Bill · S. 1995· Senate(119-S-1995)
FinCEN–SBA Coordination on Beneficial Ownership Registration Act
- Introduced
- 6/9/2025
- Last activity
- 6/9/2025 — Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Sponsored by
- Edward Markey
- Cosponsors
- - 2 - 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 create a memorandum of understanding. The goal of this agreement is to coordinate the dissemination of information regarding beneficial ownership reporting requirements. The agencies will work together to provide outreach, educational tools, and assistance to reporting companies. This includes hosting town halls, webinars, and providing information in multiple languages. The bill aims to increase compliance with beneficial ownership requirements while minimizing burdens on small businesses.
Yes· 3 of 6
Would business owners be better off under this?+5
The bill aims to minimize the burden on small business owners through better education and fraud prevention.
Does this make it easier to run a small business?+5
The bill provides enhanced educational outreach, town halls, and linguistic accessibility to help small businesses comply with reporting requirements.
Does this make what the government does easier for the public to see?+3
The bill increases transparency by requiring the publication of the memorandum of understanding and periodic reports 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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Increased Information Accessibility: The bill requires that covered information be made available in English, Spanish, and any additional languages determined by the agencies (Section 4(b)(2)). This helps ensure more people can understand the requirements.
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Fraud Protection: The agencies must implement a plan to identify and counter scams or fraudulent schemes related to beneficial ownership reporting (Section 4(b)(4)). This provides a layer of protection for small business owners against fraud.
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Enhanced Educational Outreach: The memorandum of understanding includes hosting in-person town halls and webinars to educate reporting companies on compliance (Section 4(b)(5)). This allows business owners to receive direct assistance and information.
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Streamlined Information Access: The SBA website must include a link to FinCEN’s relevant webpages regarding beneficial ownership (Section 4(b)(3)). This makes it easier for businesses to find the information they need to comply.
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Direct Support through Resource Partners: Information will be disseminated through resource partners, such as small business development centers and women's business centers (Section 4(b)(1)).
Potential Negative Impacts for People
- No specific negative impacts are explicitly mentioned in the text provided.
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+5Good 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
- 6/9/2025
- Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2 Cosponsors added.
- Introduced in Senate
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.
Sheldon WhitehouseDemocrat · Rhode Island
Elizabeth WarrenDemocrat · Massachusetts