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119-s-4419119th CongressWALLET

A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.

Sponsored By: Senator Kennedy, John [R-LA]

Introduced

Summary

This bill would shift beneficial ownership reporting to foreign-formed entities registering to do business in the United States and exempt United States persons from reporting. It would also add required data fields for the foreign jurisdiction of formation and the State or tribal jurisdiction where the entity first registers.

Show full summary
  • United States persons would be exempt from reporting beneficial ownership information and would not have to provide that information for reporting companies they own.
  • Foreign-formed corporations, limited liability companies, and similar entities that register to do business in the United States would be redefined as "reporting companies" and would have to report beneficial ownership information including their foreign formation jurisdiction and the State or tribal jurisdiction of first registration.
  • The Financial Crimes Enforcement Network (FinCEN) would be required to delete all beneficial ownership information of any United States person not later than 90 days after enactment and may retain beneficial ownership information for persons that are not United States persons.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

U.S. persons' ownership data deleted

If enacted, reporting companies would not have to report ownership information about any United States person. If enacted, United States persons would not have to provide beneficial ownership information for companies they own. If enacted, FinCEN would have to delete all beneficial ownership information for U.S. persons no later than 90 days after enactment. FinCEN could keep beneficial ownership information for people who are not U.S. persons.

New BOI rules for foreign firms

The bill would limit "reporting companies" to entities formed under foreign law and registered to do business in the U.S. The bill would make people who file to register foreign-formed companies the defined "applicants." The bill would require reporting companies to list the foreign country where they were formed and the U.S. state or tribal office where they first registered. These changes would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Kennedy, John [R-LA]

LA • R

Cosponsors

  • Sen. Blackburn, Marsha [R-TN]

    TN • R

    Sponsored 4/28/2026

  • Sen. Justice, James C. [R-WV]

    WV • R

    Sponsored 4/28/2026

  • Sen. Marshall, Roger [R-KS]

    KS • R

    Sponsored 4/28/2026

  • Sen. Lee, Mike [R-UT]

    UT • R

    Sponsored 4/28/2026

  • Sen. Sheehy, Tim [R-MT]

    MT • R

    Sponsored 4/28/2026

  • Sen. Capito, Shelley Moore [R-WV]

    WV • R

    Sponsored 4/28/2026

  • Sen. Ricketts, Pete [R-NE]

    NE • R

    Sponsored 4/28/2026

  • Sen. Cruz, Ted [R-TX]

    TX • R

    Sponsored 4/28/2026

  • Sen. Banks, Jim [R-IN]

    IN • R

    Sponsored 4/28/2026

  • Sen. Husted, Jon [R-OH]

    OH • R

    Sponsored 5/11/2026

  • Sen. Lankford, James [R-OK]

    OK • R

    Sponsored 6/8/2026

  • Sen. Hagerty, Bill [R-TN]

    TN • R

    Sponsored 6/11/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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