This bill would amend federal law to substantially narrow beneficial ownership reporting requirements by limiting them to foreign entities only. Currently, both U.S. and foreign companies that register to do business in the United States must report information about who actually owns and controls them to federal authorities. Under this bill, only foreign corporations and limited liability companies would need to file such reports, while domestic U.S. entities and U.S. persons would be exempted from the requirement. The bill also requires the Treasury Department's Financial Crimes Enforcement Network to delete all beneficial ownership information about U.S. persons already in its files within 90 days of the law's enactment, though it may keep information on foreign persons. The bill does not authorize new funding or establish specific timelines beyond the 90-day deletion requirement.
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