House Passes Beneficial Ownership Disclosure Bill (2)

The House passed legislation Oct. 22 that would require corporations and limited liability companies to reveal their so-called beneficial owners to the federal government when they’re formed.

Supporters of the Corporate Transparency Act, which passed on a 249-173 vote, say it would help U.S. law enforcement stem money laundering and other criminal activity made possible by the use of anonymous shell companies. Twenty-five Republicans voted for the bill, although it generated GOP concerns about data privacy and potential burdens on small businesses.

H.R. 2513, sponsored by Rep. Carolyn Maloney (D-N.Y.), would charge the Treasury Department’s Financial Crimes Enforcement Network ...