Rep. Williams' Legislation to Connect FinCEN and Main Street Passes FSC

WASHINGTON, D.C. – Today, Congressman Roger Williams (R-TX), issued the following statement following the passage of the Small Business Working Group Act, in the House Financial Services Committee by a vote of 46 to 0.

“Many small business owners are facing higher costs and possible penalties due to the lack of guidance from FinCEN on the confusing and complicated new rules being implemented by this agency, that few have even heard of,” said Congressman Williams. “This legislation promotes coordination between FinCEN and Main Street America by providing an opportunity for small businesses to learn about these rules to ensure they are set up for success. I thank my colleagues on the Financial Services Committee for supporting this resolution and look forward to its consideration on the floor soon.”

“I am honored to join my colleague Congressman Roger Williams in leading the Small Business Working Group Act to promote better collaboration between FinCEN and the small business community,”said Congresswoman Beatty.“FinCEN’s implementation of the Corporate Transparency Act is critical to prevent bad actors from abusing our financial system, and establishing a working group to support small business education and compliance will allow for effective execution of the statute.”

Background:

The Small Business Working Group Act, introduced with Congresswoman Joyce Beatty (D-OH), would require FinCEN to establish a small business working group to ensure business owners have the information and guidance they need to understand the rules and requirements that apply to them. The Small Business Working Group Act was passed as part of H.R. 5472, the FinCEN Oversight and Accountability Act of 2023, in Section III.

Read the FinCEN Oversight and Accountability Act of 2023 text here

Read the Small Business Working Groups Acttext here.

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Congressman Roger Williams is the Chairman of the House Committee on Small Business and member of the House Financial Services Committee. He proudly represents the 25th Congressional District of Texas.