H.R. 7963, titled the “Small Business Red Tape Relief Act of 2024,” aims to amend title 31 of the United States Code. The bill requires the Financial Crimes Enforcement Network (FinCEN) to provide Congress with a quarterly report on certain beneficial ownership data. This report must include...
Simple Explanation
H.R. 7963 is a plan to ask a group called FinCEN to tell the U.S. Congress every few months about which businesses are giving them important ownership information, so they can keep track of who owns what in a clear way.