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
Limits beneficial ownership reporting to foreign-formed entities that register to do business in the United States. This bill would refocus who must report by redefining key terms like Applicant and Reporting Company and by setting rules for what data must be collected and deleted.
Show full summary
- Foreign-formed companies and applicants: Foreign entities formed under another country's law that register with a State or tribal secretary of state to do business in the U.S. would be the primary "reporting companies." The bill adds required data fields such as the foreign jurisdiction of formation and the State or tribal jurisdiction where the company first registers.
- U.S. persons and owners: No reporting company would be required to report the beneficial ownership information of any U.S. person who is a beneficial owner. No U.S. person would have to provide beneficial ownership information for a reporting company they own.
- Data handling by FinCEN: The Financial Crimes Enforcement Network (FinCEN) would be required to delete all beneficial ownership information of U.S. persons within 90 days of enactment. FinCEN could retain beneficial ownership information for people who are not U.S. persons.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Limits on U.S. owner reporting
If enacted, the bill would say that no reporting company must report beneficial ownership information about any United States person who is a beneficial owner. It would also say that no United States person must provide beneficial ownership information for a reporting company they own. The bill would require FinCEN to delete all beneficial ownership records for U.S. persons within 90 days after the law is enacted. FinCEN could still keep ownership records that relate only to non-U.S. persons.
Reporting rules for foreign companies
If enacted, the bill would narrow who must file beneficial ownership reports so only companies formed under foreign law and then registered to do business in the U.S. would be "reporting companies." The bill would define an "applicant" as the person who files to register those foreign-formed companies. Filings for those foreign companies would have to list the foreign jurisdiction where they were formed and the U.S. state or tribal area where they first registered. The bill would also insert the phrase "any United States person" into a technical list in the statute, which could change how that paragraph is applied.
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
Shelley Capito
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
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov