Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill amends 31 U.S.C. 5336(b)(1)(B) to change the deadline for filing beneficial ownership information reports. Companies formed or registered before January 1, 2024, would be required to file their BOI reports not later than January 1, 2026, replacing a prior timing formula tied to regulation effective dates.
Progressives emphasize AML transparency harms from the delay
Relative to its intended legislative type, this bill is a narrowly focused statutory amendment that changes the filing deadline for certain pre-existing reporting companies and is primarily substantive in nature with an administrative effect (timeline adjustment).
This bill amends 31 U.S.C. 5336(b)(1)(B) to change the deadline for filing beneficial ownership information reports.
Companies formed or registered before January 1, 2024, would be required to file their BOI reports not later than January 1, 2026, replacing a prior timing formula tied to regulation effective dates.
Narrow, low-cost administrative change with bipartisan appeal historically; main barrier is potential procedural objections in the Senate.
Relative to its intended legislative type, this bill is a narrowly focused statutory amendment that changes the filing deadline for certain pre-existing reporting companies and is primarily substantive in nature with an administrative effect (timeline adjustment). It gives a specific deadline but provides minimal explanatory material, fiscal discussion, or transitional detail.
Progressives emphasize AML transparency harms from the delay
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize AML transparency harms from the delay
Skeptical but sympathetic: supports reducing burdens on small businesses, yet concerned about delaying anti-money-laundering transparency.
Worries the fixed delay could weaken enforcement and harm oversight of illicit finance.
Views the bill as a pragmatic administrative adjustment that eases short-term compliance strains.
Wants assurance the change won't significantly weaken financial transparency or international obligations.
Generally supportive as a deregulatory measure that reduces burdens on small businesses.
Sees the fixed deadline as clarity that prevents regulatory overreach and arbitrary enforcement timing.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Narrow, low-cost administrative change with bipartisan appeal historically; main barrier is potential procedural objections in the Senate.
The House fast-tracked this bill — skipping normal debate — and it passed with a two-thirds majority. It now moves to the Senate.
Suspending the rules allows the House to bypass normal debate procedures and pass a bill immediately with a two-thirds vote.
Progressives emphasize AML transparency harms from the delay
Narrow, low-cost administrative change with bipartisan appeal historically; main barrier is potential procedural objections in the Senate.
Relative to its intended legislative type, this bill is a narrowly focused statutory amendment that changes the filing deadline for certain pre-existing reporting companies and is primarily substantive in nature with an…
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