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Bill116th CongressFiled May 3, 2019Finance and Financial Sector
H.R. 2513

Corporate Transparency Act of 2019

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house (Oct 22, 2019)

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.

What just happenedOct 23, 2019

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Maloney, Carolyn B. [D-NY-12](D-NY)Sponsor
10 cosponsors9 D1 R
Read on Congress.gov
10cosponsors2committees38actions5amendments6related bills12subjects
  1. Oct 23, 2019IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Oct 22, 2019FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Oct 22, 2019FloorH37100

    On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).

  4. Oct 22, 2019Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).

  5. Oct 22, 2019FloorH36110

    On motion to recommit with instructions Failed by recorded vote: 197 - 224 (Roll no. 576).

    Financial Services Committee
  6. Oct 22, 2019FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection.

  7. Oct 22, 2019FloorH8D000

    DEBATE - 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.

  8. Oct 22, 2019FloorH36100

    Mr. Davidson (OH) moved to recommit with instructions to the Committee on Financial Services. (text: CR H8368)

    Financial Services Committee
  9. Oct 22, 2019FloorH34400

    The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

  10. Oct 22, 2019FloorH32600

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2513.

  11. Oct 22, 2019FloorH32050

    The House resolved into Committee of the Whole House on the state of the Union for further consideration.

  12. Oct 22, 2019FloorH30000

    Considered as unfinished business. (consideration: CR H8365-8370)

  13. Oct 22, 2019FloorH32700

    Committee of the Whole House on the state of the Union rises leaving H.R. 2513 as unfinished business.

  14. Oct 22, 2019FloorH32341

    On motion that the Committee rise Agreed to by voice vote.

  15. Oct 22, 2019FloorH32340

    Ms. Waters moved that the Committee rise.

  16. Oct 22, 2019FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Davidson (OH) amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.

  17. Oct 22, 2019FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Davidson (OH) amendment No. 5.

  18. Oct 22, 2019FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Carolyn B. Maloney (NY) amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the ayes had prevailed. Mr. McHenry demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.

  19. Oct 22, 2019FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Carolyn B. Maloney (NY) amendment No. 4.

  20. Oct 22, 2019FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Brown (MD) amendment No. 3.

  21. Oct 22, 2019FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Hill (AR) amendment No. 2.

  22. Oct 22, 2019FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Burgess amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the ayes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.

  23. Oct 22, 2019FloorH8D000

    DEBATE - Pursuant to the provisions of H.Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Burgess amendment No. 1.

  24. Oct 22, 2019FloorH8D000

    GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2513.

  25. Oct 22, 2019FloorH32400

    The Speaker designated the Honorable Lauren Underwood to act as Chairwoman of the Committee.

  26. Oct 22, 2019FloorH32020

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 646 and Rule XVIII.

  27. Oct 22, 2019FloorH8D000

    Rule provides for consideration of H.R. 2513 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. Specified amendments are in order.

  28. Oct 22, 2019FloorH30000

    Considered under the provisions of rule H. Res. 646. (consideration: CR H8316-8339)

  29. Oct 22, 2019FloorH1L220

    Rule H. Res. 646 passed House.

  30. Oct 21, 2019FloorH1L210

    Rules Committee Resolution H. Res. 646 Reported to House. Rule provides for consideration of H.R. 2513 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. Specified amendments are in order.

  31. Oct 8, 2019CalendarsH12410

    Placed on the Union Calendar, Calendar No. 180.

  32. Oct 8, 2019CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 116-227.

    Financial Services Committee
  33. Oct 8, 2019Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 116-227.

    Financial Services Committee
  34. Jun 11, 2019Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 43 - 16.

    Financial Services Committee
  35. Jun 11, 2019Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  36. May 3, 2019IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  37. May 3, 2019IntroReferralIntro-H

    Introduced in House

  38. May 3, 2019IntroReferral1000

    Introduced in House

Passed HouseOct 22, 201953

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.

Reported to HouseOct 8, 20197

Corporate Transparency Act of 2019

This bill 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 bill.

The bill 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 bill.

Introduced in HouseMay 3, 2019

Corporate Transparency Act of 2019

This bill 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 bill.

The bill 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 bill.

Corporate Transparency Act of 2019 — Informed