[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4419 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 4419
To amend title 31, United States Code, to require only foreign entities
to report beneficial ownership information, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 28, 2026
Mr. Kennedy (for himself, Mrs. Blackburn, Mr. Justice, Mr. Marshall,
Mr. Lee, Mr. Sheehy, Mrs. Capito, Mr. Ricketts, Mr. Cruz, and Mr.
Banks) introduced the following bill; which was read twice and referred
to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To amend title 31, United States Code, to require only foreign entities
to report beneficial ownership information, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. BENEFICIAL OWNERSHIP INFORMATION REPORTING REQUIREMENTS.
(a) In General.--Section 5336 of title 31, United States Code--
(1) in subsection (a)--
(A) by striking paragraph (2) and inserting the
following:
``(2) Applicant.--The term `applicant' means any individual
who registers or files an application to register a
corporation, limited liability company, or other similar entity
formed under the laws of a foreign country to do business in
the United States by filing a document with the secretary of
state or similar office under the laws of a State or Indian
Tribe.'';
(B) in paragraph (3)(B)--
(i) in clause (iv), by striking ``or'' at
the end;
(ii) in clause (v), by striking the period
at the end and inserting ``; or''; and
(iii) by adding at the end the following:
``(vi) any United States person.''; and
(C) in paragraph (11), by striking subparagraph (A)
and inserting the following:
``(A) means a corporation, limited liability
company, or other similar entity that is--
``(i) formed under the law of a foreign
country; and
``(ii) registered to do business in the
United States by the filing of a document with
a secretary of state or a similar office under
the laws of a State or Indian Tribe; and''; and
(2) in subsection (b)(2)(A)(iv)--
(A) in subclause (I), by striking ``or'' at the
end;
(B) in subclause (II), by striking the period at
the end and inserting a semicolon; and
(C) by adding at the end the following:
``(III) the foreign jurisdiction of
formation of the reporting company; or
``(IV) the State or tribal jurisdiction
where the reporting company first registers.''.
(b) Exemptions.--
(1) Definitions.--In this subsection, the terms
``beneficial owner'', ``reporting company'', and ``United
States person'' have the meanings given the terms in section
5336 of title 31, United States Code.
(2) Exemptions.--Notwithstanding any other provision of
law--
(A) no reporting company shall be required to
report the beneficial ownership information of any
United States person who is a beneficial owner; and
(B) no United States person shall be required to
provide beneficial ownership information with respect
to any reporting company for which they are a
beneficial owner.
(c) Deletion of Information.--
(1) In general.--Not later than 90 days after the date of
enactment of this Act, the Financial Crimes Enforcement Network
of the Department of the Treasury shall delete all beneficial
ownership information of any United States person.
(2) Retention.--The Financial Crimes Enforcement Network
may maintain any beneficial ownership information relating to
any person that is not a United States person.
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