IT Legislation

115th Congress (2017–2018)

The FACT Coalition supports bipartisan legislation to curb the abuse of anonymous shell companies.  FACT is strongly in support of two comprehensive bills on this issue:

  • H.R.3089/S.1717, Corporate Transparency Act of 2017
  • S.1454, True Incorporation Transparency for Law Enforcement (TITLE) Act

The FACT Coalition has concerns about a third piece of legislation, H.R. ____, the draft “Counter Terrorism and Illicit Financial Finance Act”, which wraps beneficial ownership transparency into a larger package of reforms, but the Coalition is optimistic that those concerns will be addressed before the legislation moves forward:

  • H.R. ____, the draft “Counter Terrorism and Illicit Financial Finance Act”

Scroll down for comments, letters, etc. on each of these bills.


Corporate Transparency Act of 2017 (H.R.3089/S.1717)

FACT’s Position: Supportive

The Corporate Transparency Act is sponsored by Reps. Carolyn Maloney (D-NY) and Peter King (R-NY) in the House (H.R.3089) and by Sens. Ron Wyden (D-OR) and Marco Rubio (R-FL) in the Senate (S.1717).

H.R. 3089/S.1717 Is Supported by the Following:
FACT and Partners:
Business Community:

Financial Institutions:

Investors:

Large Businesses:

Small Businesses:

Law Enforcement Organizations:

H.R. ____, the draft “Counter Terrorism and Illicit Financial Finance Act”

FACT’s Position: Has Concerns

The draft “Counter Terrorism and Illicit Financial Finance Act” is sponsored by Reps. Steven Pearce (R-NM) and Blaine Luetkemeyer.

A legislative hearing was held on the proposal on November 29, 2017.  Global Witness’s Stefanie Ostfeld testified at the hearing on behalf of the FACT Coalition.

In addition to Ms. Ostfeld’s testimony and the FACT Coalition’s comments, addtional individuals and groups submitted comments on the draft measure:

Academics:
  • Prof. Louise Shelley, executive director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University
Financial Services Industry:
Law Enforcement:
NGOs:
Small Business:

True Incorporation Transparency for Law Enforcement (TITLE) Act (S.1454)

FACT’s Position: Supportive

The TITLE ACT (S.1454) is sponsored by Sens. Sheldon Whitehouse (D-RI) and Charles Grassley (R-IA).

Letters of Support for S. 1454
FACT and Partners:
Business Community:

Financial Institutions:

  • The Clearing House (representing the nation’s largest commercial banks).
  • Credit Union National Association (CUNA)
  • Independent Community Bankers of America (ICBA)
  • National Association of Federally-Insured Credit Unions (NAFCU).

Investors:

Large Businesses:

Small Businesses:

Law Enforcement Organizations:

114th Congress (2015–2016)

The FACT Coalition supports bipartisan legislation to curb the abuse of anonymous shell companies.

House:

Letters of Support for H.R. 4450
FACT and Partners:
Banking Sector:
Investors:
Law Enforcement Organizations:
Small Businesses:

Senate:

Letters of Support for S. 2489
FACT and Partners:
Banking Sector:
Investors:
Law Enforcement Organizations:
Small Businesses: