,,ii  #aaith ,,congress  #b;d ,session  
,s4 #ddai  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #bh1    
#bjbf,mr4 ,kennedy 7for himself1 ,mrs4  
,blackburn1 ,mr4 ,justice1 ,mr4         
,marshall1 ,mr4 ,lee1 ,mr4 ,sheehy1     
,mrs4 ,capito1 ,mr4 ,ricketts1 ,mr4     
,cruz1 and ,mr4 ,banks7 introduced the  
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend title #ca1 ,united    
,states ,code1 to require only foreign  
entities to report beneficial ownership 
information1 and for other purposes4    
#a4 ,beneficial ownership information   
reporting requirements  7a7 ,in general 
,section #eccf of title #ca1 ,united    
,states ,code-- 7#a7 in subsection 7a7--
 7,a7 by striking paragraph 7#b7 and    
inserting the following3  7#b7          
,applicant ,the term applicant means any
 individual who registers or files an   
application to register a corporation1  
limited liability company1 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 ,tribe4  2  7,b7 in paragraph   
7#c77;,b7-- 7i7 in clause 7iv71 by      
striking or at the end2  7ii7 in clause 
7v71 by striking the period at the end  
and inserting 2 or2 and  7iii7 by adding
 at the end the following3  7vi7 any    
,united ,states person4  2 and  7,c7 in 
paragraph 7#aa71 by striking            
subparagraph 7,a7 and inserting the     
following3  7,a7 means a corporation1   
limited liability company1 or other     
similar entity that is-- 7i7 formed     
under the law of a foreign country2 and 
7ii7 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 ,tribe2 and  2 and    
7#b7 in subsection 7b77#b77;,a77iv7--   
7,a7 in subclause 7,i71 by striking or  

at the end2  7,b7 in subclause 7,,ii71  
by striking the period at the end and   
inserting a semicolon2 and  7,c7 by     
adding at the end the following3        
7,,iii7 the foreign jurisdiction of     
formation of the reporting company2 or  
7,,iv7 the ,state or tribal jurisdiction
 where the reporting company first      
registers4  4  7b7 ,exemptions  7#a7    
,definitions ,in this subsection1 the   
terms beneficial owner1 reporting       
company1 and ,united ,states person have
 the meanings given the terms in section
 #eccf of title #ca1 ,united ,states    
,code4  7#b7 ,exemptions                
,notwithstanding any other provision of 
law-- 7,a7 no reporting company shall be
 required to report the beneficial      
ownership information of any ,united    
,states person who is a beneficial      
owner2 and  7,b7 no ,united ,states     
person shall be required to provide     
beneficial ownership information with   
respect to any reporting company for    
which they are a beneficial owner4  7c7 

,deletion of information  7#a7 ,in      
general ,not later than #ij days after  
the date of enactment of this ,act1 the 
,financial ,crimes ,enforcement ,network
 of the ,department of the ,treasury    
shall delete all beneficial ownership   
information of any ,united ,states      
person4  7#b7 ,retention ,the ,financial
 ,crimes ,enforcement ,network may      
maintain any beneficial ownership       
information relating to any person that 
is not a ,united ,states person4