Small Business Working Group Act

HR 5422, the Small Business Working Group Act, requires the Financial Crimes Enforcement Network (FinCEN) to hold annual working groups with small businesses. These groups must share information on beneficial ownership reporting effectiveness, improve coordination between FinCEN and small businesses, and provide guidance about reporting obligations. The bill directly affects small businesses subject to beneficial ownership reporting rules and FinCEN, which must implement this requirement without new funding. It establishes a formal mechanism for ongoing communication but does not change existing reporting rules or obligations.