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

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2026-04-28

The bill would change federal reporting requirements so that only foreign-owned companies have to disclose who actually owns and controls them, while exempting U.S.-based companies from the same disclosure rules. Currently, both domestic and foreign entities face similar beneficial ownership reporting requirements designed to prevent money laundering and financial crimes. This change would affect banks, financial institutions, and law enforcement agencies that rely on ownership information to verify the legitimacy of business transactions.