S. 4419

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4419 Introduced in Senate (IS)]

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119th CONGRESS
2d Session
S. 4419

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

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

April 28, 2026

Mr. Kennedy (for himself, Mrs. Blackburn, Mr. Justice, Mr. Marshall, 
Mr. Lee, Mr. Sheehy, Mrs. Capito, Mr. Ricketts, Mr. Cruz, and Mr. 
Banks) introduced the following bill; which was read twice and referred 
to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

A BILL

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

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. BENEFICIAL OWNERSHIP INFORMATION REPORTING REQUIREMENTS.

(a) In General.--Section 5336 of title 31, United States Code--
(1) in subsection (a)--
(A) by striking paragraph (2) and inserting the 
following:
``(2) Applicant.--The term `applicant' means any individual 
who registers or files an application to register a 
corporation, limited liability company, or other similar entity 
formed under the laws of a foreign country to do business in 
the United States by filing a document with the secretary of 
state or similar office under the laws of a State or Indian 
Tribe.'';
(B) in paragraph (3)(B)--
(i) in clause (iv), by striking ``or'' at 
the end;
(ii) in clause (v), by striking the period 
at the end and inserting ``; or''; and
(iii) by adding at the end the following:
``(vi) any United States person.''; and
(C) in paragraph (11), by striking subparagraph (A) 
and inserting the following:
``(A) means a corporation, limited liability 
company, or other similar entity that is--
``(i) formed under the law of a foreign 
country; and
``(ii) registered to do business in the 
United States by the filing of a document with 
a secretary of state or a similar office under 
the laws of a State or Indian Tribe; and''; and
(2) in subsection (b)(2)(A)(iv)--
(A) in subclause (I), by striking ``or'' at the 
end;
(B) in subclause (II), by striking the period at 
the end and inserting a semicolon; and
(C) by adding at the end the following:
``(III) the foreign jurisdiction of 
formation of the reporting company; or
``(IV) the State or tribal jurisdiction 
where the reporting company first registers.''.
(b) Exemptions.--
(1) Definitions.--In this subsection, the terms 
``beneficial owner'', ``reporting company'', and ``United 
States person'' have the meanings given the terms in section 
5336 of title 31, United States Code.
(2) Exemptions.--Notwithstanding any other provision of 
law--
(A) no reporting company shall be required to 
report the beneficial ownership information of any 
United States person who is a beneficial owner; and
(B) no United States person shall be required to 
provide beneficial ownership information with respect 
to any reporting company for which they are a 
beneficial owner.
(c) Deletion of Information.--
(1) In general.--Not later than 90 days after the date of 
enactment of this Act, the Financial Crimes Enforcement Network 
of the Department of the Treasury shall delete all beneficial 
ownership information of any United States person.
(2) Retention.--The Financial Crimes Enforcement Network 
may maintain any beneficial ownership information relating to 
any person that is not a United States person.
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