A bill to improve transparency with respect to foreign influence on Department of Defense contractors.
Sens. Warren and Grassley Introduce Bill to Reveal Foreign Owners of Defense Contractors
This bill is currently in the Senate Committee on Armed Services for review. It was recently introduced and is waiting for the committee to decide if it should move forward. There are no upcoming votes scheduled at this time.
Legislative Progress
The bill has strong bipartisan support from well known senators, but defense bills often face long delays in committee before reaching a full vote.
Key Points
Impact Analysis
Personal Impact
Small defense contractors and subcontractors would face new disclosure requirements about their beneficial owners when bidding on Pentagon contracts. This adds paperwork and compliance costs, especially for smaller firms near the new $500,000 threshold. However, companies with no foreign ownership issues may benefit from a more level playing field where competitors with hidden foreign ties are weeded out.
“require any company that is a prospective contractor or subcontractor of the Department of Defense to provide to the Federal Government as part of any bid or proposal for a contract the information specified under subsection (a) of section 2876”
Milestones
Read twice and referred to the Committee on Armed Services.
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.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articlesBill Aims to Make Foreign Ownership of Defense Contractors More Transparent
Senate Banking Committee ranking member Elizabeth Warren and Senate Judiciary Committee Chairman Chuck Grassley introduced a bill June 1 to require prospective defense contractors to disclose their beneficial ownership information when bidding for work to close transparency gaps.
U.S. senators seek tougher defense contractor ownership disclosure rules
A bipartisan bill from Senators Elizabeth Warren and Chuck Grassley targets foreign ownership disclosure for Department of Defense contractors. The legislation eliminates the sub-$5 million contract exemption from ownership disclosure and aligns the 'beneficial owner' definition with Title 10.
Source Information
Document Type
Congressional Bill
Official Title
A bill to improve transparency with respect to foreign influence on Department of Defense contractors.
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.