[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Pages S3404-S3405]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 6239. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the bill S. 4784, to authorize appropriations for fiscal year 
2027 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. 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.

[[Page S3405]]

       (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 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.
                                 ______