HOUSE 2513116th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Corporate Transparency Act of 2019

Last Action: 10/23/2019

Actions

2019-10-23Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2019-10-22Motion to reconsider laid on the table Agreed to without objection.
2019-10-22On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).
2019-10-22Passed/agreed to in House: On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).
2019-10-22On motion to recommit with instructions Failed by recorded vote: 197 - 224 (Roll no. 576).
2019-10-22The previous question on the motion to recommit with instructions was ordered without objection.
2019-10-22DEBATE - The House proceeded with 10 minutes on the Davidson (OH) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to require a court-issued subpoena for specified requests in the underlying bill.
2019-10-22Mr. Davidson (OH) moved to recommit with instructions to the Committee on Financial Services. (text: CR H8368)
2019-10-22The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
2019-10-22The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2513.
2019-10-22The House resolved into Committee of the Whole House on the state of the Union for further consideration.
2019-10-22Considered as unfinished business. (consideration: CR H8365-8370)
2019-10-22Committee of the Whole House on the state of the Union rises leaving H.R. 2513 as unfinished business.
2019-10-22On motion that the Committee rise Agreed to by voice vote.
2019-10-22Ms. Waters moved that the Committee rise.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2019-10-22 (53)

This bill generally addresses the disclosure of corporate ownership and the prevention of money laundering and the financing of terrorism.

DIVISION A--CORPORATE TRANSPARENCY ACT OF 2019

Corporate Transparency Act of 2019

This division 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 division.

The division 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 division.

DIVISION B--COUNTER ACT OF 2019

Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019

This division generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.

Among other things, the division

establishes new offices within financial regulatory agencies related to privacy and civil liberties;
creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws;
allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and
revises whistleblower incentives related to actions brought by FinCEN.

The division also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.

Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.

Cosponsors (10)

PETER KING (R-NY)
Tom Malinowski (D-NJ)
Donald Beyer (D-VA)
JAMES COOPER (D-TN)
ALCEE HASTINGS (D-FL)
GREGORY MEEKS (D-NY)
Emanuel Cleaver (D-MO)
MARCY KAPTUR (D-OH)
Lisa Blunt Rochester (D-DE)
BRAD SHERMAN (D-CA)

Subjects

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
Terrorism
Trade secrets and economic espionage
U.S. and foreign investments

Read on Congress.gov

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