Proposed Changes to Corporate Ownership Reporting Requirements
April 28, 2026
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Where This Stands
Currently in_committee. The next step in the legislative lifecycle is Floor Vote.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →The Frame
If passed, this bill would eliminate the requirement for U.S. citizens and residents to disclose their ownership stakes in corporations and LLCs to the federal government, while requiring the government to purge existing databases of such information.
Potentially affected actors named in the source documents. Mention is not a position.
United States persons
They would be exempt from federal beneficial ownership reporting requirements and have their existing data deleted from federal records.
Foreign entities
They remain subject to beneficial ownership reporting requirements when registering to do business in the United States.
Financial Crimes Enforcement Network (FinCEN)
The agency would be required to purge existing U.S. person data and update its reporting protocols.
Current stage: in_committee.
Floor Vote.
Summary
Key Facts
- The bill amends Section 5336 of title 31, United States Code, to restrict 'reporting company' definitions to entities formed under foreign law.
- Reporting companies are redefined as entities formed under foreign law that register to do business in the U.S. via a state or tribal office.
- The bill explicitly exempts all United States persons from reporting beneficial ownership information.
- The bill prohibits the collection of beneficial ownership information from any United States person.
- The Financial Crimes Enforcement Network (FinCEN) is required to delete all existing beneficial ownership information of United States persons within 90 days of enactment.
- FinCEN is permitted to retain beneficial ownership information for non-U.S. persons.
- The bill was introduced in the Senate on April 28, 2026, by Mr. Kennedy and nine co-sponsors.
Frequently Asked Questions
Will I still have to report who owns my U.S.-based company?
What happens to the information I already submitted to FinCEN?
Does this apply to foreign companies doing business in the U.S.?
Why It Matters
If passed, this bill would eliminate the requirement for U.S. citizens and residents to disclose their ownership stakes in corporations and LLCs to the federal government, while requiring the government to purge existing databases of such information.
News Coverage
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Reversal of Corporate Transparency Act
This bill effectively seeks to dismantle the core reporting requirements established by the Corporate Transparency Act for U.S. entities.
Connected Entities
Analysis Score
0–100- Significance85How much this matters to a regular citizen
- Controversy75Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz40Current news / social attention level
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