Bill · H.R. 3829· House(119-HR-3829)
FinCEN–SBA Coordination on Beneficial Ownership Registration Act
- Introduced
- 6/6/2025
- Last activity
- 6/6/2025 — Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Sponsored by
- Nydia Velázquez
- Cosponsors
- - 6 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "FinCEN-SBA Coordination on Beneficial Ownership Registration Act," requires the Director of the Financial Crimes Enforcement Network (FinCEN) and the Administrator of the Small Business Administration (SBA) to collaborate through a memorandum of understanding. The goal is to share information regarding beneficial ownership reporting requirements to help small businesses comply with federal standards. The agencies will work together to distribute information through resource partners, provide multilingual resources, and host educational events like town halls and webinars. Additionally, the plan includes identifying and countering fraudulent schemes related to these reporting requirements. The two officials must meet regularly to review compliance challenges and progress.
Yes· 3 of 6
Does this make it easier to run a small business?+5
The bill enhances support for small businesses through educational outreach, multilingual resources, and fraud protection regarding beneficial ownership requirements.
Would business owners be better off under this?+4
Business owners benefit from clearer guidelines, multilingual assistance, and new protections against fraud related to reporting.
Does this make what the government does easier for the public to see?+3
The bill increases transparency through mandated public availability of the memorandum of understanding and regular reporting to Congress.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Improved Information Accessibility: The bill requires that covered information be made available in English, Spanish, and other languages chosen by the agencies (Section 4(b)(2)). This ensures that business owners who are not English speakers can understand their requirements.
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Protection Against Fraud: The Act mandates implementing a plan to identify and counter scams or fraudulent schemes that involve beneficial ownership reporting (Section 4(b)(4)). This helps protect small business owners from being targeted by criminals.
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Increased Educational Outreach: The bill provides for the dissemination of information through resource partners, trade associations, and in-person town halls or webinars (Section 4(b)(1) and Section 4(b)(5)). This allows business owners to receive direct help and clarity on how to comply with the law.
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Enhanced National Security and Economic Integrity: By promoting compliance with beneficial ownership requirements, the bill aims to counter illicit activities such as money laundering, terrorism financing, and fraud (Section 2).
Potential Negative Impacts for People
- Increased Compliance Burden: While the bill aims to provide clarity, the underlying purpose is to increase the number of reporting companies in compliance with beneficial ownership requirements (Section 4(b)(7)). This suggests that businesses must perform specific actions to meet federal standards.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+4Good For Hispanic Americans+2Good For Veterans+2Good For Women+2
- Economy And Finance
- Improves Small Business Support+5
- Governance And Ideology
- Improves Government Transparency+3
- 7/21/2025
- 1 Cosponsor added.
- 7/16/2025
- 3 Cosponsors added.
- 7/15/2025
- 1 Cosponsor added.
- 6/6/2025
- Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 1 Cosponsor added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Joyce BeattyDemocrat · Ohio
Cleo FieldsDemocrat · Louisiana
LaMonica McIverDemocrat · New Jersey
Lateefah SimonDemocrat · California
Maxine WatersDemocrat · California
Nikema WilliamsDemocrat · Georgia