Bill · S. 4419· Senate(119-S-4419)
A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.
- Introduced
- 4/28/2026
- Last activity
- 4/28/2026 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- John Kennedy
- Cosponsors
- - 12 - 0
- Introduced
- In Committee
What this bill would do
This bill proposes to amend title 31 of the United States Code regarding beneficial ownership information. The changes focus on requiring reporting primarily for foreign entities. It redefines an applicant as an individual registering a foreign entity to do business in the United States. Under the new rules, no reporting company is required to report information for a United States person who is a beneficial owner. Additionally, the bill mandates that the Financial Crimes Enforcement Network delete all beneficial ownership information belonging to any United States person within 90 days.
Yes· 3 of 4
Does this protect people from being watched or searched?+8
The bill mandates the deletion of all beneficial ownership information belonging to United States persons within 90 days.
Would business owners be better off under this?+7
The bill relieves United States persons of the requirement to report beneficial ownership information for their companies.
Would high-income households be better off under this?+6
The bill protects the privacy of United States persons regarding their beneficial ownership in foreign-formed entities.
The opposite
Does this make what the government does easier for the public to see?-5
The bill reduces transparency by exempting United States persons from reporting beneficial ownership information.
Who it would affect, and how
Potential Positive Impacts for People
-
Protection of Privacy for United States Persons: Under Section 1(b)(2)(A), no reporting company would be required to report the beneficial ownership information of a United States person who is a beneficial owner. This means specific personal ownership details for citizens would not be subject to these reporting requirements.
-
Reduction of Information Retention: According to Section 1(c)(1), the Financial Crimes Enforcement Network must delete all beneficial ownership information of any United States person not later than 90 days after the Act is enacted. This ensures that specific personal data for United States persons is removed from their records.
Potential Negative Impacts for People
- Limited Scope of Reporting: Section 1(a)(1)(A) redefines an applicant to mean individuals registering corporations, limited liability companies, or similar entities formed under the laws of a foreign country. This change limits the scope of the reporting requirements to foreign entities doing business in the United States.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+7Good For High Income Households+6
- Economy And Finance
- Improves Small Business Support+5
- Governance And Ideology
- Improves Privacy Rights+8Improves Government Transparency-5
- 6/11/2026
- 1 Cosponsor added.
- 6/8/2026
- 1 Cosponsor added.
- 5/11/2026
- 1 Cosponsor added.
- 4/28/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 9 Cosponsors added.
- Introduced in Senate
Marsha BlackburnRepublican · Tennessee
Jim BanksRepublican · Indiana
Shelley CapitoRepublican · West Virginia
Ted CruzRepublican · Texas
Bill HagertyRepublican · Tennessee
Jon HustedRepublican · Ohio
James JusticeRepublican · West Virginia
James LankfordRepublican · Oklahoma
Mike LeeRepublican · Utah
Roger MarshallRepublican · Kansas
Pete RickettsRepublican · Nebraska
Tim SheehyRepublican · Montana