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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions members such as John Neely Kennedy.
Issued
June 24, 2026
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Download official Senate Record PDFReturn to issue contextSA 6239. Mr. KENNEDY 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. . BENEFICIAL OWNERSHIP INFORMATION REPORTING
REQUIREMENTS.
(a) In General.—Section 5336 of title 31, United States
Code—
(1) in subsection (a)—
(A) by striking paragraph (2) and inserting the following:
“(2) Applicant.—The term `applicant' means any individual
who registers or files an application to register a
corporation, limited liability company, or other similar
entity formed under the laws of a foreign country to do
business in the United States by filing a document with the
secretary of state or similar office under the laws of a
State or Indian Tribe.”;
(B) in paragraph (3)(B)—
(i) in clause (iv), by striking “or” at the end;
(ii) in clause (v), by striking the period at the end and
inserting “; or”; and
(iii) by adding at the end the following:
“(vi) any United States person.”; and
(C) in paragraph (11), by striking subparagraph (A) and
inserting the following:
“(A) means a corporation, limited liability company, or
other similar entity that is—
“(i) formed under the law of a foreign country; and
“(ii) registered to do business in the United States by
the filing of a document with a secretary of state or a
similar office under the laws of a State or Indian Tribe;
and”; and
(2) in subsection (b)(2)(A)(iv)—
(A) in subclause (I), by striking “or” at the end;
(B) in subclause (II), by striking the period at the end
and inserting a semicolon; and
(C) by adding at the end the following:
“(III) the foreign jurisdiction of formation of the
reporting company; or
“(IV) the State or tribal jurisdiction where the reporting
company first registers.”.
(b) Exemptions.—
(1) Definitions.—In this subsection, the terms
“beneficial owner”, “reporting company”, and “United
States person” have the meanings given the terms in section
5336 of title 31, United States Code.
(2) Exemptions.—Notwithstanding any other provision of
law—
(A) no reporting company shall be required to report the
beneficial ownership information of any United States person
who is a beneficial owner; and
(B) no United States person shall be required to provide
beneficial ownership information with respect to any
reporting company for which they are a beneficial owner.
(c) Deletion of Information.—
(1) In general.—Not later than 90 days after the date of
enactment of this Act, the Financial Crimes Enforcement
Network of the Department of Treasury shall delete all
beneficial ownership information of any United States person.
(2) Retention.—The Financial Crimes Enforcement Network
may maintain any beneficial ownership information relating to
any person that is not a United States person.