hold on there's just too much going on in Congress lmao...
Stops U.S. citizens/businesses from reporting ownership to FinCEN.
Sen. Kennedy (R-LA) and 9 other Republican Senators.
In committee, no Senate vote yet.
This bill aims to change current law by exempting U.S. citizens and U.S. businesses from a requirement to report who owns and controls them to the Treasury Department's Financial Crimes Enforcement Network (FinCEN). It would limit this reporting solely to foreign companies operating in the U.S. Senator Kennedy, a Republican from Louisiana, introduced this bill, which is currently being reviewed by the Senate Banking Committee before it can be voted on by the full Senate.
Introduced Apr 28, 2026
This bill has been introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. For it to become law, the committee must approve it, then it needs to pass a vote in the full Senate, then pass the House of Representatives, and finally be signed by the President.
If this bill passes, any U.S. person who owns or controls a business in the United States would no longer be required to report their beneficial ownership information to the federal government. This would mean less paperwork and potentially more privacy for U.S. business owners. Additionally, the government's Financial Crimes Enforcement Network (FinCEN) would be required to delete any beneficial ownership information it currently holds about U.S. persons. However, foreign companies registered to do business in the U.S. would still need to report their beneficial owners (if they are not U.S. persons) and additional formation details.
Supporters Say
Say this bill protects the privacy of American business owners and reduces burdensome reporting requirements.
Critics Say
May argue this bill weakens efforts to combat financial crimes, money laundering, and illicit financing by reducing transparency.
Supporters of this bill likely argue that the current beneficial ownership reporting requirements place an unnecessary burden on American small businesses and infringe on their privacy, without sufficient justification. They would emphasize reducing government oversight of U.S. citizens' financial dealings. Opponents would likely counter that these reporting requirements, established by the Corporate Transparency Act, are crucial tools for law enforcement to track anonymous shell companies often used for illegal activities like money laundering, terrorism financing, and tax evasion, making the financial system more vulnerable.