Sen. Kennedy and Senate Republicans Push to End Ownership Reporting Rules for American Small Businesses
This bill is currently in the early stages of the legislative process. It has been sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. No further actions are scheduled at this time.
While this bill has strong support from one party, it faces a tough path in a divided Congress where transparency laws are often seen as vital for national security.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
FinCEN staff who built and manage the beneficial ownership database would see their workload shift significantly. The requirement to delete all U.S. person data within 90 days creates an urgent operational mandate, and the long-term scope of the database they maintain would shrink dramatically.
“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.”
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Senators Mike Lee and John Kennedy introduced S. 4419 to limit beneficial ownership reporting to foreign entities. The bill would codify a 2025 Treasury rule exempting domestic companies and requires FinCEN to delete existing records of U.S. business owners within 90 days of enactment.
Senator John Kennedy (R-La.) introduced legislation (S. 4419) to prevent the Treasury Department from collecting personal information of small business owners. The bill essentially codifies a 2025 FinCEN rule that limits data collection to foreign reporting companies only.
Treasury's interim final rule narrowing the Corporate Transparency Act to foreign entities only has effectively dismantled the federal database intended to track money laundering. Critics argue the move undermines years of bipartisan work to end anonymous company ownership in the U.S.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
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.
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