H.R. 2513 - Corporate Transparency Act of 2019

Bill Text

    Text of H.R. 2513 PDF XML

    (as reported)

    H. Rept. 116-227 PDF

    Report from the Committee on Financial Services to accompany H.R. 2513

Rule Information

REPORTED BY A RECORD VOTE OF 9-4 on Monday, October 21, 2019.

Agreed to by record vote of 227-195, after agreeing to the previous question by record vote of 228-194, on Tuesday, October 22, 2019.

MANAGERS: Perlmutter/Woodall

1. Structured rule.

2. Provides one hour of general debate on the bill equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.

3. Waives all points of order against consideration of the bill.

4. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, as modified by the amendment printed in Part A of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.

5. Waives all points of order against provisions in the bill, as amended.

6. Makes in order only those amendments printed in Part B of the Rules Committee report. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

7. Waives all points of order against the amendments printed in Part B of the report.

8. Provides one motion to recommit with or without instructions.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
1Version 2Burgess (TX)RepublicanRevised Requires an annual report to Congress of anonymized data on the number of beneficial owners per reporting corporation or LLC, the industry of each reporting corporation or LLC, and the location of the beneficial owners.Made in Order
2Version 3Waters (CA)DemocratMANAGER’S AMENDMENT Revised Adds the text of H.R. 2514, “The COUNTER Act of 2019,” into the underlying bill and makes necessary conforming and technical changes. H.R. 2514 closes significant loopholes that are commonly abused by bad actors and will make it harder for terrorists, traffickers, corrupt officials, and other criminals to hide, launder, move, and use their illicitly gained assets. H.R. 2514 also imposes new penalties for egregious acts and creates a whistleblower program to encourage those who identify bad actors, among other matters.Considered as Adopted
3Version 1Riggleman (VA)RepublicanRequires FinCEN to institute a stringent cyber security regime to safeguard beneficial ownership information, and requires any beneficial ownership information held by FinCEN to be encrypted.Submitted
4Version 1Gonzalez, Anthony (OH)RepublicanRequires the Financial Crimes Enforcement Network to conduct a cost-benefit analysis of this legislation on American small businesses and submit a report to Congress on the findings.Submitted
5Version 1Davidson (OH)RepublicanRequires law enforcement to obtain a subpoena before gaining access to the database housing collected beneficial ownership information.Submitted
6Version 1Hill, French (AR)RepublicanRequires FinCEN to develop a regime by which entities may gain access to the beneficial ownership database. Also requires FinCEN to report to Congress annually on: 1) the number of times law enforcement, banks, or other third parties have accessed the beneficial ownership database; 2) the number of times the database was inappropriately accessed; and 3) the number of subpoenas obtained to gain access to the database.Made in Order
7Version 1Brown (MD)DemocratAdds refresher training no less than every 2 years for local, Tribal, State, or Federal law enforcement agencies who have access to beneficial ownership information to ensure the privacy of beneficial owners.Made in Order
8Version 1McHenry (NC)RepublicanRepeals the existing FinCEN Customer Due Diligence (CDD) rule.Submitted
9Version 2Davidson (OH)RepublicanRevised Strikes the bill’s reporting mandate on small businesses, terminates the Customer Due Diligence Rule, and requires Treasury to conduct a study about all existing federal information databases available to law enforcement to discern the beneficial ownership of companies.Made in Order
10Version 1Levin, Andy (MI)DemocratLate Ensures FinCEN may use the information obtained by this bill to notify industry and the public about criminal trends, while maintaining safeguards on personal privacy.Made in Order