Policy Analysis

FACT Sheet: A Brief Summary of the Corporate Transparency Act of 2019 (H.R. 2513)

The Corporate Transparency Act of 2019 takes the simple, yet effective, step to require corporations and limited liability companies (LLCs) to disclose to law enforcement and others with legally mandated anti-money laundering responsibilities (e.g. financial institutions) information on who is the real, natural person (a.k.a. beneficial owner) who owns and controls an entity at the point of formation.

Additional provisions include a) outlawing the formation of bearer share corporations and LLCs, and b) requiring that bids for large federal contracts include the beneficial ownership data of the prospective contractors and subcontractors.

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FACT Submitted Comments for the Record to the House Subcommittee on Investor Protection

The FACT Coalition filed comments for the record to the House Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. The subcommittee held the hearing “Building a Sustainable and Competitive Economy: An Examination of Proposals to Improve Environmental, Social and Governance Disclosures,” on July 10th, 2019. The full letter can be read below or downloaded here.

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