Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced passage of the following bipartisan bills under suspension of the rules. This is a procedure often used on the House floor to act expeditiously on legislation that is generally non-controversial. Next, these bills will await a vote in the Senate.

H.R. 5524 "Foreign Affiliates Sharing Pilot Program Extension Act" is a bill offered by Representative Sylvia Garcia (D-TX). This bill would change the effective date of an anti-money laundering pilot program from three years after the date of the law’s enactment to three years after the date that the Secretary initiates the program in order to give the Financial Crimes Enforcement Network (FinCEN) sufficient time to implement the pilot program.

Passed the House by a vote of 396-28.

H.R. 5119 "Protect Small Business and Prevent Illicit Financial Activity Act" is a bill offered by Representative Joyce Beatty (D-OH) and Zach Nunn (R-IA). This bill adjusts the Corporate Transparency Act’s (CTA) beneficial ownership reporting company filing deadlines to provide small businesses with additional time to file.

Passed the House by a vote of 420-1.

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