S. 5414 proposes that the Financial Crimes Enforcement Network (FinCEN) must meet specific conditions before receiving funding for enforcing rules about reporting who owns companies. The bill requires that FinCEN delay its reporting requirements by at least one year, complete...
Simple Explanation
The bill says that a group called FinCEN, which makes rules about showing who owns a company, has to wait and do a few things before they get money to do their job. They need to wait a year, finish figuring out all the rules, and they have to let businesses send information using regular mail.