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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions members such as Steve Daines.
Issued
June 18, 2026
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Download official Senate Record PDFReturn to issue contextSA 5869. Mr. DAINES submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. . ACCESS TO BENEFICIAL OWNERSHIP INFORMATION.
(a) Short Title.—This section may be cited as the
“Ownership Clarity Act”.
(b) Access to Beneficial Ownership Information.—Section
5336 of title 31, United States Code, is amended—
(1) by redesignating subsection (j) as subsection (k); and
(2) by inserting after subsection (i) the following:
“(j) Access to Beneficial Ownership Information by Private
Parties.—
“(1) Definitions.—In this subsection:
“(A) Access license.—The term `access license' means a
license to access beneficial ownership information in
accordance with this subsection.
“(B) Covered entity.—The term `covered entity' means a
financial institution that provides, or an entity that
assists a financial institution in providing, screening
services.
“(C) Permitted personnel.—The term `permitted personnel'
means personnel of a covered entity who are permitted to
access beneficial ownership information in accordance with
this subsection.
“(D) Permitted purpose.—The term `permitted purpose'
means the use of beneficial ownership information for
screening services.
“(E) Screening services.—The term `screening services'
means the risk management procedures and activities
undertaken by permitted personnel for the protection of the
United States national security from international illicit
actors and corrupt foreign officials who seek to exploit the
financial systems of the United States by engaging in illicit
activity such as serious tax fraud, human and drug
trafficking, money laundering, financing terrorism.
“(2) Access licenses.—
“(A) In general.—Notwithstanding any other provision of
this section, the Director shall establish a process by which
covered entities may apply to the Director for an access
license.
“(B) Determination.—The Director may not issue an access
license to a covered entity unless the Director determines
that—
“(i) access to beneficial ownership information under this
subsection is predicated upon a reasonable concern for United
States national security and United States economic
stability, by identifying international illicit actors and
corrupt foreign officials and preventing international
illicit activity such as—
“(I) international terrorist financing;
“(II) any activity engaged in by an agent of the
Government of Iran, North Korea, Syria, or any other
government the Secretary of State has determined has
repeatedly provided support for acts of international
terrorism for purposes of—
“(aa) section 1754(c)(1)(A)(i) of the Export Control
Reform Act of 2018 (50 U.S.C. 4813(c)(1)(A)(i));
“(bb) section 620A of the Foreign Assistance Act of 1961
(22 U.S.C. 2371);
“(cc) section 40(d) of the Arms Export Control Act (22
U.S.C. 2780(d)); or
“(dd) any other provision of law;
“(III) any activity engaged in by any individual or entity
included on the list of specially designated nationals and
blocked persons maintained by the Office of Foreign Assets
Control of the Department of the Treasury; or
“(IV) any other illicit financial conduct directly or
indirectly supporting a transnational criminal organization,
transnational drug trafficking organization, or transnational
money laundering organization;
“(ii) the covered entity limits access to and use of the
beneficial ownership information to permitted personnel of
the covered entity in connection with, or to support,
screening services; and
“(iii) the use, disclosure, and retention of the
beneficial ownership information is strictly limited to a
permitted purpose.
“(C) Duration.—
“(i) In general.—An access license issued under this
subsection shall expire on the date that is 2 years after the
date on which the license is issued.
“(ii) Renewal.—An expired access license may be renewed
for 2-year periods in accordance with the process established
under this paragraph.
“(3) Regulations.—The Director shall promulgate
regulations governing the use, disclosure, and retention of
the beneficial ownership information accessed pursuant to an
access license issued under this subsection.”.