WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.) today introduced legislation that would prohibit the enforcement of the Beneficial Ownership Information (BOI) reporting requirements until the Financial Crimes Enforcement Network (FinCEN) meets important criterion. A federal court issued a preliminary injunction against this rule, but congressional action would provide greater certainty to business owners.
“Kansans have voiced their concerns regarding the new federal reporting requirements for businesses, particularly in rural areas,” said Sen. Moran. “This legislation would help provide additional time, clarity and flexibility for businesses in Kansas to comply with federal standards without facing burdensome and unnecessary penalties.”
This legislation would prohibit federal funds being used to enforce the BOI reporting requirement until:
- The effective date for all BOI requirements is delayed by a minimum of one year,
- FinCEN has finalized all outstanding BOI rulemakings, and
- FinCEN allows rural businesses to file their information via mail
In November of this year, Sen. Moran called on FinCEN Director Andrea Gacki to allow rural business owners to submit their beneficial ownership information through the United States Postal Service (USPS) due to the persistent lack of broadband connectivity across the rural United States.
Sen. Moran also joined his colleagues supporting the Protect Small Business and Prevent Illicit Financial Activity Act that extends the deadline for new and existing companies to report ownership information to FinCEN.
