S. 4419In committeeJobs & the economy
Bill would exempt US companies from beneficial ownership reporting
Data as of July 12, 2026
S 4419 would exempt U.S. companies from beneficial ownership reporting, requiring it only from foreign companies registered in the U.S.40-second read · 4 questions answered below
Decoded
What does this do?
This bill would change the Corporate Transparency Act so that only foreign-formed companies registered to do business in the U.S. must report beneficial ownership information to FinCEN. American individuals and U.S.-formed companies would be fully exempt, and FinCEN would have to delete previously collected data on U.S. persons within 90 days while keeping data on foreign owners.
Who does it affect?
U.S. small business owners, LLCs, and corporations would no longer face this reporting requirement. Foreign companies operating in the U.S., and law enforcement and financial regulators who use the ownership database, would also be affected.
Why does it matter?
Removing U.S. persons' data would shrink the ownership database that law enforcement and regulators use to investigate money laundering, tax evasion, and other financial crimes.
Where does it stand?
- Introduced
- Senate committee — You are here
- Senate vote
- House
- President's desk
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
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Official title
A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.
- Introduced:
- April 28, 2026
- Latest action:
- April 28, 2026
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Read the official bill on Congress.govMake the call
Three steps: where you stand, your script, the call.