliance status.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Help for small businesses filing owner reports

If enacted, the bill would require SBA and FinCEN to sign a written agreement within 90 days to help businesses that must file beneficial ownership reports. The agreement would share FinCEN guidance with reporting companies, trade groups, and SBA resource partners like Small Business Development Centers, Women’s Business Centers, and Veteran Business Outreach Centers. Covered information must be available in English, Spanish, and any other languages the agencies choose. SBA would place a link to FinCEN pages on its homepage. The agencies would host town halls, webinars, and in-person events using SBA field offices and FinCEN liaisons. The agencies must post the agreement on their websites within 7 days of signing. They would meet within 30 days after enactment, review implementation every 6 months, and send joint reports to specified House and Senate committees 30 days after the agreement and every 30 days after. The bill would also require plans to counter scams and bar extra pay for officials who attend the biannual review meetings.

Sponsors & CoSponsors

Sponsor

Markey, Edward J. [D-MA]

MA • D

Cosponsors

  • Sen. Warren, Elizabeth [D-MA]

    MA • D

    Sponsored 6/9/2025

  • Sen. Whitehouse, Sheldon [D-RI]

    RI • D

    Sponsored 6/9/2025

Roll Call Votes

No roll call votes available for this bill.

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