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