01 — The Text
What.
- Repeals the Corporate Transparency Act, which requires companies to report who actually owns them to the Treasury Department.
- Eliminates mandatory beneficial ownership reporting to the Financial Crimes Enforcement Network (FinCEN).
- Removes a requirement that applied to both existing and newly formed companies nationwide.
02 — The Stakes
So what?
- Business owners gain privacy; their beneficial ownership information stays confidential instead of going to federal files.
- Law enforcement and financial institutions lose a tool designed to detect money laundering and terrorism financing schemes.
- Tradeoff: less financial transparency versus easier privacy for legitimate business operations.
03 — The Path
Now what?
- Bill passed House Financial Services Committee (26-25 vote) and awaits House floor debate and vote.
- Faces uncertain Senate prospects given close committee margin and the law enforcement community's support for ownership transparency.
- Contact your representative to voice support or opposition before any House floor vote.
Legislative History
Actions.
- Jun 18, 2026 — Placed on the Union Calendar, Calendar No. 609.
- Jun 18, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
- Jun 18, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
- Apr 21, 2026 — Ordered to be Reported by the Yeas and Nays: 26 - 25.
- Apr 21, 2026 — Committee Consideration and Mark-up Session Held
- Jan 15, 2025 — Referred to the House Committee on Financial Services.
- Jan 15, 2025 — Introduced in House
- Jan 15, 2025 — Introduced in House