All Information (Except Text) for S.1978 - Corporate Transparency Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 06/26/2019)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 06/26/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
There is 1 version of this bill. View text
Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Title(s) as Introduced
Corporate Transparency Act of 2019
Official Titles - Senate
Official Titles as Introduced
A bill to ensure that persons who form corporations or limited liability companies in the United States disclose the beneficial owners of those corporations or limited liability companies, in order to prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations and limited liability companies, and for other purposes.
Actions Overview (1)
|06/26/2019||Introduced in Senate|
06/26/2019 Introduced in Senate
All Actions (1)
|06/26/2019||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
Action By: Senate
06/26/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
|Sen. Rubio, Marco [R-FL]*||06/26/2019|
|Sen. Whitehouse, Sheldon [D-RI]*||06/26/2019|
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Banking, Housing, and Urban Affairs||06/26/2019||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Business ethics
- Business records
- Civil actions and liability
- Corporate finance and management
- Criminal investigation, prosecution, interrogation
- Criminal procedure and sentencing
- Fraud offenses and financial crimes
- Government information and archives
- Law enforcement administration and funding
- Trade secrets and economic espionage
- U.S. and foreign investments
Latest Summary (1)
Introduced in Senate (06/26/2019)
Corporate Transparency Act of 2019
This bill requires certain new and existing small corporations and limited liability companies to disclose information about their beneficial owners. A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company.
Specifically, if certain entities apply to form a corporation or limited liability company, they must file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Furthermore, certain existing corporations and limited liability companies must file this information with FinCEN two years after the implementation of final regulations required under this bill.
The bill imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information.
The Government Accountability Office must study and report on: (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this bill.