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house Bill H.R. 2513

Should Companies Have to Disclose Their ‘Beneficial Owners’ at Formation to Deter the Use of Shell Companies?

Argument in favor

The opaque nature of American LLCs allows illicit money to enter the U.S. financial system and real estate market. These dirty funds can then fund international crime, terrorism, and more. Requiring companies to disclose their beneficial ownership will help fight money laundering and help law enforcement investigate and prosecute financial crimes, and won’t be an onerous burden that deters law-abiding people from founding new LLCs.

jimK's Opinion
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10/22/2019
Yes, let’s close the loop holes that allow individuals or corporations to hide their controlling interests of shell companies- often just placeholders use to protect illegal or unethical people and practices. I cannot believe that the costs could be excessive; the legislation requires names, addresses and passport numbers- none of which would seem to be very costly to comply with. If a business entity is licensed or registered, why shouldn’t this information be required? Transparency limits the ability of those who could abuse our society’s easily establishment and licensing of companies from hiding in the shadows when their companies engage in abusive, unethical or illegal practices.
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Brian's Opinion
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10/22/2019
Shell companies should be illegal. All companies should disclose the source of their funding.
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larubia's Opinion
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10/22/2019
Yes, companies should disclose their beneficial owners. This will crack down on money laundering, criminal activity, terrorism, and all of the shady dealings that go on with shell companies.
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Argument opposed

Existing regulations and rules already provide enough information on companies’ beneficial ownership. This bill would impose duplicative burdensome reporting requirements that’ll hurt those who can least afford to comply with them — small businesses. It also raises serious privacy and cybersecurity concerns, as it collects a lot of personal information and stores it with the federal government, creating a massive target for hackers.

Just.Dave's Opinion
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10/22/2019
If you are starting a public company, or private and are choosing to go public, sure, why not disclose... but it should be up to the business owner(s) to decide how transparent they want to be. I'm all for transparency myself, but if someone chooses not to be, that's their choice. I don't think the government should decide for business owners, but the consumers should. If you don't like how a business operates, got to a competitor. Unless it's Comcast and that's the only choice you have for high speed internet... then you begrudgingly pay for their monopoly. But when you do have an option, exercise it! Keep the government out of business, take your own action! When these companies want your business, they'll come around... or they don't deserve your business.
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DumbocratsSUCK's Opinion
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10/22/2019
Always vote NO on the greasy slime dumbocrat bills!!!
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Gregory's Opinion
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10/22/2019
More bills from the do nothing socialist democrats that just bloat the federal government. Drain the swamp and lets not make it any larger. Winning 2020
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    Yes, let’s close the loop holes that allow individuals or corporations to hide their controlling interests of shell companies- often just placeholders use to protect illegal or unethical people and practices. I cannot believe that the costs could be excessive; the legislation requires names, addresses and passport numbers- none of which would seem to be very costly to comply with. If a business entity is licensed or registered, why shouldn’t this information be required? Transparency limits the ability of those who could abuse our society’s easily establishment and licensing of companies from hiding in the shadows when their companies engage in abusive, unethical or illegal practices.
    Like (89)
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    If you are starting a public company, or private and are choosing to go public, sure, why not disclose... but it should be up to the business owner(s) to decide how transparent they want to be. I'm all for transparency myself, but if someone chooses not to be, that's their choice. I don't think the government should decide for business owners, but the consumers should. If you don't like how a business operates, got to a competitor. Unless it's Comcast and that's the only choice you have for high speed internet... then you begrudgingly pay for their monopoly. But when you do have an option, exercise it! Keep the government out of business, take your own action! When these companies want your business, they'll come around... or they don't deserve your business.
    Like (7)
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    Shell companies should be illegal. All companies should disclose the source of their funding.
    Like (52)
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    Yes, companies should disclose their beneficial owners. This will crack down on money laundering, criminal activity, terrorism, and all of the shady dealings that go on with shell companies.
    Like (39)
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    Secrecy equals corruption.
    Like (26)
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    Why do republicans hate laws requiring transparency? Well it makes it harder to be a crook of course. And it means there’s consequences when they get caught being crooks. See republicans are all for “law and order” as long as it’s people wearing FUBU going to prison, not white guys wearing three piece pinstriped suits.
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    I'm sick of and disgusted by companies scheming to get more than they deserve by hiding their true owners, their true motives, their real tax breaks.
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    Yes, this will help limit corruption.
    Like (19)
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    We need more transparency in every field.
    Like (15)
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    Anything that breaks the tax avoiders greedy schemes is good. Support people not constructs. CORPORATIONS ARE NOT PEOPLE.
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    Wrong for Montana Rep Gianforte to vote Nay. I believe transparency is needed for democracy!
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    Representatives, Support HR 2513 and put an end to money laundering as well as the use of anonymous shell companies. The Corporate Transparency Act of 2019 should be subtitled the "Laundromat Act." I'm sure it's no coincidence that this bill has come up a few days after Netflix released the movie, "The Laundromat" directed by Steven Soderbergh starring Meryl Streep, Gary Oldman, Antonio Banderas, Sharon Stone and James Cromwell. The movie is based on the book with the explanatory title "Secrecy World: Inside the Panama Papers Investigation of Illicit Money Networks and the Global Elite" by Jake Bernstein. As the film makes perfectly clear, its long past time for our lawmakers pass significant legislation to crack down hard on money laundering in the U.S. through anonymous shell companies. Companies must be made to disclose their true, beneficial owners at the time the company is formed to prevent bad actors from using anonymous shell companies to thwart law enforcement and hide their illicit activities.
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    Transparency and truth. I am done with corruption
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    Yes. This will allow for me, the consumer, to better vote with my money.
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    Yes, using an LLC incorporation, it is easy to hide money and facilitate the laundering of money. This money either comes into the US financial system untaxed and/or used for illegal activities. Requiring companies to disclose their beneficial ownership will help fight money laundering and help law enforcement investigate and prosecute financial crimes, and won’t be an onerous burden that deters law-abiding people from founding new LLCs.
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    If you prefer democracy and freedom, you must eradicate shell companies that allow the ultra-rich to hide their money and use it against those of us who do the work. Watch “Laundromat” to see what this will mean.
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    Small business don’t need shell companies to run their business unless their business is to hide and move money to avoid taxes. I can see that there could be problems with privacy concerns, but overall I think it’s better to prevent money laundering and using real estate as a shadowy way to avoid paying taxes or bringing income into the light of day.
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    You can't open a bank account without several layers of identity confirmation. Heck, my brother can't even deposit cash into my account. The standards for starting a new business should be no lower.
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    Always vote NO on the greasy slime dumbocrat bills!!!
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    Enough legalized corruption aided by both parties! Candidates who refuse corporate bribery are well supported and loved by their constituents. Bernie has proven that putting people first brings him the highest number of donations by far. You can do this!
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